Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) had its price objective decreased by equities researchers at Bank of America Corporation from $21.00 to $19.00 in a report issued on Friday. The brokerage currently has an “underperform” rating on the utilities provider’s stock. Bank of America Corporation’s price target indicates a potential downside of 9.13% from the stock’s previous close.

Several other research firms have also recently weighed in on PEGI. BMO Capital Markets lowered their price target on Pattern Energy Group from $28.50 to $28.00 and set an “outperform” rating on the stock in a report on Friday. National Bank Financial raised their price target on Pattern Energy Group from $27.00 to $34.50 and gave the company an “outperform” rating in a report on Saturday, September 23rd. Zacks Investment Research cut Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. BidaskClub raised Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 17th. Finally, ValuEngine raised Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $25.65.

Pattern Energy Group (NASDAQ PEGI) traded down $0.66 during trading hours on Friday, hitting $20.91. The company’s stock had a trading volume of 1,450,400 shares, compared to its average volume of 1,290,805. Pattern Energy Group has a 1 year low of $18.68 and a 1 year high of $26.56. The stock has a market cap of $1,999.77, a PE ratio of 2,091.00, a P/E/G ratio of 6.92 and a beta of 1.02. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87.

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In related news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $23.99, for a total transaction of $57,576.00. Following the transaction, the insider now directly owns 145,811 shares in the company, valued at approximately $3,498,005.89. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $25.10, for a total value of $30,120.00. Following the transaction, the insider now owns 148,211 shares in the company, valued at $3,720,096.10. The disclosure for this sale can be found here. Insiders have sold a total of 7,500 shares of company stock worth $179,075 over the last quarter. Corporate insiders own 1.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of PEGI. BlackRock Inc. grew its position in Pattern Energy Group by 5,997.7% during the 1st quarter. BlackRock Inc. now owns 5,027,184 shares of the utilities provider’s stock worth $101,195,000 after acquiring an additional 4,944,740 shares during the last quarter. Beach Investment Management LLC. grew its position in Pattern Energy Group by 1,098.2% during the 2nd quarter. Beach Investment Management LLC. now owns 1,974,586 shares of the utilities provider’s stock worth $47,074,000 after acquiring an additional 1,809,792 shares during the last quarter. JPMorgan Chase & Co. grew its position in Pattern Energy Group by 21,212.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 784,517 shares of the utilities provider’s stock worth $18,702,000 after acquiring an additional 780,836 shares during the last quarter. Lazard Asset Management LLC grew its position in Pattern Energy Group by 71.7% during the 2nd quarter. Lazard Asset Management LLC now owns 1,483,717 shares of the utilities provider’s stock worth $35,371,000 after acquiring an additional 619,369 shares during the last quarter. Finally, Teachers Advisors LLC grew its position in Pattern Energy Group by 432.8% during the 2nd quarter. Teachers Advisors LLC now owns 676,343 shares of the utilities provider’s stock worth $16,124,000 after acquiring an additional 549,399 shares during the last quarter. Institutional investors and hedge funds own 86.11% of the company’s stock.

About Pattern Energy Group

Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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