A number of other equities research analysts have also recently commented on PEGI. Royal Bank Of Canada reissued an outperform rating on shares of Pattern Energy Group in a research note on Tuesday, June 7th. BMO Capital Markets reaffirmed an outperform rating and set a $25.00 price target (up from $23.00) on shares of Pattern Energy Group in a report on Tuesday, July 5th. Zacks Investment Research raised Pattern Energy Group from a hold rating to a buy rating and set a $27.00 price target on the stock in a report on Wednesday, July 13th. Wells Fargo & Co. reaffirmed a buy rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Finally, Oppenheimer Holdings Inc. began coverage on Pattern Energy Group in a report on Thursday, September 8th. They set an outperform rating and a $36.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $27.20.
Pattern Energy Group (NASDAQ:PEGI) traded down 1.24% on Friday, reaching $23.82. The company’s stock had a trading volume of 598,623 shares. Pattern Energy Group has a one year low of $14.56 and a one year high of $25.13. The stock has a 50-day moving average of $23.84 and a 200-day moving average of $21.85. The stock’s market cap is $1.81 billion.
Pattern Energy Group (NASDAQ:PEGI) last released its earnings results on Friday, August 5th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. Pattern Energy Group had a negative return on equity of 0.21% and a negative net margin of 14.90%. The company earned $93.40 million during the quarter, compared to analysts’ expectations of $103 million. During the same period in the prior year, the company posted $0.21 earnings per share. The company’s revenue was up 10.4% on a year-over-year basis. On average, analysts predict that Pattern Energy Group will post ($0.34) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a $0.40 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.39. The ex-dividend date is Wednesday, September 28th. This represents a $1.60 dividend on an annualized basis and a yield of 6.72%. Pattern Energy Group’s dividend payout ratio is presently -213.70%.
In other Pattern Energy Group news, VP Christopher M. Shugart sold 3,500 shares of the company’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $24.00, for a total value of $84,000.00. Following the completion of the sale, the vice president now owns 57,908 shares in the company, valued at $1,389,792. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $24.30, for a total value of $29,160.00. Following the completion of the sale, the insider now owns 130,902 shares of the company’s stock, valued at approximately $3,180,918.60. The disclosure for this sale can be found here. 1.79% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Pattern Energy Group during the fourth quarter worth approximately $13,847,000. Parametrica Management Ltd boosted its stake in shares of Pattern Energy Group by 52.6% in the first quarter. Parametrica Management Ltd now owns 16,238 shares of the company’s stock worth $310,000 after buying an additional 5,597 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Pattern Energy Group by 21.8% in the first quarter. TIAA CREF Investment Management LLC now owns 269,356 shares of the company’s stock worth $5,137,000 after buying an additional 48,291 shares during the last quarter. Teachers Advisors Inc. boosted its stake in shares of Pattern Energy Group by 1.7% in the first quarter. Teachers Advisors Inc. now owns 82,204 shares of the company’s stock worth $1,568,000 after buying an additional 1,373 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of Pattern Energy Group by 20.2% in the first quarter. BlackRock Group LTD now owns 202,783 shares of the company’s stock worth $3,868,000 after buying an additional 34,027 shares during the last quarter.
About Pattern Energy Group
Pattern Energy Group Inc (Pattern Energy) is an independent power company focused on owning and operating power projects. The Company holds interests in over 16 wind power projects located in the United States, Canada and Chile with total capacity of over 2,280 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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