Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) have earned an average recommendation of “Buy” from the fourteen brokerages that are covering the stock. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $28.29.
Several brokerages recently weighed in on PEGI. Zacks Investment Research lowered Pattern Energy Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 18th. Wells Fargo & Co. restated a “buy” rating on shares of Pattern Energy Group in a research note on Thursday, August 18th. BMO Capital Markets reiterated an “outperform” rating and set a $25.00 price objective (up from $23.00) on shares of Pattern Energy Group in a research note on Tuesday, July 5th. RBC Capital Markets reiterated an “outperform” rating on shares of Pattern Energy Group in a research note on Sunday, September 25th. Finally, Oppenheimer Holdings Inc. initiated coverage on Pattern Energy Group in a research note on Thursday, September 8th. They set an “outperform” rating and a $36.00 price objective for the company.
In other news, VP Daniel M. Elkort sold 11,290 shares of the company’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $23.80, for a total transaction of $268,702.00. Following the sale, the vice president now owns 60,796 shares of the company’s stock, valued at $1,446,944.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lord Of Madingley Browne acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, August 31st. The shares were bought at an average cost of $23.89 per share, for a total transaction of $238,900.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $238,900. The disclosure for this purchase can be found here. Insiders own 1.79% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Credit Capital Investments LLC bought a new stake in Pattern Energy Group during the second quarter worth $827,000. Cohen & Steers Inc. raised its stake in Pattern Energy Group by 39.2% in the second quarter. Cohen & Steers Inc. now owns 2,365,703 shares of the company’s stock worth $54,340,000 after buying an additional 666,523 shares in the last quarter. Beach Investment Counsel Inc. PA raised its stake in Pattern Energy Group by 83.1% in the second quarter. Beach Investment Counsel Inc. PA now owns 1,404,478 shares of the company’s stock worth $32,261,000 after buying an additional 637,498 shares in the last quarter. Gluskin Sheff & Assoc Inc. bought a new stake in Pattern Energy Group during the second quarter worth $8,287,000. Finally, Dimensional Fund Advisors LP raised its stake in Pattern Energy Group by 34.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,373,109 shares of the company’s stock worth $31,539,000 after buying an additional 350,136 shares in the last quarter.
Shares of Pattern Energy Group (NASDAQ:PEGI) traded down 1.40% during mid-day trading on Thursday, reaching $21.81. The company’s stock had a trading volume of 338,974 shares. Pattern Energy Group has a 12-month low of $14.56 and a 12-month high of $25.13. The firm’s market cap is $1.66 billion. The firm’s 50-day moving average price is $23.52 and its 200 day moving average price is $22.09.
Pattern Energy Group (NASDAQ:PEGI) last announced its quarterly earnings results on Friday, August 5th. The company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.08. Pattern Energy Group had a negative net margin of 14.90% and a negative return on equity of 0.21%. The business earned $93.40 million during the quarter, compared to analysts’ expectations of $103 million. During the same quarter in the prior year, the firm earned $0.21 EPS. Pattern Energy Group’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, analysts expect that Pattern Energy Group will post ($0.36) EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 7.23%. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.39. Pattern Energy Group’s dividend payout ratio is currently -219.18%.
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.
Receive News & Ratings for Pattern Energy Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pattern Energy Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.