Pattern Energy Group Inc. (NASDAQ:PEGI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Saturday.
According to Zacks, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States. “
Several other brokerages also recently issued reports on PEGI. BMO Capital Markets reiterated 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. Wells Fargo & Co. reiterated a “buy” rating on shares of Pattern Energy Group in a report on Thursday, August 18th. RBC Capital Markets reiterated an “outperform” rating on shares of Pattern Energy Group in a report on Sunday, September 25th. Finally, Oppenheimer Holdings Inc. started coverage on shares of Pattern Energy Group in a report on Thursday, September 8th. They set an “outperform” rating and a $36.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $27.20.
Pattern Energy Group (NASDAQ:PEGI) opened at 21.73 on Friday. The company’s market capitalization is $1.66 billion. The firm’s 50-day moving average price is $23.41 and its 200 day moving average price is $22.10. Pattern Energy Group has a 12-month low of $14.56 and a 12-month high of $25.13.
Pattern Energy Group (NASDAQ:PEGI) last released its earnings results on Friday, August 5th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by $0.08. The business had revenue of $93.40 million for the quarter, compared to the consensus estimate of $103 million. Pattern Energy Group had a negative return on equity of 0.21% and a negative net margin of 14.90%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.21 earnings per share. On average, analysts expect that Pattern Energy Group will post ($0.36) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be issued a dividend of $0.40 per share. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a yield of 7.36%. The ex-dividend date is Wednesday, September 28th. Pattern Energy Group’s dividend payout ratio (DPR) is presently -219.18%.
In other Pattern Energy Group news, VP Christopher M. Shugart sold 3,500 shares of the stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $24.00, for a total transaction of $84,000.00. Following the completion of the sale, the vice president now directly owns 57,908 shares in the company, valued at approximately $1,389,792. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Eric S. Lillybeck sold 4,000 shares of the stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $23.84, for a total value of $95,360.00. Following the sale, the vice president now owns 18,235 shares of the company’s stock, valued at $434,722.40. The disclosure for this sale can be found here. Company insiders own 1.79% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its stake in shares of Pattern Energy Group by 146.8% in the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the company’s stock worth $124,000 after buying an additional 3,290 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Pattern Energy Group by 639.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508 shares of the company’s stock worth $149,000 after buying an additional 5,628 shares during the last quarter. BlackRock Inc. increased its stake in shares of Pattern Energy Group by 105.4% in the second quarter. BlackRock Inc. now owns 7,924 shares of the company’s stock worth $183,000 after buying an additional 4,067 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Pattern Energy Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 8,304 shares of the company’s stock worth $191,000 after buying an additional 1,010 shares during the period. Finally, K2 Principal Fund L.P. bought a new position in Pattern Energy Group during the second quarter worth about $292,000.
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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