Pattern Energy Group Inc. (NASDAQ:PEGI) – National Bank Financial lifted their Q3 2016 earnings per share (EPS) estimates for Pattern Energy Group in a research report issued on Wednesday. National Bank Financial analyst R. Merer now expects that the brokerage will post earnings per share of ($0.10) for the quarter, up from their prior forecast of ($0.11). National Bank Financial also issued estimates for Pattern Energy Group’s Q4 2016 earnings at $0.14 EPS, FY2016 earnings at ($0.30) EPS and FY2017 earnings at $0.42 EPS.
PEGI has been the topic of several other reports. Oppenheimer Holdings Inc. started coverage on shares of Pattern Energy Group in a research note on Thursday, September 8th. They issued an “outperform” rating and a $36.00 price objective on the stock. RBC Capital Markets reissued an “outperform” rating on shares of Pattern Energy Group in a research note on Sunday, September 25th. BMO Capital Markets reissued an “outperform” rating and issued a $25.00 price objective (up from $23.00) on shares of Pattern Energy Group in a research note on Tuesday, July 5th. Zacks Investment Research raised shares of Pattern Energy Group from a “strong sell” rating to a “hold” rating in a research note on Saturday, October 8th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Pattern Energy Group in a research note on Thursday, August 18th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $27.20.
Pattern Energy Group (NASDAQ:PEGI) opened at 22.38 on Monday. The stock has a 50 day moving average of $23.05 and a 200 day moving average of $22.28. Pattern Energy Group has a 1-year low of $14.56 and a 1-year high of $25.13. The stock’s market capitalization is $1.70 billion.
Pattern Energy Group (NASDAQ:PEGI) last posted 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. The business earned $93.40 million during the quarter, compared to analysts’ expectations of $103 million. Pattern Energy Group had a negative return on equity of 0.21% and a negative net margin of 14.90%. The business’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 7.15%. Pattern Energy Group’s payout ratio is currently -219.18%.
In related news, insider Esben W. Pedersen sold 1,200 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $24.30, for a total value of $29,160.00. Following the sale, the insider now directly owns 130,902 shares in the company, valued at approximately $3,180,918.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Daniel M. Elkort sold 11,290 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $23.80, for a total transaction of $268,702.00. Following the completion of the sale, the vice president now owns 60,796 shares in the company, valued at $1,446,944.80. The disclosure for this sale can be found here. 1.79% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its position in 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 period. JPMorgan Chase & Co. raised its position in 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 period. BlackRock Inc. raised its position in 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 period. Teacher Retirement System of Texas raised 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. purchased a new position in Pattern Energy Group during the second quarter worth about $292,000.
Pattern Energy Group Company Profile
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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