Pattern Energy Group Inc. (PEGI) PT Raised to $26.00

Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) had its price target raised by research analysts at Desjardins from $25.50 to $26.00 in a note issued to investors on Tuesday, StockTargetPrices.com reports. The firm currently has a “buy” rating on the utilities provider’s stock. Desjardins’ target price would suggest a potential upside of 6.91% from the stock’s current price.

PEGI has been the topic of several other reports. Royal Bank Of Canada reiterated an “outperform” rating and set a C$32.00 target price on shares of Pattern Energy Group in a report on Wednesday, March 29th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Pattern Energy Group in a report on Tuesday, March 14th. They set a “neutral” rating and a $21.00 target price on the stock. Credit Suisse Group reiterated a “buy” rating and set a $22.00 target price on shares of Pattern Energy Group in a report on Wednesday, April 5th. ValuEngine upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $28.00 target price (down from $36.00) on shares of Pattern Energy Group in a report on Friday, March 3rd. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $24.13.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

Shares of Pattern Energy Group (PEGI) traded down 0.3598% during midday trading on Tuesday, hitting $24.2325. 482,222 shares of the stock were exchanged. Pattern Energy Group has a 12 month low of $18.68 and a 12 month high of $25.13. The firm has a 50 day moving average of $22.49 and a 200-day moving average of $20.72. The stock has a market cap of $2.12 billion, a P/E ratio of 173.0893 and a beta of 1.05.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, May 9th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.03. Pattern Energy Group had a net margin of 3.33% and a return on equity of 0.37%. The company had revenue of $100.80 million for the quarter, compared to analysts’ expectations of $114.35 million. During the same period in the prior year, the business earned ($0.32) EPS. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. Equities research analysts anticipate that Pattern Energy Group will post $0.21 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Friday, June 30th will be issued a $0.418 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.41. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date of this dividend is Wednesday, June 28th. Pattern Energy Group’s dividend payout ratio (DPR) is currently 1,269.33%.

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In other news, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $23.00, for a total value of $27,600.00. Following the sale, the insider now directly owns 144,867 shares in the company, valued at approximately $3,331,941. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 3,900 shares of company stock worth $89,700 over the last 90 days. Company insiders own 1.79% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Atlantic Trust LLC boosted its stake in Pattern Energy Group by 1.2% in the first quarter. Atlantic Trust LLC now owns 61,190 shares of the utilities provider’s stock worth $1,257,000 after buying an additional 754 shares in the last quarter. HighTower Advisors LLC boosted its stake in Pattern Energy Group by 9.0% in the first quarter. HighTower Advisors LLC now owns 11,466 shares of the utilities provider’s stock worth $229,000 after buying an additional 948 shares in the last quarter. Brookfield Asset Management Inc. boosted its stake in Pattern Energy Group by 887.8% in the first quarter. Brookfield Asset Management Inc. now owns 2,241,400 shares of the utilities provider’s stock worth $45,119,000 after buying an additional 2,014,500 shares in the last quarter. Shelton Capital Management boosted its stake in Pattern Energy Group by 7.5% in the first quarter. Shelton Capital Management now owns 72,000 shares of the utilities provider’s stock worth $1,449,000 after buying an additional 5,000 shares in the last quarter. Finally, Eventide Asset Management LLC boosted its stake in Pattern Energy Group by 1.0% in the first quarter. Eventide Asset Management LLC now owns 890,000 shares of the utilities provider’s stock worth $17,916,000 after buying an additional 9,000 shares in the last quarter.

Pattern Energy Group Company Profile

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:PEGI”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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