Pattern Energy Group Inc (PEGI) Expected to Post Earnings of $0.12 Per Share

Wall Street brokerages expect Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) to post $0.12 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Pattern Energy Group’s earnings, with estimates ranging from $0.02 to $0.20. Pattern Energy Group reported earnings per share of $0.06 in the same quarter last year, which suggests a positive year over year growth rate of 100%. The business is expected to report its next earnings report on Tuesday, May 8th.

On average, analysts expect that Pattern Energy Group will report full year earnings of $0.39 per share for the current fiscal year, with EPS estimates ranging from $0.02 to $0.85. For the next year, analysts expect that the firm will post earnings of $0.50 per share, with EPS estimates ranging from $0.11 to $0.98. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow Pattern Energy Group.

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Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data on Thursday, March 1st. The utilities provider reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. Pattern Energy Group had a negative net margin of 4.35% and a positive return on equity of 0.34%. The company had revenue of $110.70 million during the quarter, compared to analyst estimates of $126.11 million. During the same period in the prior year, the firm earned $0.16 earnings per share. The business’s quarterly revenue was up 36.5% on a year-over-year basis.

A number of analysts have commented on the stock. Zacks Investment Research lowered shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a research note on Thursday. BMO Capital Markets reduced their price objective on shares of Pattern Energy Group from $26.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, March 2nd. BidaskClub lowered shares of Pattern Energy Group from a “sell” rating to a “strong sell” rating in a research note on Friday, February 9th. Williams Capital lowered shares of Pattern Energy Group from a “buy” rating to a “hold” rating and reduced their price objective for the company from $28.00 to $19.00 in a research note on Friday, March 2nd. Finally, UBS lowered shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research note on Friday, March 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $23.25.

Pattern Energy Group stock traded down $0.18 during mid-day trading on Monday, reaching $17.97. 1,405,404 shares of the company’s stock were exchanged, compared to its average volume of 1,323,480. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. Pattern Energy Group has a 52 week low of $16.58 and a 52 week high of $26.56. The stock has a market capitalization of $1,776.25, a price-to-earnings ratio of -89.85, a PEG ratio of 2.05 and a beta of 0.96.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Friday, March 30th will be given a $0.422 dividend. This represents a $1.69 dividend on an annualized basis and a dividend yield of 9.39%. The ex-dividend date of this dividend is Wednesday, March 28th. Pattern Energy Group’s dividend payout ratio (DPR) is -844.96%.

In other news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $20.51, for a total value of $49,224.00. Following the completion of the sale, the insider now directly owns 132,128 shares of the company’s stock, valued at $2,709,945.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas G. Hall purchased 5,000 shares of Pattern Energy Group stock in a transaction dated Tuesday, March 6th. The stock was bought at an average cost of $17.08 per share, with a total value of $85,400.00. Following the completion of the transaction, the director now directly owns 39,982 shares of the company’s stock, valued at $682,892.56. The disclosure for this purchase can be found here. 1.60% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC bought a new position in Pattern Energy Group during the third quarter valued at approximately $107,000. IFP Advisors Inc raised its position in Pattern Energy Group by 139.6% during the fourth quarter. IFP Advisors Inc now owns 5,337 shares of the utilities provider’s stock valued at $115,000 after acquiring an additional 3,110 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Pattern Energy Group during the third quarter valued at approximately $135,000. Private Advisor Group LLC bought a new position in Pattern Energy Group during the third quarter valued at approximately $203,000. Finally, Xact Kapitalforvaltning AB bought a new position in Pattern Energy Group during the fourth quarter valued at approximately $222,000. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

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About Pattern Energy Group

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.

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