$142.55 Million in Sales Expected for Pattern Energy Group Inc (PEGI) This Quarter

Equities research analysts expect Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) to announce sales of $142.55 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Pattern Energy Group’s earnings, with estimates ranging from $131.80 million to $153.30 million. Pattern Energy Group reported sales of $100.83 million during the same quarter last year, which indicates a positive year over year growth rate of 41.4%. The firm is expected to report its next quarterly earnings results on Tuesday, May 8th.

According to Zacks, analysts expect that Pattern Energy Group will report full-year sales of $142.55 million for the current financial year, with estimates ranging from $525.70 million to $598.15 million. For the next year, analysts expect that the business will post sales of $665.85 million per share, with estimates ranging from $570.90 million to $790.36 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Pattern Energy Group.

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

Several research firms recently issued reports on PEGI. Zacks Investment Research downgraded Pattern Energy Group from a “hold” rating to a “sell” rating in a report on Thursday. Goldman Sachs set a $22.00 price objective on Pattern Energy Group and gave the company a “buy” rating in a report on Saturday, March 17th. Royal Bank of Canada cut their price objective on Pattern Energy Group from $25.00 to $23.00 and set an “outperform” rating on the stock in a report on Monday, March 5th. Guggenheim set a $25.00 target price on Pattern Energy Group and gave the stock a “buy” rating in a research note on Friday, March 2nd. Finally, BMO Capital Markets lowered their target price on 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. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Pattern Energy Group presently has an average rating of “Hold” and an average target price of $23.25.

PEGI stock traded up $0.30 during mid-day trading on Wednesday, hitting $18.27. The company had a trading volume of 1,208,614 shares, compared to its average volume of 1,055,878. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market cap of $1,758.63, a P/E ratio of -91.35, a PEG ratio of 2.03 and a beta of 0.96. Pattern Energy Group has a 52-week low of $16.58 and a 52-week high of $26.56.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Investors of record on Friday, March 30th will be paid a dividend of $0.422 per share. The ex-dividend date is Wednesday, March 28th. This represents a $1.69 annualized dividend and a yield of 9.24%. Pattern Energy Group’s payout ratio is -844.96%.

In other news, insider Esben W. Pedersen sold 2,400 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $21.59, for a total transaction of $51,816.00. Following the completion of the transaction, the insider now directly owns 134,528 shares of the company’s stock, valued at approximately $2,904,459.52. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Douglas G. Hall acquired 5,000 shares of the stock in a transaction dated Tuesday, March 6th. The shares were acquired 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 owns 39,982 shares in the company, valued at approximately $682,892.56. The disclosure for this purchase can be found here. Insiders own 1.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in PEGI. American Century Companies Inc. boosted its position in shares of Pattern Energy Group by 11.0% during the 3rd quarter. American Century Companies Inc. now owns 264,083 shares of the utilities provider’s stock worth $6,364,000 after acquiring an additional 26,217 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Pattern Energy Group by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 64,597 shares of the utilities provider’s stock worth $1,557,000 after acquiring an additional 6,070 shares in the last quarter. Sei Investments Co. boosted its position in shares of Pattern Energy Group by 38.5% during the 3rd quarter. Sei Investments Co. now owns 128,425 shares of the utilities provider’s stock worth $3,095,000 after acquiring an additional 35,683 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Pattern Energy Group by 120.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 26,258 shares of the utilities provider’s stock worth $633,000 after acquiring an additional 14,324 shares in the last quarter. Finally, Cipher Capital LP acquired a new position in shares of Pattern Energy Group during the 3rd quarter worth about $759,000. 96.60% of the stock is owned by institutional investors and hedge funds.

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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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