Pattern Energy Group Inc. (NASDAQ:PEGI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors 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. “

PEGI has been the subject of several other research reports. Oppenheimer Holdings Inc. assumed coverage on Pattern Energy Group in a research report on Thursday, September 8th. They set an “outperform” rating and a $36.00 target price for the company. RBC Capital Markets restated an “outperform” rating on shares of Pattern Energy Group in a research report on Sunday, September 25th. Wells Fargo & Co. restated a “buy” rating on shares of Pattern Energy Group in a research report on Thursday, August 18th. Finally, BMO Capital Markets restated an “outperform” rating and set a $25.00 target price (up previously from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, July 5th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $27.20.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

Shares of Pattern Energy Group (NASDAQ:PEGI) opened at 21.73 on Friday. Pattern Energy Group has a one year low of $14.56 and a one year high of $25.13. The stock has a 50 day moving average price of $23.41 and a 200 day moving average price of $22.10. The firm’s market cap is $1.66 billion.

Pattern Energy Group (NASDAQ:PEGI) last posted its earnings results on Friday, August 5th. The company reported ($0.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.08. The company 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%. Pattern Energy Group’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.21 EPS. On average, equities research analysts forecast that Pattern Energy Group will post ($0.36) EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be paid a $0.40 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 7.36%. The ex-dividend date of this dividend is Wednesday, September 28th. Pattern Energy Group’s dividend payout ratio (DPR) is -219.18%.

In other news, VP Christopher M. Shugart sold 3,500 shares of Pattern Energy Group stock in a transaction on Monday, July 11th. The stock was sold at an average price of $24.00, for a total value of $84,000.00. Following the completion of the sale, the vice president now directly owns 57,908 shares of the company’s stock, valued at approximately $1,389,792. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $23.80, for a total value of $28,560.00. Following the completion of the sale, the insider now directly owns 129,630 shares of the company’s stock, valued at $3,085,194. The disclosure for this sale can be found here. 1.79% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System raised its position in Pattern Energy Group by 0.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 15,059 shares of the company’s stock valued at $346,000 after buying an additional 74 shares in the last quarter. Van Hulzen Asset Management LLC raised its position in Pattern Energy Group by 0.3% in the second quarter. Van Hulzen Asset Management LLC now owns 30,650 shares of the company’s stock valued at $704,000 after buying an additional 100 shares in the last quarter. Reaves W H & Co. Inc. raised its position in Pattern Energy Group by 0.3% in the second quarter. Reaves W H & Co. Inc. now owns 149,290 shares of the company’s stock valued at $3,430,000 after buying an additional 425 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in Pattern Energy Group by 2.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 39,632 shares of the company’s stock valued at $910,000 after buying an additional 805 shares in the last quarter. Finally, 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 valued at $191,000 after buying an additional 1,010 shares in the last quarter.

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.

5 Day Chart for NASDAQ:PEGI

Receive News & Stock Ratings for Pattern Energy Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pattern Energy Group Inc. and related stocks with our FREE daily email newsletter.