Pattern Energy Group Inc. (NASDAQ:PEGI) has been assigned an average recommendation of “Buy” from the fourteen brokerages that are presently covering the firm. Two research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $28.29.

PEGI has been the subject of a number of research analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $25.00 target price (up previously from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, July 5th. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Wednesday, July 13th. Wells Fargo & Co. reissued a “buy” rating on shares of Pattern Energy Group in a research report on Thursday, August 18th. Oppenheimer Holdings Inc. initiated coverage on shares of Pattern Energy Group in a research report on Thursday, September 8th. They set an “outperform” rating and a $36.00 price objective for the company. Finally, RBC Capital Markets reissued an “outperform” rating on shares of Pattern Energy Group in a research report on Sunday, September 25th.

Pattern Energy Group (NASDAQ:PEGI) opened at 21.73 on Thursday. The company’s market cap is $1.66 billion. Pattern Energy Group has a 1-year low of $14.56 and a 1-year high of $25.13. The company has a 50-day moving average price of $23.41 and a 200-day moving average price of $22.10.

Pattern Energy Group (NASDAQ:PEGI) last posted its earnings results on Friday, August 5th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. Pattern Energy Group had a negative return on equity of 0.21% and a negative net margin of 14.90%. The company earned $93.40 million during the quarter, compared to the consensus estimate of $103 million. During the same period last year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, analysts expect that Pattern Energy Group will post ($0.36) EPS for the current fiscal year.

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

In related news, Director Patricia S. Bellinger purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, August 16th. The shares were acquired at an average price of $23.01 per share, for a total transaction of $46,020.00. Following the purchase, the director now directly owns 12,865 shares in the company, valued at $296,023.65. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Christopher M. Shugart sold 3,500 shares of the business’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $24.00, for a total transaction of $84,000.00. Following the completion of the sale, the vice president now owns 57,908 shares in the company, valued at approximately $1,389,792. The disclosure for this sale can be found here. 1.79% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in PEGI. Narwhal Capital Management bought a new stake in shares of Pattern Energy Group during the second quarter valued at approximately $649,000. Bank of Montreal Can bought a new stake in shares of Pattern Energy Group during the second quarter valued at approximately $2,910,000. Robecosam AG boosted its stake in shares of Pattern Energy Group by 38.3% in the first quarter. Robecosam AG now owns 159,000 shares of the company’s stock valued at $3,070,000 after buying an additional 44,000 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Pattern Energy Group by 1,919.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 41,320 shares of the company’s stock valued at $788,000 after buying an additional 39,274 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Pattern Energy Group by 5.0% in the first quarter. Wellington Management Group LLP now owns 3,095,569 shares of the company’s stock valued at $59,033,000 after buying an additional 146,617 shares during the last quarter.

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.

5 Day Chart for NASDAQ:PEGI

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