National Bank Financial Equities Analysts Boost Earnings Estimates for Pattern Energy Group Inc. (PEGI)
Pattern Energy Group Inc. (NASDAQ:PEGI) – Equities researchers at National Bank Financial raised their Q3 2016 earnings per share (EPS) estimates for Pattern Energy Group in a report issued on Wednesday. National Bank Financial analyst R. Merer now forecasts that the brokerage will post earnings of ($0.10) per share for the quarter, up from their prior forecast of ($0.11). National Bank Financial also issued estimates for Pattern Energy Group’s Q4 2016 earnings at $0.14 EPS, FY2016 earnings at ($0.30) EPS and FY2017 earnings at $0.42 EPS.
Several other research analysts have also issued reports on the stock. Zacks Investment Research raised shares of Pattern Energy Group from a “strong sell” rating to a “hold” rating in a research note on Saturday, October 8th. RBC Capital Markets reissued an “outperform” rating on shares of Pattern Energy Group in a research note on Sunday, September 25th. Oppenheimer Holdings Inc. began coverage on shares of Pattern Energy Group in a research note on Thursday, September 8th. They set an “outperform” rating and a $36.00 target price on the stock. Wells Fargo & Co. reissued a “buy” rating on shares of Pattern Energy Group in a research note on Thursday, August 18th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $25.00 target price (up from $23.00) on shares of Pattern Energy Group in a research note on Tuesday, July 5th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $27.20.
Pattern Energy Group (NASDAQ:PEGI) opened at 21.83 on Monday. Pattern Energy Group has a 1-year low of $14.56 and a 1-year high of $25.13. The stock’s 50 day moving average is $23.14 and its 200 day moving average is $22.19. The firm’s market capitalization is $1.66 billion.
Pattern Energy Group (NASDAQ:PEGI) last released its quarterly earnings data on Friday, August 5th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by $0.08. The firm had revenue of $93.40 million for the quarter, compared to analyst estimates of $103 million. Pattern Energy Group had a negative return on equity of 0.21% and a negative net margin of 14.90%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 earnings per share.
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 issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.60 annualized dividend and a dividend yield of 7.33%. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.39. Pattern Energy Group’s dividend payout ratio is currently -219.18%.
In other news, SVP Kevin E. Devlin bought 1,271 shares of the stock in a transaction dated Monday, August 15th. The stock was bought at an average price of $23.97 per share, for a total transaction of $30,465.87. Following the completion of the acquisition, the senior vice president now directly owns 2,672 shares in the company, valued at approximately $64,047.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $24.30, for a total transaction of $29,160.00. Following the completion of the sale, the insider now owns 130,902 shares of the company’s stock, valued at approximately $3,180,918.60. The disclosure for this sale can be found here. 1.79% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Essex Investment Management Co. LLC increased its stake in shares of Pattern Energy Group by 5.8% in the second quarter. Essex Investment Management Co. LLC now owns 53,262 shares of the company’s stock valued at $1,223,000 after buying an additional 2,932 shares in the last quarter. Narwhal Capital Management bought a new stake in Pattern Energy Group during the second quarter worth about $649,000. Bank of Montreal Can bought a new stake in Pattern Energy Group during the second quarter worth about $2,910,000. Robecosam AG increased its stake in Pattern Energy Group by 38.3% in the first quarter. Robecosam AG now owns 159,000 shares of the company’s stock worth $3,070,000 after buying an additional 44,000 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in 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 worth $788,000 after buying an additional 39,274 shares during the period.
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.
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