Pattern Energy Group Inc. (PEGI) Rating Reiterated by RBC Capital Markets
Pattern Energy Group Inc. (NASDAQ:PEGI)‘s stock had its “outperform” rating restated by analysts at RBC Capital Markets in a research report issued on Tuesday. They currently have a $35.00 target price on the stock. RBC Capital Markets’ price objective indicates a potential upside of 83.73% from the company’s previous close.
Several other equities research analysts have also recently issued reports on the company. Zacks Investment Research upgraded Pattern Energy Group from a “strong sell” rating to a “hold” rating in a report on Saturday, October 8th. Oppenheimer Holdings Inc. began coverage on Pattern Energy Group in a report on Thursday, September 8th. They issued an “outperform” rating and a $36.00 price objective on the stock. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $27.44.
Shares of Pattern Energy Group (NASDAQ:PEGI) opened at 19.21 on Tuesday. The stock’s market capitalization is $1.46 billion. The stock has a 50 day moving average price of $22.18 and a 200 day moving average price of $22.53. Pattern Energy Group has a one year low of $14.56 and a one year high of $25.13.
Pattern Energy Group (NASDAQ:PEGI) last posted its quarterly earnings data on Monday, November 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. Pattern Energy Group had a positive return on equity of 0.16% and a negative net margin of 7.83%. The company had revenue of $91.90 million for the quarter, compared to analysts’ expectations of $98.36 million. During the same period in the previous year, the firm posted ($0.40) EPS. Pattern Energy Group’s revenue was up 2.5% compared to the same quarter last year. Equities analysts forecast that Pattern Energy Group will post ($0.36) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Friday, December 30th will be given a dividend of $0.408 per share. This represents a $1.63 annualized dividend and a dividend yield of 8.57%. The ex-dividend date is Wednesday, December 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.40. Pattern Energy Group’s payout ratio is presently -421.05%.
In other news, SVP Kevin E. Devlin bought 1,271 shares of the business’s stock in a transaction on Monday, August 15th. The shares were bought at an average price of $23.97 per share, with a total value of $30,465.87. Following the completion of the transaction, the senior vice president now directly owns 2,672 shares in the company, valued at $64,047.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patricia S. Bellinger bought 2,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was purchased at an average cost of $23.01 per share, for a total transaction of $46,020.00. Following the transaction, the director now owns 12,865 shares of the company’s stock, valued at $296,023.65. The disclosure for this purchase can be found here. Insiders own 1.79% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA raised its stake in shares of Pattern Energy Group by 146.8% in the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the company’s stock worth $124,000 after buying an additional 3,290 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Pattern Energy Group by 639.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508 shares of the company’s stock worth $149,000 after buying an additional 5,628 shares during the last quarter. BlackRock Inc. raised its stake in shares of Pattern Energy Group by 105.4% in the second quarter. BlackRock Inc. now owns 7,924 shares of the company’s stock worth $183,000 after buying an additional 4,067 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of 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 worth $191,000 after buying an additional 1,010 shares during the last quarter. Finally, K2 Principal Fund L.P. purchased a new stake in shares of Pattern Energy Group during the second quarter worth about $292,000.
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.
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