Zacks Investment Research upgraded shares of Pattern Energy Group Inc. (NASDAQ:PEGI) from a hold rating to a buy rating in a research report sent to investors on Saturday morning. Zacks Investment Research currently has $22.00 price objective on the stock.

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. “

Other analysts have also issued reports about the company. Wells Fargo & Co. reaffirmed a buy rating on shares of Pattern Energy Group in a research note on Thursday, August 18th. RBC Capital Markets reissued an outperform rating and set a $35.00 price objective on shares of Pattern Energy Group in a research note on Tuesday. Finally, Oppenheimer Holdings Inc. began coverage on Pattern Energy Group in a research note on Thursday, September 8th. They set an outperform rating and a $36.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $26.89.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

Shares of Pattern Energy Group (NASDAQ:PEGI) opened at 19.34 on Friday. The stock’s market cap is $1.69 billion. Pattern Energy Group has a 1-year low of $14.56 and a 1-year high of $25.13. The firm has a 50-day moving average price of $21.92 and a 200-day moving average price of $22.50.

Pattern Energy Group (NASDAQ:PEGI) last issued its quarterly earnings data on Monday, November 7th. The company reported ($0.05) EPS for the quarter, beating the 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 analyst estimates of $98.36 million. During the same period last year, the company earned ($0.40) earnings per share. Pattern Energy Group’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities analysts forecast that Pattern Energy Group will post ($0.36) EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Friday, December 30th will be issued a dividend of $0.408 per share. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, December 28th. This represents a $1.63 annualized dividend and a yield of 8.44%. Pattern Energy Group’s dividend payout ratio is -421.05%.

In other Pattern Energy Group news, VP Daniel M. Elkort sold 11,290 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $23.80, for a total transaction of $268,702.00. Following the sale, the vice president now owns 60,796 shares in the company, valued at approximately $1,446,944.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Patricia S. Bellinger purchased 2,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were bought at an average price of $23.01 per share, for a total transaction of $46,020.00. Following the acquisition, the director now owns 12,865 shares in the company, valued at $296,023.65. The disclosure for this purchase can be found here. Company insiders own 1.79% of the company’s stock.

Large investors have recently modified their holdings of the company. Putnam FL Investment Management Co. increased its stake in shares of Pattern Energy Group by 0.6% in the second quarter. Putnam FL Investment Management Co. now owns 481,025 shares of the company’s stock valued at $11,049,000 after buying an additional 3,024 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Pattern Energy Group by 3.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 517,628 shares of the company’s stock valued at $11,890,000 after buying an additional 17,773 shares in the last quarter. Wellington Management Group LLP boosted its position in 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 in the last quarter. UBS Group AG boosted its position in Pattern Energy Group by 4.1% in the first quarter. UBS Group AG now owns 144,712 shares of the company’s stock valued at $2,760,000 after buying an additional 5,726 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted 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.

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.