Pattern Energy Group Inc. (PEGI) Upgraded to “Buy” at Zacks Investment Research
Pattern Energy Group Inc. (NASDAQ:PEGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The brokerage currently has a $22.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 13.75% from the company’s current price.
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. “
Several other research analysts also recently commented on PEGI. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Pattern Energy Group in a research note on Thursday, August 18th. RBC Capital Markets reaffirmed an “outperform” rating and issued 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 issued 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 currently has a consensus rating of “Buy” and an average target price of $26.89.
Shares of Pattern Energy Group (NASDAQ:PEGI) opened at 19.34 on Friday. Pattern Energy Group has a 52-week low of $14.56 and a 52-week high of $25.13. The firm’s 50-day moving average is $21.92 and its 200 day moving average is $22.50. The company’s market capitalization is $1.69 billion.
Pattern Energy Group (NASDAQ:PEGI) last posted its earnings results on Monday, November 7th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $98.36 million. During the same quarter in the prior year, the company earned ($0.40) earnings per share. Pattern Energy Group’s revenue was up 2.5% on a year-over-year basis. On average, equities research analysts anticipate 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. Shareholders of record on Friday, December 30th will be issued a dividend of $0.408 per share. This represents a $1.63 annualized dividend and a yield of 8.44%. The ex-dividend date of this dividend is Wednesday, December 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.40. Pattern Energy Group’s dividend payout ratio (DPR) is currently -421.05%.
In other news, Director Patricia S. Bellinger purchased 2,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $23.01 per share, for a total transaction of $46,020.00. Following the acquisition, the director now directly owns 12,865 shares of the company’s stock, valued at approximately $296,023.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $23.01, for a total value of $27,612.00. Following the transaction, the insider now owns 127,053 shares of the company’s stock, valued at approximately $2,923,489.53. The disclosure for this sale can be found here. Company insiders own 1.79% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PEGI. BNP Paribas Arbitrage SA boosted its position in Pattern Energy Group by 146.8% in the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the company’s stock valued at $124,000 after buying an additional 3,290 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Pattern Energy Group by 639.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508 shares of the company’s stock valued at $149,000 after buying an additional 5,628 shares in the last quarter. BlackRock Inc. boosted its position in Pattern Energy Group by 105.4% in the second quarter. BlackRock Inc. now owns 7,924 shares of the company’s stock valued at $183,000 after buying an additional 4,067 shares in the last quarter. Teacher Retirement System of Texas boosted 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. Finally, K2 Principal Fund L.P. purchased a new position in Pattern Energy Group during the second quarter valued at $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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