Pattern Energy Group Inc. (PEGI) Receives $28.83 Average Target Price from Analysts
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) have earned a consensus rating of “Buy” from the twelve ratings firms that are currently covering the stock. One investment analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $27.86.
PEGI has been the subject of a number of recent research reports. Oppenheimer Holdings Inc. initiated coverage on Pattern Energy Group in a research note on Thursday, September 8th. They set an “outperform” rating and a $36.00 price objective for the company. RBC Capital Markets reiterated an “outperform” rating on shares of Pattern Energy Group in a research note on Sunday, September 25th. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Saturday. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Pattern Energy Group in a research note on Thursday, August 18th.
In related news, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $23.80, for a total transaction of $28,560.00. Following the sale, the insider now owns 129,630 shares in the company, valued at approximately $3,085,194. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Daniel M. Elkort sold 11,290 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $23.80, for a total value 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 disclosure for this sale can be found here. Insiders own 1.79% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its stake 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 during the last quarter. JPMorgan Chase & Co. raised its stake 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 during the last quarter. BlackRock Inc. raised its stake 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 during the last quarter. Teacher Retirement System of Texas raised its stake 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 during the last quarter. Finally, K2 Principal Fund L.P. bought a new stake in Pattern Energy Group during the second quarter valued at $292,000.
Pattern Energy Group (NASDAQ:PEGI) opened at 19.39 on Thursday. The firm’s 50-day moving average is $21.80 and its 200-day moving average is $22.50. Pattern Energy Group has a 12 month low of $14.56 and a 12 month high of $25.13. The company’s market capitalization is $1.70 billion.
Pattern Energy Group (NASDAQ:PEGI) last announced its quarterly earnings data on Monday, November 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.01. The company earned $91.90 million during the quarter, compared to the consensus estimate of $98.36 million. Pattern Energy Group had a positive return on equity of 0.16% and a negative net margin of 7.83%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.40) EPS. Equities analysts anticipate that Pattern Energy Group will post ($0.42) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders 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 dividend yield of 8.42%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, December 28th. Pattern Energy Group’s dividend payout ratio is -421.05%.
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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