Zacks Investment Research downgraded shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) from a buy rating to a hold rating in a research note published on Thursday.

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. “

A number of other equities research analysts have also recently issued reports on the stock. Oppenheimer Holdings Inc. initiated coverage on shares of Pattern Energy Group in a report on Thursday, September 8th. They set an outperform rating and a $36.00 target price on the stock. RBC Capital Markets reaffirmed an outperform rating on shares of Pattern Energy Group in a report on Sunday, September 25th. Finally, Wells Fargo & Co. reaffirmed a buy rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Pattern Energy Group has a consensus rating of Buy and a consensus price target of $26.40.

Pattern Energy Group (NASDAQ:PEGI) traded down 0.26% during midday trading on Thursday, reaching $19.14. The company had a trading volume of 271,654 shares. The company’s market capitalization is $1.67 billion. The stock has a 50-day moving average price of $21.49 and a 200 day moving average price of $22.44. Pattern Energy Group has a 12-month low of $14.56 and a 12-month high of $25.13.

Pattern Energy Group (NASDAQ:PEGI) last posted 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 business 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 business earned ($0.40) earnings per share. Pattern Energy Group’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities analysts forecast that Pattern Energy Group will post ($0.40) EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be paid a $0.408 dividend. This represents a $1.63 dividend on an annualized basis and a yield of 8.50%. The ex-dividend date 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 is currently -421.05%.

In other Pattern Energy Group news, Director Lord Of Madingley Browne purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 31st. The stock was acquired at an average cost of $23.89 per share, for a total transaction of $238,900.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $238,900. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were 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 of the company’s stock, valued at $3,085,194. The disclosure for this sale can be found here. 1.79% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the stock. CI Investments Inc. raised its stake in Pattern Energy Group by 1.2% in the second quarter. CI Investments Inc. now owns 6,288,907 shares of the company’s stock valued at $144,456,000 after buying an additional 73,800 shares during the last quarter. Morgan Stanley raised its stake in Pattern Energy Group by 14.5% in the third quarter. Morgan Stanley now owns 4,540,843 shares of the company’s stock valued at $102,124,000 after buying an additional 576,451 shares during the last quarter. Vanguard Group Inc. raised its stake in Pattern Energy Group by 4.8% in the second quarter. Vanguard Group Inc. now owns 4,370,681 shares of the company’s stock valued at $100,394,000 after buying an additional 200,747 shares during the last quarter. Wellington Management Group LLP raised its stake 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 during the last quarter. Finally, Cohen & Steers Inc. raised its stake in Pattern Energy Group by 39.2% in the second quarter. Cohen & Steers Inc. now owns 2,365,703 shares of the company’s stock valued at $54,340,000 after buying an additional 666,523 shares during 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.

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