Pattern Energy Group Inc. (PEGI) Now Covered by Analysts at Credit Suisse Group AG
Credit Suisse Group AG initiated coverage on shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) in a research note published on Thursday morning. The firm issued an outperform rating and a $22.00 price target on the stock.
A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Pattern Energy Group from a strong sell rating to a hold rating in a research report on Saturday, October 8th. RBC Capital Markets reissued an outperform rating on shares of Pattern Energy Group in a research report on Sunday, September 25th. Wells Fargo & Co. reissued a buy rating on shares of Pattern Energy Group in a research report on Thursday, August 18th. Finally, Oppenheimer Holdings Inc. started coverage on shares of Pattern Energy Group in a research report on Thursday, September 8th. They issued an outperform rating and a $36.00 target price for the company. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $26.40.
Shares of Pattern Energy Group (NASDAQ:PEGI) traded down 0.16% during trading on Thursday, hitting $19.16. 140,489 shares of the stock were exchanged. The firm’s 50-day moving average is $21.49 and its 200 day moving average is $22.44. Pattern Energy Group has a 1-year low of $14.56 and a 1-year high of $25.13. The company’s market cap is $1.68 billion.
Pattern Energy Group (NASDAQ:PEGI) last announced its earnings results 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 analysts’ expectations of $98.36 million. Pattern Energy Group had a negative net margin of 7.83% and a positive return on equity of 0.16%. Pattern Energy Group’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) earnings per share. Equities analysts forecast that Pattern Energy Group will post ($0.40) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be issued a $0.408 dividend. The ex-dividend date is Wednesday, December 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.40. This represents a $1.63 annualized dividend and a yield of 8.50%. Pattern Energy Group’s dividend payout ratio is presently -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 shares were purchased at an average cost of $23.89 per share, for a total transaction of $238,900.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $238,900. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction that occurred on Monday, November 7th. The stock was 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 in the company, valued at $2,923,489.53. The disclosure for this sale can be found here. 1.79% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of 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 worth $124,000 after buying an additional 3,290 shares during 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 worth $149,000 after buying an additional 5,628 shares during 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 worth $183,000 after buying an additional 4,067 shares during 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 worth $191,000 after buying an additional 1,010 shares during the last quarter. Finally, LPL Financial LLC boosted its position in Pattern Energy Group by 1.6% in the third quarter. LPL Financial LLC now owns 12,895 shares of the company’s stock worth $279,000 after buying an additional 200 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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