Pattern Energy Group Inc. (PEGI) Given Consensus Rating of “Buy” by Analysts
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) have earned a consensus rating of “Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $25.40.
Several research analysts have commented on PEGI shares. Desjardins lifted their price target on Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, June 20th. Royal Bank Of Canada reiterated a “buy” rating and issued a $24.00 target price on shares of Pattern Energy Group in a research note on Tuesday, May 9th. BMO Capital Markets reiterated a “buy” rating and issued a $28.00 target price on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $24.00 target price (up from $23.00) on shares of Pattern Energy Group in a research note on Tuesday, June 20th.
Shares of Pattern Energy Group (PEGI) opened at 24.785 on Friday. The firm has a 50-day moving average of $24.31 and a 200-day moving average of $21.82. Pattern Energy Group has a 12-month low of $18.68 and a 12-month high of $25.42. The firm has a market capitalization of $2.17 billion, a PE ratio of 177.036 and a beta of 1.05.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, May 9th. The utilities provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. Pattern Energy Group had a return on equity of 0.37% and a net margin of 3.33%. The business had revenue of $100.80 million for the quarter, compared to analyst estimates of $114.35 million. During the same quarter last year, the company earned ($0.32) EPS. The business’s quarterly revenue was up 15.1% on a year-over-year basis. Equities analysts anticipate that Pattern Energy Group will post $0.40 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Friday, June 30th were issued a $0.418 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 6.75%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.41. The ex-dividend date was Wednesday, June 28th. Pattern Energy Group’s payout ratio is 1,284.71%.
In other Pattern Energy Group news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the business’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $21.91, for a total transaction of $190,617,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total value of $30,216.00. Following the sale, the insider now directly owns 149,411 shares of the company’s stock, valued at approximately $3,762,168.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,707,300 shares of company stock valued at $190,790,306. Insiders own 1.60% of the company’s stock.
Several large investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in shares of Pattern Energy Group during the first quarter valued at $115,000. US Bancorp DE increased its stake in shares of Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock valued at $126,000 after buying an additional 1,231 shares during the last quarter. Turner Investments LLC bought a new stake in shares of Pattern Energy Group during the second quarter valued at $167,000. Winslow Evans & Crocker Inc. bought a new stake in shares of Pattern Energy Group during the second quarter valued at $177,000. Finally, Symons Capital Management Inc. bought a new stake in shares of Pattern Energy Group during the second quarter valued at $212,000.
Pattern Energy Group Company Profile
Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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