Brokerages Set Pattern Energy Group Inc. (PEGI) Target Price at $25.00
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) have earned an average rating of “Buy” from the thirteen analysts that are presently covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $25.30.
A number of analysts have issued reports on PEGI shares. Desjardins lifted their price target on shares of Pattern Energy Group from $25.50 to $26.00 and gave the company a “buy” rating in a report on Tuesday, June 20th. BMO Capital Markets reiterated a “buy” rating and issued a $28.00 price target on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price target on the stock in a report on Wednesday, June 28th. ValuEngine upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub upgraded shares of Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 17th.
Shares of Pattern Energy Group (NASDAQ:PEGI) traded down 1.00% during midday trading on Tuesday, hitting $24.65. The company’s stock had a trading volume of 330,826 shares. The firm has a market cap of $2.16 billion, a P/E ratio of 71.87 and a beta of 1.05. The stock’s 50 day moving average is $24.43 and its 200-day moving average is $22.34. Pattern Energy Group has a 52-week low of $18.68 and a 52-week high of $25.42.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $107.76 million for the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. Pattern Energy Group’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. Equities analysts predict that Pattern Energy Group will post $0.36 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be paid a $0.42 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.82%. The ex-dividend date of this dividend is Thursday, September 28th. Pattern Energy Group’s dividend payout ratio (DPR) is presently 506.08%.
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In other Pattern Energy Group news, VP Daniel M. Elkort sold 4,100 shares of Pattern Energy Group stock in a transaction on Monday, August 14th. The shares were sold at an average price of $24.08, for a total value of $98,728.00. Following the completion of the transaction, the vice president now directly owns 75,173 shares of the company’s stock, valued at approximately $1,810,165.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $23.00, for a total transaction of $27,600.00. Following the completion of the transaction, the insider now directly owns 144,867 shares of the company’s stock, valued at $3,331,941. The disclosure for this sale can be found here. Insiders sold a total of 8,709,200 shares of company stock valued at $190,838,434 over the last three months. Corporate insiders own 1.60% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Advisor Group Inc. boosted its position in shares of Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after buying an additional 1,193 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Pattern Energy Group during the first quarter worth approximately $115,000. US Bancorp DE boosted its position 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 worth $126,000 after buying an additional 1,231 shares during the last quarter. Turner Investments LLC acquired a new position in shares of Pattern Energy Group during the second quarter worth approximately $167,000. Finally, Winslow Evans & Crocker Inc. acquired a new position in shares of Pattern Energy Group during the second quarter worth approximately $177,000.
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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