Zacks: Analysts Anticipate Pattern Energy Group Inc. (PEGI) Will Announce Quarterly Sales of $132.26 Million
Wall Street brokerages expect Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) to report sales of $132.26 million for the current quarter, Zacks reports. Three analysts have provided estimates for Pattern Energy Group’s earnings, with estimates ranging from $123.90 million to $140.18 million. Pattern Energy Group posted sales of $81.06 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 63.2%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, March 7th.
On average, analysts expect that Pattern Energy Group will report full-year sales of $132.26 million for the current year, with estimates ranging from $424.60 million to $467.35 million. For the next financial year, analysts expect that the company will post sales of $566.12 million per share, with estimates ranging from $544.90 million to $585.05 million. Zacks’ sales averages are an average based on a survey of research firms that cover Pattern Energy Group.
PEGI has been the topic of a number of research reports. BMO Capital Markets lowered their price objective on Pattern Energy Group from $28.50 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 10th. Bank of America Corporation reiterated an “underperform” rating and issued a $21.00 price target on shares of Pattern Energy Group in a research report on Tuesday, October 24th. National Bank Financial upped their price target on Pattern Energy Group from $27.00 to $34.50 and gave the company an “outperform” rating in a research report on Saturday, September 23rd. Zacks Investment Research cut Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, BidaskClub upgraded Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $25.65.
In other news, insider Esben W. Pedersen sold 2,400 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $23.01, for a total transaction of $55,224.00. Following the transaction, the insider now owns 143,411 shares of the company’s stock, valued at $3,299,887.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $25.10, for a total value of $30,120.00. Following the transaction, the insider now directly owns 148,211 shares in the company, valued at approximately $3,720,096.10. The disclosure for this sale can be found here. Insiders have sold 7,500 shares of company stock worth $179,075 in the last ninety days. 1.60% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. California Public Employees Retirement System lifted its stake in shares of Pattern Energy Group by 4.4% during the third quarter. California Public Employees Retirement System now owns 163,178 shares of the utilities provider’s stock valued at $3,933,000 after acquiring an additional 6,878 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of Pattern Energy Group during the third quarter valued at $107,000. Point72 Asset Management L.P. acquired a new position in shares of Pattern Energy Group during the third quarter valued at $135,000. Cohen & Steers Inc. lifted its stake in shares of Pattern Energy Group by 25.5% during the third quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock valued at $58,224,000 after acquiring an additional 490,987 shares during the period. Finally, AMP Capital Investors Ltd lifted its stake in shares of Pattern Energy Group by 241.9% during the third quarter. AMP Capital Investors Ltd now owns 133,169 shares of the utilities provider’s stock valued at $3,210,000 after acquiring an additional 94,214 shares during the period. 77.38% of the stock is currently owned by institutional investors and hedge funds.
Pattern Energy Group (NASDAQ:PEGI) traded down $0.37 on Tuesday, hitting $21.76. The stock had a trading volume of 817,300 shares, compared to its average volume of 790,585. The company has a market capitalization of $2,130.00, a PE ratio of 2,213.00, a PEG ratio of 9.84 and a beta of 1.01. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a 1-year low of $18.68 and a 1-year high of $26.56.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be paid a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a dividend yield of 7.76%. The ex-dividend date of this dividend is Thursday, December 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio is 4,200.00%.
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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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