Pattern Energy Group (NASDAQ:PEGI) PT Raised to $28.00
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) had its price objective hoisted by analysts at Royal Bank of Canada from $24.00 to $28.00 in a research report issued on Thursday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the utilities provider’s stock. Royal Bank of Canada’s price objective points to a potential upside of 6.22% from the stock’s current price.
PEGI has been the topic of a number of other research reports. Raymond James lowered Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 13th. Bank of America increased their price target on Pattern Energy Group from $23.00 to $23.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. TheStreet downgraded Pattern Energy Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 14th. Finally, Wells Fargo & Co downgraded Pattern Energy Group from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $24.00 to $26.00 in a research report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $24.50.
PEGI stock traded up $0.53 during midday trading on Thursday, reaching $26.36. The company’s stock had a trading volume of 26,011 shares, compared to its average volume of 1,192,107. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a fifty day simple moving average of $23.82 and a two-hundred day simple moving average of $22.41. Pattern Energy Group has a 1 year low of $17.23 and a 1 year high of $26.65. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 18.23 and a beta of 1.05.
A number of hedge funds have recently made changes to their positions in PEGI. Griffin Asset Management Inc. acquired a new position in Pattern Energy Group during the second quarter worth $196,000. Amundi Pioneer Asset Management Inc. boosted its stake in Pattern Energy Group by 38.0% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 176,921 shares of the utilities provider’s stock worth $19,351,000 after buying an additional 48,744 shares during the last quarter. Advisors Capital Management LLC boosted its stake in Pattern Energy Group by 9.1% during the second quarter. Advisors Capital Management LLC now owns 639,919 shares of the utilities provider’s stock worth $14,776,000 after buying an additional 53,524 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in Pattern Energy Group during the second quarter worth $11,549,000. Finally, OneAscent Financial Services LLC acquired a new position in Pattern Energy Group during the second quarter worth $233,000. Institutional investors own 81.84% of the company’s stock.
Pattern Energy Group Company Profile
Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.
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