Zacks Investment Research upgraded shares of Pattern Energy Group Inc. (NASDAQ:PEGI) from a strong sell rating to a hold rating in a research note issued to investors on Saturday.
According to Zacks, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States. “
Several other equities research analysts have also weighed in on PEGI. BMO Capital Markets reaffirmed an outperform rating and issued a $25.00 target price (up from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, July 5th. Wells Fargo & Co. reissued a buy rating on shares of Pattern Energy Group in a research note on Thursday, August 18th. Oppenheimer Holdings Inc. began coverage on Pattern Energy Group in a research note on Thursday, September 8th. They issued an outperform rating and a $36.00 price target for the company. Finally, RBC Capital Markets reissued an outperform rating on shares of Pattern Energy Group in a research note on Sunday, September 25th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Pattern Energy Group has an average rating of Buy and an average target price of $27.20.
Pattern Energy Group (NASDAQ:PEGI) opened at 21.73 on Friday. Pattern Energy Group has a 52 week low of $14.56 and a 52 week high of $25.13. The company has a 50-day moving average of $23.41 and a 200 day moving average of $22.10. The firm’s market cap is $1.66 billion.
Pattern Energy Group (NASDAQ:PEGI) last issued its earnings results on Friday, August 5th. The company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.08. Pattern Energy Group had a negative return on equity of 0.21% and a negative net margin of 14.90%. The company earned $93.40 million during the quarter, compared to analyst estimates of $103 million. During the same period in the prior year, the business earned $0.21 earnings per share. Pattern Energy Group’s quarterly revenue was up 10.4% on a year-over-year basis. On average, equities analysts predict that Pattern Energy Group will post ($0.36) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.60 annualized dividend and a yield of 7.36%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.39. Pattern Energy Group’s dividend payout ratio (DPR) is currently -219.18%.
In related news, Director Lord Of Madingley Browne purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 31st. The stock was acquired at an average price of $23.89 per share, for a total transaction of $238,900.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $238,900. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patricia S. Bellinger purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was bought at an average price of $23.01 per share, with a total value of $46,020.00. Following the transaction, the director now directly owns 12,865 shares in the company, valued at $296,023.65. The disclosure for this purchase can be found here. Corporate insiders own 1.79% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PEGI. BNP Paribas Arbitrage SA raised 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 period. JPMorgan Chase & Co. raised 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 period. BlackRock Inc. raised 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 period. Teacher Retirement System of Texas raised 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 period. Finally, K2 Principal Fund L.P. bought a new position in Pattern Energy Group during the second quarter worth $292,000.
Pattern Energy Group Company Profile
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.