Pattern Energy Group Inc. (PEGI) Receives Outperform Rating from the RBC Capital Markets

Pattern Energy Group Inc. (PEGI) Receives Outperform Rating from the RBC Capital Markets

RBC Capital Markets reissued their outperform rating on shares of Pattern Energy Group Inc. (NASDAQ:PEGI) in a research note released on Tuesday morning. They currently have a $35.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the company. Zacks Investment Research upgraded Pattern Energy Group from a strong sell rating to a hold rating in a report on Saturday, October 8th. Wells Fargo & Co. reiterated a buy rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Finally, Oppenheimer Holdings Inc. assumed coverage on Pattern Energy Group in a report on Thursday, September 8th. They issued an outperform rating and a $36.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $26.89.

Pattern Energy Group (NASDAQ:PEGI) opened at 19.34 on Tuesday. The firm has a 50-day moving average of $21.92 and a 200-day moving average of $22.50. Pattern Energy Group has a 52 week low of $14.56 and a 52 week high of $25.13. The company’s market cap is $1.69 billion.

Pattern Energy Group (NASDAQ:PEGI) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of $91.90 million for the quarter, compared to analysts’ expectations of $98.36 million. Pattern Energy Group had a positive return on equity of 0.16% and a negative net margin of 7.83%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.40) EPS. Equities analysts forecast that Pattern Energy Group will post ($0.42) earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Friday, December 30th will be given a dividend of $0.408 per share. The ex-dividend date of this dividend is Wednesday, December 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.40. This represents a $1.63 annualized dividend and a dividend yield of 8.44%. Pattern Energy Group’s dividend payout ratio (DPR) is currently -421.05%.

In other news, Director Patricia S. Bellinger acquired 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 acquisition, the director now owns 12,865 shares in the company, valued at approximately $296,023.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Daniel M. Elkort sold 11,290 shares of Pattern Energy Group stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $23.80, for a total value of $268,702.00. Following the completion of the sale, the vice president now directly owns 60,796 shares of the company’s stock, valued at approximately $1,446,944.80. The disclosure for this sale can be found here. Insiders own 1.79% of the company’s stock.

A number of large investors have recently made changes to their positions in PEGI. BNP Paribas Arbitrage SA raised its stake in shares of Pattern Energy Group by 146.8% in the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the company’s stock valued at $124,000 after buying an additional 3,290 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Pattern Energy Group by 639.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508 shares of the company’s stock valued at $149,000 after buying an additional 5,628 shares during the period. BlackRock Inc. raised its stake in shares of Pattern Energy Group by 105.4% in the second quarter. BlackRock Inc. now owns 7,924 shares of the company’s stock valued at $183,000 after buying an additional 4,067 shares during the period. Teacher Retirement System of Texas raised its stake in shares of 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 valued at $191,000 after buying an additional 1,010 shares during the period. Finally, K2 Principal Fund L.P. purchased a new stake in shares of Pattern Energy Group during the second quarter valued at $292,000.

About Pattern Energy Group

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