Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) had its price target upped by Bank of America from $23.00 to $23.50 in a research report report published on Tuesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the utilities provider’s stock.

Several other research firms have also recently weighed in on PEGI. TheStreet cut Pattern Energy Group from a b- rating to a c rating in a research note on Tuesday, May 14th. Raymond James reaffirmed an outperform rating and set a $26.00 target price on shares of Pattern Energy Group in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada reaffirmed a buy rating and set a $24.00 target price on shares of Pattern Energy Group in a research note on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $23.36.

NASDAQ:PEGI opened at $25.81 on Tuesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.08. Pattern Energy Group has a fifty-two week low of $17.23 and a fifty-two week high of $26.07. The firm’s 50-day simple moving average is $23.33. The stock has a market cap of $2.29 billion, a PE ratio of 17.80 and a beta of 1.05.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.11). Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. The business had revenue of $135.00 million for the quarter, compared to analysts’ expectations of $137.90 million. During the same period last year, the firm earned $0.34 EPS. The company’s revenue was down .7% compared to the same quarter last year. Sell-side analysts forecast that Pattern Energy Group will post -0.15 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a $0.422 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.69 annualized dividend and a dividend yield of 6.54%. Pattern Energy Group’s payout ratio is 116.55%.

Several hedge funds and other institutional investors have recently made changes to their positions in PEGI. Norges Bank bought a new stake in shares of Pattern Energy Group in the 4th quarter valued at approximately $16,363,000. Bank of Montreal Can boosted its position in Pattern Energy Group by 512.3% during the first quarter. Bank of Montreal Can now owns 615,965 shares of the utilities provider’s stock worth $13,551,000 after purchasing an additional 515,374 shares during the period. Intact Investment Management Inc. boosted its position in Pattern Energy Group by 36.1% during the first quarter. Intact Investment Management Inc. now owns 1,739,904 shares of the utilities provider’s stock worth $50,701,000 after purchasing an additional 461,400 shares during the period. BlackRock Inc. boosted its position in Pattern Energy Group by 6.1% during the second quarter. BlackRock Inc. now owns 7,208,754 shares of the utilities provider’s stock worth $166,451,000 after purchasing an additional 414,175 shares during the period. Finally, Gilman Hill Asset Management LLC bought a new stake in Pattern Energy Group during the first quarter worth approximately $5,619,000. 81.61% of the stock is owned by institutional investors and hedge funds.

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.

Read More: Preferred Stock

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

Receive News & Ratings for Pattern Energy Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pattern Energy Group and related companies with MarketBeat.com's FREE daily email newsletter.