Zacks Investment Research upgraded shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) from a hold rating to a buy rating in a report published on Friday. The firm currently has $28.00 price target on the utilities provider’s stock.

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. “

Other analysts also recently issued reports about the stock. Desjardins upped their price objective on shares of Pattern Energy Group from $25.50 to $26.00 and gave the stock a buy rating in a report on Tuesday, June 20th. BidaskClub downgraded shares of Pattern Energy Group from a strong-buy rating to a buy rating in a report on Thursday, August 10th. BMO Capital Markets restated a buy rating and issued a $28.00 price objective on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. J P Morgan Chase & Co restated a neutral rating and issued a $24.00 price objective (up previously from $23.00) on shares of Pattern Energy Group in a research note on Tuesday, June 20th. Finally, Raymond James Financial, Inc. increased their price objective on shares of Pattern Energy Group from $26.00 to $27.00 and gave the company an outperform rating in a research note on Thursday, June 22nd. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Pattern Energy Group presently has an average rating of Buy and a consensus target price of $25.30.

Shares of Pattern Energy Group (NASDAQ:PEGI) opened at 24.70 on Friday. Pattern Energy Group has a 52-week low of $18.68 and a 52-week high of $25.42. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 72.01 and a beta of 1.05. The stock’s 50 day moving average price is $24.47 and its 200-day moving average price is $22.38.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.03. The business had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. Pattern Energy Group’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) EPS. On average, analysts predict that Pattern Energy Group will post $0.36 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a dividend of $0.42 per share. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.68 annualized dividend and a yield of 6.80%. Pattern Energy Group’s dividend payout ratio (DPR) is presently 506.08%.

In related news, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $23.00, for a total transaction of $27,600.00. Following the transaction, the insider now owns 144,867 shares of the company’s stock, valued at approximately $3,331,941. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Daniel M. Elkort sold 4,100 shares of Pattern Energy Group stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $24.08, for a total transaction of $98,728.00. Following the transaction, the vice president now directly owns 75,173 shares in the company, valued at approximately $1,810,165.84. The disclosure for this sale can be found here. Insiders have sold a total of 8,709,200 shares of company stock worth $190,838,434 in the last three months. 1.60% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL bought a new stake in shares of Pattern Energy Group during the first quarter valued at approximately $254,000. Parametric Portfolio Associates LLC increased its stake in shares of Pattern Energy Group by 88.3% in the first quarter. Parametric Portfolio Associates LLC now owns 106,996 shares of the utilities provider’s stock valued at $2,154,000 after buying an additional 50,173 shares during the period. Beach Investment Counsel Inc. PA increased its stake in shares of Pattern Energy Group by 16.2% in the first quarter. Beach Investment Counsel Inc. PA now owns 1,974,586 shares of the utilities provider’s stock valued at $39,748,000 after buying an additional 275,190 shares during the period. Karp Capital Management Corp bought a new stake in shares of Pattern Energy Group during the first quarter valued at approximately $1,399,000. Finally, UBS Asset Management Americas Inc. increased its stake in shares of Pattern Energy Group by 139.1% in the first quarter. UBS Asset Management Americas Inc. now owns 38,967 shares of the utilities provider’s stock valued at $784,000 after buying an additional 22,667 shares during the period. 94.72% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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