Pattern Energy Group (PEGI) Downgraded to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from a hold rating to a sell rating in a research note issued to investors on Thursday.
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. “
PEGI has been the topic of a number of other research reports. ValuEngine downgraded Pattern Energy Group from a hold rating to a sell rating in a report on Friday, February 2nd. Goldman Sachs set a $22.00 target price on Pattern Energy Group and gave the stock a buy rating in a report on Saturday, March 17th. Desjardins reaffirmed a buy rating and set a $26.50 target price on shares of Pattern Energy Group in a report on Tuesday, February 27th. National Bank Financial reduced their target price on Pattern Energy Group from $28.00 to $26.00 and set an outperform rating on the stock in a report on Wednesday, February 7th. Finally, Royal Bank of Canada dropped their price target on Pattern Energy Group from $25.00 to $23.00 and set an outperform rating on the stock in a research report on Monday, March 5th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. Pattern Energy Group presently has a consensus rating of Hold and an average price target of $23.25.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its earnings results on Thursday, March 1st. The utilities provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. Pattern Energy Group had a positive return on equity of 0.34% and a negative net margin of 4.35%. The company had revenue of $110.70 million for the quarter, compared to the consensus estimate of $126.11 million. During the same quarter last year, the business posted $0.16 EPS. Pattern Energy Group’s quarterly revenue was up 36.5% compared to the same quarter last year. analysts anticipate that Pattern Energy Group will post 0.39 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a dividend yield of 9.28%. The ex-dividend date of this dividend is Wednesday, March 28th. Pattern Energy Group’s dividend payout ratio is presently -844.96%.
In other news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $20.51, for a total transaction of $49,224.00. Following the completion of the sale, the insider now directly owns 132,128 shares of the company’s stock, valued at approximately $2,709,945.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Douglas G. Hall acquired 5,000 shares of Pattern Energy Group stock in a transaction dated Tuesday, March 6th. The shares were bought at an average cost of $17.08 per share, with a total value of $85,400.00. Following the completion of the purchase, the director now owns 39,982 shares in the company, valued at $682,892.56. The disclosure for this purchase can be found here. Company insiders own 1.60% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PEGI. Principal Financial Group Inc. boosted its stake in shares of Pattern Energy Group by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 64,597 shares of the utilities provider’s stock worth $1,557,000 after acquiring an additional 6,070 shares in the last quarter. Sei Investments Co. boosted its position in shares of Pattern Energy Group by 38.5% in the third quarter. Sei Investments Co. now owns 128,425 shares of the utilities provider’s stock worth $3,095,000 after buying an additional 35,683 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Pattern Energy Group by 120.0% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 26,258 shares of the utilities provider’s stock worth $633,000 after buying an additional 14,324 shares during the period. Cipher Capital LP acquired a new stake in shares of Pattern Energy Group in the third quarter worth $759,000. Finally, Kayne Anderson Capital Advisors LP acquired a new stake in shares of Pattern Energy Group in the third quarter worth $231,000. 96.60% of the stock is owned by institutional investors and hedge funds.
About Pattern Energy Group
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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