Pattern Energy Group (PEGI) Stock Rating Lowered by Morgan Stanley
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday. They presently have a $25.00 price target on the utilities provider’s stock, down from their prior price target of $33.00. Morgan Stanley’s target price would indicate a potential upside of 16.77% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the stock. Williams Capital started coverage on shares of Pattern Energy Group in a report on Monday, October 16th. They issued a “buy” rating and a $28.00 price objective on the stock. BMO Capital Markets restated a “buy” rating and issued a $28.50 price objective on shares of Pattern Energy Group in a report on Friday, September 8th. Zacks Investment Research upgraded shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Friday, August 25th. Goldman Sachs Group upgraded shares of Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Tuesday, December 5th. Finally, Raymond James Financial cut their price objective on shares of Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $25.61.
Shares of Pattern Energy Group (PEGI) opened at $21.41 on Tuesday. The firm has a market cap of $2,061.90, a PE ratio of 2,106.00, a price-to-earnings-growth ratio of 9.36 and a beta of 0.99. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a fifty-two week low of $18.68 and a fifty-two week high of $26.56.
In other news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $23.01, for a total transaction of $55,224.00. Following the sale, the insider now owns 143,411 shares in the company, valued at $3,299,887.11. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders have sold 8,200 shares of company stock worth $190,477. Corporate insiders own 1.60% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Pattern Energy Group by 0.7% during the second quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock valued at $139,961,000 after buying an additional 38,599 shares during the last quarter. BlackRock Inc. boosted its holdings in Pattern Energy Group by 2.6% in the second quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock worth $122,951,000 after purchasing an additional 130,085 shares during the last quarter. CI Investments Inc. boosted its holdings in Pattern Energy Group by 0.3% in the second quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock worth $68,345,000 after purchasing an additional 7,700 shares during the last quarter. Brookfield Asset Management Inc. boosted its holdings in Pattern Energy Group by 10.0% in the second quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock worth $58,787,000 after purchasing an additional 224,508 shares during the last quarter. Finally, Cohen & Steers Inc. boosted its holdings in Pattern Energy Group by 25.5% in the third quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock worth $58,224,000 after purchasing an additional 490,987 shares during the last quarter. Hedge funds and other institutional investors own 75.44% of the company’s stock.
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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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