Pattern Energy Group (PEGI) Upgraded to “Buy” by Goldman Sachs Group
Goldman Sachs Group upgraded shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from a neutral rating to a buy rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The firm currently has $21.00 target price on the utilities provider’s stock.
A number of other research analysts also recently weighed in on PEGI. Zacks Investment Research downgraded Pattern Energy Group from a buy rating to a hold rating in a report on Tuesday, August 8th. BidaskClub downgraded Pattern Energy Group from a strong-buy rating to a buy rating in a report on Thursday, August 10th. BMO Capital Markets reiterated a buy rating and set a $28.50 target price on shares of Pattern Energy Group in a report on Friday, September 8th. National Bank Financial upped their target price on Pattern Energy Group from $27.00 to $34.50 and gave the stock an outperform rating in a report on Saturday, September 23rd. Finally, Williams Capital initiated coverage on Pattern Energy Group in a report on Monday, October 16th. They set a buy rating and a $28.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Pattern Energy Group presently has an average rating of Buy and a consensus target price of $25.65.
Pattern Energy Group (NASDAQ PEGI) traded up $0.08 during mid-day trading on Tuesday, hitting $21.41. The company’s stock had a trading volume of 921,726 shares, compared to its average volume of 950,214. Pattern Energy Group has a 1 year low of $18.68 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.51 and a quick ratio of 0.51. The stock has a market cap of $2,088.33, a P/E ratio of 2,133.00, a price-to-earnings-growth ratio of 9.48 and a beta of 0.99.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be paid a $0.422 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.69 annualized dividend and a dividend yield of 7.88%. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio is presently 4,201.05%.
In related news, insider Esben W. Pedersen sold 2,400 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $23.01, for a total value of $55,224.00. Following the sale, the insider now owns 143,411 shares in the company, valued at approximately $3,299,887.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 8,200 shares of company stock worth $190,477 in the last 90 days. 1.60% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of PEGI. Teachers Advisors LLC boosted its stake in Pattern Energy Group by 1.8% during the 1st quarter. Teachers Advisors LLC now owns 126,944 shares of the utilities provider’s stock valued at $2,555,000 after purchasing an additional 2,300 shares during the last quarter. Bank of Montreal Can boosted its stake in Pattern Energy Group by 25.1% during the 2nd quarter. Bank of Montreal Can now owns 30,921 shares of the utilities provider’s stock valued at $737,000 after purchasing an additional 6,196 shares during the last quarter. Aperio Group LLC boosted its stake in Pattern Energy Group by 15.4% during the 2nd quarter. Aperio Group LLC now owns 80,213 shares of the utilities provider’s stock valued at $1,912,000 after purchasing an additional 10,700 shares during the last quarter. US Bancorp DE boosted its stake in Pattern Energy Group by 34.8% during the 2nd quarter. US Bancorp DE now owns 8,456 shares of the utilities provider’s stock valued at $202,000 after purchasing an additional 2,182 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Pattern Energy Group by 7.6% during the 2nd quarter. Sei Investments Co. now owns 92,742 shares of the utilities provider’s stock valued at $2,210,000 after purchasing an additional 6,511 shares during the last quarter. Institutional investors own 75.45% 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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