Zacks Investment Research Lowers Pattern Energy Group Inc. (PEGI) to Hold
Zacks Investment Research cut shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
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 subject of several other research reports. Royal Bank Of Canada increased their target price on Pattern Energy Group from $24.00 to $25.00 and gave the stock an outperform rating in a research report on Tuesday, June 20th. BMO Capital Markets reissued a buy rating and issued a $28.50 target price on shares of Pattern Energy Group in a research report on Friday, September 8th. ValuEngine raised Pattern Energy Group from a sell rating to a hold rating in a research report on Friday, June 2nd. National Bank Financial increased their target price on Pattern Energy Group from $27.00 to $34.50 and gave the stock an outperform rating in a research report on Saturday, September 23rd. Finally, BidaskClub raised Pattern Energy Group from a buy rating to a strong-buy rating in a research report on Thursday, August 17th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Pattern Energy Group presently has a consensus rating of Buy and a consensus price target of $26.40.
Shares of Pattern Energy Group (NASDAQ PEGI) traded down 4.10% on Wednesday, hitting $24.10. The company had a trading volume of 1,468,931 shares. The stock has a market capitalization of $2.11 billion, a PE ratio of 70.26 and a beta of 1.05. Pattern Energy Group has a 52 week low of $18.68 and a 52 week high of $26.56. The firm’s 50 day moving average price is $24.94 and its 200-day moving average price is $23.00.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The firm had revenue of $107.76 million during the quarter, compared to analyst estimates of $124.02 million. During the same quarter in the prior year, the company earned ($0.04) EPS. The business’s revenue was up 15.4% compared to the same quarter last year. Analysts forecast that Pattern Energy Group will post $0.35 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a $0.42 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.68 annualized dividend and a dividend yield of 6.97%. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio is presently 509.11%.
In other Pattern Energy Group news, VP Daniel M. Elkort sold 4,100 shares of the stock in a transaction 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 sale, the vice president now directly owns 75,173 shares in the company, valued at approximately $1,810,165.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total value of $30,216.00. Following the sale, the insider now owns 149,411 shares in the company, valued at $3,762,168.98. The disclosure for this sale can be found here. Insiders sold a total of 9,200 shares of company stock worth $225,004 in the last 90 days. 1.60% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Pattern Energy Group by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock valued at $139,961,000 after purchasing an additional 38,599 shares during the last quarter. BlackRock Inc. boosted its stake in Pattern Energy Group by 2.6% during the 2nd quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock valued at $122,951,000 after purchasing an additional 130,085 shares during the last quarter. CI Investments Inc. boosted its stake in Pattern Energy Group by 0.3% during the 2nd quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock valued at $68,345,000 after purchasing an additional 7,700 shares during the last quarter. Wellington Management Group LLP boosted its stake in Pattern Energy Group by 13.5% during the 1st quarter. Wellington Management Group LLP now owns 2,475,915 shares of the utilities provider’s stock valued at $49,841,000 after purchasing an additional 293,671 shares during the last quarter. Finally, Brookfield Asset Management Inc. boosted its stake in Pattern Energy Group by 10.0% during the 2nd quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock valued at $58,787,000 after purchasing an additional 224,508 shares during the last quarter. Institutional investors and hedge funds own 94.66% of the company’s stock.
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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