Shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) have earned an average recommendation of “Buy” from the ten analysts that are presently covering the company. Five analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $24.00.
A number of research firms recently commented on PEGI. Credit Suisse Group AG reissued a “buy” rating and issued a $22.00 price target on shares of Pattern Energy Group in a report on Wednesday, April 5th. Zacks Investment Research cut Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday, January 10th. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $28.00 price target (down from $36.00) on shares of Pattern Energy Group in a report on Friday, March 3rd. Macquarie cut Pattern Energy Group from an “outperform” rating to a “neutral” rating in a report on Thursday, March 23rd. Finally, Goldman Sachs Group Inc began coverage on Pattern Energy Group in a report on Tuesday, March 14th. They issued a “neutral” rating and a $21.00 price target on the stock.
Shares of Pattern Energy Group (NASDAQ:PEGI) traded up 0.09% on Tuesday, hitting $21.39. 317,071 shares of the stock were exchanged. Pattern Energy Group has a 52-week low of $18.68 and a 52-week high of $25.13. The company has a 50 day moving average of $20.35 and a 200 day moving average of $20.32. The company’s market cap is $1.87 billion.
Pattern Energy Group (NASDAQ:PEGI) last announced its quarterly earnings data on Wednesday, March 1st. The utilities provider reported $0.16 earnings per share (EPS) for the quarter. Pattern Energy Group had a positive return on equity of 0.16% and a negative net margin of 7.83%. The company earned $81.06 million during the quarter, compared to the consensus estimate of $105.84 million. During the same period in the previous year, the company posted $0.03 EPS. The firm’s revenue was down 10.5% on a year-over-year basis. Equities research analysts forecast that Pattern Energy Group will post $0.02 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Friday, March 31st will be issued a dividend of $0.4138 per share. This represents a $1.66 annualized dividend and a dividend yield of 7.74%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Wednesday, March 29th. Pattern Energy Group’s dividend payout ratio is -428.95%.
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In other news, Director Patricia S. Bellinger acquired 3,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were acquired at an average cost of $19.74 per share, with a total value of $59,220.00. Following the acquisition, the director now directly owns 17,738 shares of the company’s stock, valued at $350,148.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.79% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Capital Advisors Inc. OK boosted its stake in shares of Pattern Energy Group by 9.7% in the third quarter. Capital Advisors Inc. OK now owns 385,723 shares of the utilities provider’s stock valued at $8,675,000 after buying an additional 33,975 shares during the period. Aperio Group LLC boosted its stake in shares of Pattern Energy Group by 151.4% in the third quarter. Aperio Group LLC now owns 55,257 shares of the utilities provider’s stock valued at $1,243,000 after buying an additional 33,281 shares during the period. First Trust Advisors LP raised its stake in Pattern Energy Group by 75.7% in the third quarter. First Trust Advisors LP now owns 129,406 shares of the utilities provider’s stock valued at $2,910,000 after buying an additional 55,773 shares during the last quarter. Narwhal Capital Management raised its stake in Pattern Energy Group by 49.6% in the third quarter. Narwhal Capital Management now owns 42,240 shares of the utilities provider’s stock valued at $950,000 after buying an additional 14,000 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in Pattern Energy Group by 18.7% in the third quarter. Advisors Asset Management Inc. now owns 1,190,341 shares of the utilities provider’s stock valued at $26,771,000 after buying an additional 187,484 shares during the last quarter.
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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