Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) declared a quarterly dividend on Friday, August 10th, Wall Street Journal reports. Shareholders of record on Friday, September 28th will be given a dividend of 0.422 per share by the utilities provider on Wednesday, October 31st. This represents a $1.69 annualized dividend and a yield of 8.53%. The ex-dividend date is Thursday, September 27th.
Pattern Energy Group has raised its dividend by an average of 9.2% annually over the last three years and has raised its dividend every year for the last 3 years. Pattern Energy Group has a payout ratio of 112.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Pattern Energy Group to earn $0.45 per share next year, which means the company may not be able to cover its $1.69 annual dividend with an expected future payout ratio of 375.6%.
NASDAQ:PEGI opened at $19.79 on Wednesday. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 104.16, a price-to-earnings-growth ratio of 0.46 and a beta of 0.97. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.91 and a quick ratio of 0.91. Pattern Energy Group has a 1 year low of $16.58 and a 1 year high of $25.94.
PEGI has been the topic of several research reports. Wells Fargo & Co reissued a “buy” rating and issued a $22.00 target price (up previously from $21.00) on shares of Pattern Energy Group in a report on Monday, September 17th. BidaskClub lowered Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Bank of America lowered Pattern Energy Group from a “neutral” rating to an “underperform” rating in a report on Friday, July 13th. Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Monday, July 16th. Finally, ValuEngine lowered Pattern Energy Group from a “sell” rating to a “strong sell” rating in a report on Saturday, June 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $22.13.
About Pattern Energy Group
Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.
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