Pattern Energy Group Inc (PEGI) Expected to Announce Quarterly Sales of $123.19 Million

Equities analysts forecast that Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) will announce sales of $123.19 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Pattern Energy Group’s earnings, with the highest sales estimate coming in at $136.67 million and the lowest estimate coming in at $114.10 million. Pattern Energy Group reported sales of $92.03 million during the same quarter last year, which indicates a positive year-over-year growth rate of 33.9%. The firm is scheduled to announce its next quarterly earnings report on Thursday, November 8th.

According to Zacks, analysts expect that Pattern Energy Group will report full-year sales of $503.37 million for the current fiscal year, with estimates ranging from $440.58 million to $534.41 million. For the next financial year, analysts expect that the company will post sales of $606.25 million, with estimates ranging from $515.06 million to $783.03 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Pattern Energy Group.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Thursday, August 9th. The utilities provider reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.26. The business had revenue of $136.00 million for the quarter, compared to analysts’ expectations of $141.20 million. Pattern Energy Group had a return on equity of 6.91% and a net margin of 28.80%. The business’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 EPS.

A number of equities analysts have commented on PEGI shares. TheStreet raised Pattern Energy Group from a “c+” rating to a “b-” rating in a research note on Thursday, August 23rd. Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Wednesday, October 10th. National Bank Financial reduced their target price on Pattern Energy Group from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, July 27th. Wells Fargo & Co reissued a “buy” rating and set a $22.00 target price (up from $21.00) on shares of Pattern Energy Group in a research note on Monday, September 17th. Finally, BidaskClub cut Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 28th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $22.21.

Several institutional investors and hedge funds have recently bought and sold shares of PEGI. Chicago Partners Investment Group LLC boosted its position in shares of Pattern Energy Group by 116.0% during the second quarter. Chicago Partners Investment Group LLC now owns 5,677 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 3,049 shares in the last quarter. Macquarie Group Ltd. bought a new stake in shares of Pattern Energy Group during the second quarter valued at approximately $124,000. CAPROCK Group Inc. bought a new stake in shares of Pattern Energy Group during the third quarter valued at approximately $204,000. Xact Kapitalforvaltning AB boosted its position in shares of Pattern Energy Group by 28.1% during the second quarter. Xact Kapitalforvaltning AB now owns 16,846 shares of the utilities provider’s stock valued at $316,000 after purchasing an additional 3,700 shares in the last quarter. Finally, CIBC World Markets Inc. boosted its position in shares of Pattern Energy Group by 38.1% during the first quarter. CIBC World Markets Inc. now owns 19,605 shares of the utilities provider’s stock valued at $339,000 after purchasing an additional 5,410 shares in the last quarter. 89.85% of the stock is currently owned by hedge funds and other institutional investors.

Pattern Energy Group stock traded up $0.13 during trading hours on Friday, reaching $18.87. The company had a trading volume of 502,100 shares, compared to its average volume of 1,045,456. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $1.95 billion, a P/E ratio of 98.63, a price-to-earnings-growth ratio of 0.45 and a beta of 0.97. Pattern Energy Group has a 12-month low of $16.58 and a 12-month high of $24.04.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Friday, September 28th will be paid a dividend of $0.422 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.69 annualized dividend and a dividend yield of 8.95%. Pattern Energy Group’s dividend payout ratio (DPR) is presently 889.47%.

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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