Pattern Energy Group Inc (PEGI) Receives $22.17 Average Target Price from Analysts

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) has earned a consensus recommendation of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $22.17.

A number of equities research analysts have commented on the company. BidaskClub upgraded Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 27th. Zacks Investment Research downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Tuesday, January 8th. ValuEngine upgraded Pattern Energy Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 6th. BMO Capital Markets downgraded Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research report on Friday, February 1st. Finally, Raymond James lifted their target price on Pattern Energy Group from $22.50 to $23.50 and gave the company an “outperform” rating in a research report on Monday, March 4th.

In other news, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction on Friday, February 1st. The stock was sold at an average price of $21.12, for a total value of $25,344.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Christopher M. Shugart sold 6,000 shares of Pattern Energy Group stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $22.00, for a total value of $132,000.00. Following the completion of the sale, the senior vice president now directly owns 64,584 shares of the company’s stock, valued at $1,420,848. The disclosure for this sale can be found here. Insiders sold 11,343 shares of company stock valued at $243,842 over the last ninety days. Insiders own 1.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PEGI. Prudential Financial Inc. acquired a new position in Pattern Energy Group during the 3rd quarter worth $591,000. CI Investments Inc. grew its stake in Pattern Energy Group by 0.4% during the 3rd quarter. CI Investments Inc. now owns 5,632,927 shares of the utilities provider’s stock worth $111,926,000 after purchasing an additional 23,575 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Pattern Energy Group by 1.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,942,421 shares of the utilities provider’s stock worth $38,595,000 after purchasing an additional 30,164 shares in the last quarter. MetLife Investment Advisors LLC grew its stake in Pattern Energy Group by 53.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 55,343 shares of the utilities provider’s stock worth $1,100,000 after purchasing an additional 19,394 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Pattern Energy Group by 5.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,148,539 shares of the utilities provider’s stock worth $22,821,000 after purchasing an additional 62,263 shares in the last quarter. 83.73% of the stock is owned by institutional investors and hedge funds.

NASDAQ:PEGI traded down $0.01 on Friday, reaching $22.40. The company’s stock had a trading volume of 573,078 shares, compared to its average volume of 550,236. Pattern Energy Group has a 12-month low of $16.81 and a 12-month high of $22.91. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $2.20 billion, a P/E ratio of 15.45, a P/E/G ratio of 1.66 and a beta of 1.05.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Friday, March 1st. The utilities provider reported ($0.15) EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.34). Pattern Energy Group had a net margin of 29.62% and a return on equity of 6.45%. The business had revenue of $113.00 million during the quarter, compared to analysts’ expectations of $139.72 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. Pattern Energy Group’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Pattern Energy Group will post 0.49 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be paid a $0.422 dividend. The ex-dividend date is Thursday, March 28th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 7.54%. Pattern Energy Group’s payout ratio is presently 116.55%.

Pattern Energy Group Company Profile

Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.

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Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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