BMO Capital Markets reissued their buy rating on shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) in a report issued on Friday. The brokerage currently has a $28.50 price objective on the utilities provider’s stock.
A number of other research analysts have also recently weighed in on PEGI. ValuEngine upgraded shares of Pattern Energy Group from a sell rating to a hold rating in a research report on Friday, June 2nd. Royal Bank Of Canada reiterated a buy rating and set a $24.00 price objective on shares of Pattern Energy Group in a research report on Friday, June 9th. J P Morgan Chase & Co reiterated a neutral rating and set a $24.00 price objective (up previously from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, June 20th. Desjardins boosted their price objective on shares of Pattern Energy Group from $25.50 to $26.00 and gave the company a buy rating in a research report on Tuesday, June 20th. Finally, Raymond James Financial, Inc. boosted their price objective on shares of Pattern Energy Group from $26.00 to $27.00 and gave the company an outperform rating in a research report on Thursday, June 22nd. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $25.35.
Shares of Pattern Energy Group (PEGI) opened at 25.43 on Friday. The stock has a market cap of $2.23 billion, a PE ratio of 74.14 and a beta of 1.05. Pattern Energy Group has a 12 month low of $18.68 and a 12 month high of $25.60. The firm’s 50-day moving average is $24.74 and its 200 day moving average is $22.69.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.03. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The business had revenue of $107.76 million for the quarter, compared to analysts’ expectations of $124.02 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. The business’s revenue was up 15.4% compared to the same quarter last year. On average, equities analysts predict that Pattern Energy Group will post $0.36 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 dividend on an annualized basis and a dividend yield of 6.61%. Pattern Energy Group’s dividend payout ratio is presently 506.08%.
In other news, VP Daniel M. Elkort sold 4,100 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $24.08, for a total value of $98,728.00. Following the transaction, the vice president now directly owns 75,173 shares in the company, valued at $1,810,165.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $25.10, for a total transaction of $30,120.00. Following the completion of the transaction, the insider now owns 148,211 shares in the company, valued at $3,720,096.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,709,200 shares of company stock worth $190,842,004. Company insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PEGI. Ameritas Investment Partners Inc. bought a new position in shares of Pattern Energy Group in the first quarter worth about $115,000. Advisor Group Inc. grew its holdings in shares of Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 1,193 shares during the last quarter. US Bancorp DE grew its holdings in shares of Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 1,231 shares during the last quarter. Turner Investments LLC bought a new position in shares of Pattern Energy Group in the second quarter worth about $167,000. Finally, Winslow Evans & Crocker Inc. bought a new position in shares of Pattern Energy Group in the second quarter worth about $177,000. Hedge funds and other institutional investors own 94.72% 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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