Pattern Energy Group Inc. (PEGI) Given New $28.00 Price Target at BMO Capital Markets

Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) had its price objective decreased by BMO Capital Markets from $28.50 to $28.00 in a report published on Friday. BMO Capital Markets currently has an outperform rating on the utilities provider’s stock.

A number of other analysts have also commented on the stock. Wells Fargo & Company lowered their target price on shares of Pattern Energy Group from $27.00 to $25.00 and set an outperform rating for the company in a report on Friday. Bank of America Corporation reaffirmed an underperform rating and set a $21.00 target price on shares of Pattern Energy Group in a report on Tuesday, October 24th. Williams Capital began coverage on shares of Pattern Energy Group in a report on Monday, October 16th. They set a buy rating and a $28.00 target price for the company. Zacks Investment Research lowered shares of Pattern Energy Group from a hold rating to a sell rating in a report on Wednesday, October 11th. Finally, National Bank Financial lifted their target price on shares of Pattern Energy Group from $27.00 to $34.50 and gave the stock an outperform rating in a report on Saturday, September 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $25.65.

Pattern Energy Group (NASDAQ:PEGI) traded down $0.11 on Friday, reaching $20.80. 1,204,400 shares of the company’s stock were exchanged, compared to its average volume of 784,282. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a 12-month low of $18.68 and a 12-month high of $26.56. The firm has a market cap of $1,999.77, a price-to-earnings ratio of 2,091.00, a PEG ratio of 6.92 and a beta of 1.02.

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The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be given a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a dividend yield of 8.12%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, December 28th. Pattern Energy Group’s dividend payout ratio (DPR) is currently 4,201.05%.

In other news, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction on Friday, September 1st. The shares were sold at an average price of $25.10, for a total transaction of $30,120.00. Following the transaction, the insider now directly owns 148,211 shares of the company’s stock, valued at $3,720,096.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Esben W. Pedersen sold 2,400 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $23.01, for a total transaction of $55,224.00. Following the completion of the sale, the insider now directly owns 143,411 shares in the company, valued at $3,299,887.11. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,500 shares of company stock worth $179,075. Insiders own 1.60% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Pattern Energy Group by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock valued at $139,961,000 after acquiring an additional 38,599 shares in the last quarter. New York State Common Retirement Fund lifted its position in Pattern Energy Group by 19.6% in the 2nd quarter. New York State Common Retirement Fund now owns 83,338 shares of the utilities provider’s stock valued at $1,987,000 after acquiring an additional 13,637 shares in the last quarter. California Public Employees Retirement System lifted its position in Pattern Energy Group by 2.3% in the 1st quarter. California Public Employees Retirement System now owns 153,300 shares of the utilities provider’s stock valued at $3,086,000 after acquiring an additional 3,500 shares in the last quarter. Advisor Group Inc. lifted its position in Pattern Energy Group by 31.0% in the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after acquiring an additional 1,193 shares in the last quarter. Finally, Brookfield Asset Management Inc. lifted its position in Pattern Energy Group by 10.0% in the 2nd quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock valued at $58,787,000 after acquiring an additional 224,508 shares in the last quarter. 86.11% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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