Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States. “
Several other brokerages have also commented on PEGI. BidaskClub lowered shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 13th. Morgan Stanley downgraded shares of Pattern Energy Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $33.00 to $25.00 in a report on Tuesday, December 12th. Goldman Sachs Group upgraded shares of Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Tuesday, December 5th. Raymond James Financial cut their price target on shares of Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, November 13th. Finally, ValuEngine downgraded shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $23.18.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings data on Thursday, March 1st. The utilities provider reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.06. The firm had revenue of $110.70 million during the quarter, compared to analyst estimates of $126.11 million. Pattern Energy Group had a negative net margin of 4.35% and a positive return on equity of 0.34%. Pattern Energy Group’s revenue was up 36.5% on a year-over-year basis. During the same period last year, the firm posted $0.16 EPS. research analysts anticipate that Pattern Energy Group will post 0.44 earnings per share for the current fiscal year.
In other news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $20.51, for a total transaction of $49,224.00. Following the sale, the insider now owns 132,128 shares of the company’s stock, valued at approximately $2,709,945.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas G. Hall acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were purchased at an average cost of $17.08 per share, for a total transaction of $85,400.00. Following the purchase, the director now directly owns 39,982 shares in the company, valued at $682,892.56. The disclosure for this purchase can be found here. 1.60% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new stake in Pattern Energy Group in the 3rd quarter valued at $107,000. IFP Advisors Inc grew its stake in Pattern Energy Group by 139.6% in the 4th quarter. IFP Advisors Inc now owns 5,337 shares of the utilities provider’s stock valued at $115,000 after acquiring an additional 3,110 shares during the period. Point72 Asset Management L.P. acquired a new stake in Pattern Energy Group in the 3rd quarter valued at $135,000. Private Advisor Group LLC purchased a new position in Pattern Energy Group in the 3rd quarter valued at $203,000. Finally, Xact Kapitalforvaltning AB purchased a new position in Pattern Energy Group in the 4th quarter valued at $222,000. 96.56% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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