Shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) have earned an average recommendation of “Hold” from the thirteen brokerages that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $24.10.
Several brokerages have recently commented on PEGI. TheStreet downgraded Pattern Energy Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 14th. Royal Bank of Canada restated a “buy” rating and issued a $24.00 price objective on shares of Pattern Energy Group in a research report on Thursday, August 8th. Bank of America boosted their price objective on Pattern Energy Group from $23.00 to $23.50 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Wells Fargo & Co downgraded Pattern Energy Group from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $24.00 to $26.00 in a research report on Wednesday, August 14th. Finally, Raymond James downgraded Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 13th.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Pattern Energy Group by 0.8% in the second quarter. Vanguard Group Inc. now owns 9,268,113 shares of the utilities provider’s stock worth $214,001,000 after purchasing an additional 77,371 shares during the last quarter. BlackRock Inc. increased its stake in Pattern Energy Group by 6.1% during the second quarter. BlackRock Inc. now owns 7,208,754 shares of the utilities provider’s stock worth $166,451,000 after acquiring an additional 414,175 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Pattern Energy Group by 4.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,026,095 shares of the utilities provider’s stock worth $37,725,000 after acquiring an additional 83,674 shares during the last quarter. Intact Investment Management Inc. increased its stake in Pattern Energy Group by 36.1% during the first quarter. Intact Investment Management Inc. now owns 1,739,904 shares of the utilities provider’s stock worth $50,701,000 after acquiring an additional 461,400 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Pattern Energy Group by 2.2% during the second quarter. Northern Trust Corp now owns 1,547,288 shares of the utilities provider’s stock worth $35,727,000 after acquiring an additional 33,513 shares during the last quarter. 81.84% of the stock is currently owned by hedge funds and other institutional investors.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.11). Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. The business had revenue of $135.00 million during the quarter, compared to analysts’ expectations of $137.90 million. During the same quarter in the previous year, the firm earned $0.34 earnings per share. Pattern Energy Group’s revenue was down .7% on a year-over-year basis. As a group, sell-side analysts predict that Pattern Energy Group will post -0.15 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued a $0.422 dividend. The ex-dividend date is Thursday, September 26th. This represents a $1.69 annualized dividend and a dividend yield of 6.40%. Pattern Energy Group’s dividend payout ratio (DPR) is 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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