Pattern Energy Group Inc (PEGI) Receives $22.95 Consensus Target Price from Brokerages

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) has been assigned a consensus rating of “Hold” from the sixteen brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $22.95.

PEGI has been the subject of several recent research reports. TheStreet raised Pattern Energy Group from a “c+” rating to a “b-” rating in a report on Thursday, August 23rd. Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Wednesday, October 10th. National Bank Financial reduced their target price on Pattern Energy Group from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, July 27th. BidaskClub raised Pattern Energy Group from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Co reaffirmed a “buy” rating and set a $22.00 target price (up previously from $21.00) on shares of Pattern Energy Group in a report on Monday, September 17th.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Pattern Energy Group by 7.5% during the second quarter. BlackRock Inc. now owns 6,600,386 shares of the utilities provider’s stock worth $123,757,000 after purchasing an additional 463,092 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Pattern Energy Group by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,912,257 shares of the utilities provider’s stock worth $35,854,000 after purchasing an additional 23,235 shares in the last quarter. Intact Investment Management Inc. grew its holdings in shares of Pattern Energy Group by 23.7% during the second quarter. Intact Investment Management Inc. now owns 1,482,104 shares of the utilities provider’s stock worth $36,089,000 after purchasing an additional 283,500 shares in the last quarter. Robecosam AG grew its holdings in shares of Pattern Energy Group by 4.3% during the second quarter. Robecosam AG now owns 1,200,000 shares of the utilities provider’s stock worth $22,272,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Global X Management Co LLC grew its holdings in shares of Pattern Energy Group by 0.3% during the second quarter. Global X Management Co LLC now owns 986,667 shares of the utilities provider’s stock worth $18,500,000 after purchasing an additional 2,913 shares in the last quarter. 90.07% of the stock is owned by institutional investors.



PEGI traded down $0.39 during trading hours on Friday, hitting $17.51. The stock had a trading volume of 51,556 shares, compared to its average volume of 1,042,933. Pattern Energy Group has a 1 year low of $16.58 and a 1 year high of $23.39. The firm has a market cap of $1.86 billion, a P/E ratio of 91.66, a price-to-earnings-growth ratio of 0.41 and a beta of 0.97. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.91 and a current ratio of 0.91.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings data on Thursday, August 9th. The utilities provider reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.26. Pattern Energy Group had a return on equity of 6.91% and a net margin of 28.80%. The company had revenue of $136.00 million during the quarter, compared to analyst estimates of $141.20 million. During the same quarter last year, the firm posted $0.16 EPS. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. As a group, research analysts predict that Pattern Energy Group will post 1.56 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Friday, September 28th will be issued a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a dividend yield of 9.64%. The ex-dividend date is Thursday, September 27th. Pattern Energy Group’s payout ratio is 889.47%.

About Pattern Energy Group

Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

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Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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