Pattern Energy Group Inc (PEGI) Given Consensus Recommendation of “Buy” by Brokerages

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) has received an average recommendation of “Buy” from the sixteen ratings firms that are currently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $22.20.

Several equities analysts recently commented on PEGI shares. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Saturday, December 15th. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Wednesday, October 10th. BidaskClub upgraded Pattern Energy Group from a “hold” rating to a “buy” rating in a research note on Tuesday, October 23rd. Bank of America upgraded Pattern Energy Group from an “underperform” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $18.50 in a research note on Thursday, December 27th. Finally, Wells Fargo & Co restated a “buy” rating and set a $22.00 price target (up from $21.00) on shares of Pattern Energy Group in a research note on Monday, September 17th.

A number of large investors have recently made changes to their positions in PEGI. BlackRock Inc. grew its stake in shares of Pattern Energy Group by 7.5% in the second quarter. BlackRock Inc. now owns 6,600,386 shares of the utilities provider’s stock valued at $123,757,000 after buying an additional 463,092 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Pattern Energy Group by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,912,257 shares of the utilities provider’s stock valued at $35,854,000 after buying an additional 23,235 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in shares of Pattern Energy Group by 116.0% in the second quarter. Chicago Partners Investment Group LLC now owns 5,677 shares of the utilities provider’s stock valued at $106,000 after buying an additional 3,049 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Pattern Energy Group by 5.5% in the second quarter. Rhumbline Advisers now owns 80,277 shares of the utilities provider’s stock valued at $1,505,000 after buying an additional 4,165 shares in the last quarter. Finally, Trexquant Investment LP grew its stake in shares of Pattern Energy Group by 221.4% in the third quarter. Trexquant Investment LP now owns 88,393 shares of the utilities provider’s stock valued at $1,756,000 after buying an additional 60,888 shares in the last quarter. Institutional investors own 86.56% of the company’s stock.



Pattern Energy Group stock traded down $0.01 during trading on Friday, hitting $20.23. The company’s stock had a trading volume of 491,386 shares, compared to its average volume of 1,209,998. The firm has a market capitalization of $1.93 billion, a P/E ratio of 106.47, a PEG ratio of 1.43 and a beta of 0.94. Pattern Energy Group has a 1-year low of $16.58 and a 1-year high of $21.93. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.97.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its earnings results on Monday, November 5th. The utilities provider reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.09). The business had revenue of $118.39 million during the quarter, compared to analyst estimates of $117.22 million. Pattern Energy Group had a net margin of 30.81% and a return on equity of 7.35%. The business’s revenue for the quarter was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.34) earnings per share. As a group, equities analysts predict that Pattern Energy Group will post 1.42 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 31st. Shareholders of record on Monday, December 31st will be paid a dividend of $0.422 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.69 annualized dividend and a yield of 8.34%. Pattern Energy Group’s dividend payout ratio is presently 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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