Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors on Tuesday, The Fly reports.
Several other equities analysts have also issued reports on the stock. Royal Bank of Canada reaffirmed a “buy” rating and issued a $24.00 price target on shares of Pattern Energy Group in a report on Thursday, August 8th. TheStreet lowered shares of Pattern Energy Group from a “b-” rating to a “c” rating in a report on Tuesday, May 14th. Finally, Bank of America boosted their price objective on shares of Pattern Energy Group from $23.00 to $23.50 and gave the company a “neutral” rating in a report on Tuesday. 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 assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $23.93.
NASDAQ PEGI opened at $25.83 on Tuesday. The business has a fifty day moving average price of $23.38. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.08. Pattern Energy Group has a 12-month low of $17.23 and a 12-month high of $26.09. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 17.81 and a beta of 1.05.
Several institutional investors and hedge funds have recently made changes to their positions in PEGI. Investors Research Corp purchased a new stake in shares of Pattern Energy Group during the first quarter valued at $26,000. Strs Ohio purchased a new stake in Pattern Energy Group in the second quarter valued at $27,000. FNY Investment Advisers LLC purchased a new stake in Pattern Energy Group in the second quarter valued at $30,000. Manchester Capital Management LLC purchased a new stake in Pattern Energy Group in the first quarter valued at $31,000. Finally, Point72 Asset Management L.P. purchased a new stake in Pattern Energy Group in the second quarter valued at $32,000. 81.61% of the stock is currently owned by hedge funds and other institutional investors.
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.
See Also: Net Asset Value
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