Raymond James Reaffirms Market Perform Rating for Pattern Energy Group (NASDAQ:PEGI)

Raymond James reissued their market perform rating on shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) in a research report released on Tuesday morning, BayStreet.CA reports. The brokerage currently has a $26.75 price objective on the utilities provider’s stock.

PEGI has been the subject of a number of other reports. BidaskClub raised shares of Pattern Energy Group from a buy rating to a strong-buy rating in a report on Friday, November 1st. Wells Fargo & Co lowered shares of Pattern Energy Group from an outperform rating to a market perform rating and raised their price target for the company from $24.00 to $26.00 in a report on Wednesday, August 14th. Bank of America raised their price target on shares of Pattern Energy Group from $23.00 to $23.50 and gave the company a neutral rating in a report on Tuesday, August 13th. Royal Bank of Canada lowered shares of Pattern Energy Group from an outperform rating to a sector perform rating and lowered their price target for the company from $28.00 to $26.75 in a report on Tuesday. Finally, Goldman Sachs Group lowered shares of Pattern Energy Group from a buy rating to a neutral rating and raised their price target for the company from $24.00 to $25.00 in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $25.16.

Shares of PEGI traded up $0.11 on Tuesday, hitting $27.37. 1,097,100 shares of the stock traded hands, compared to its average volume of 940,561. The stock’s 50 day moving average is $27.04 and its two-hundred day moving average is $24.54. The firm has a market capitalization of $2.68 billion, a P/E ratio of 18.88 and a beta of 0.99. Pattern Energy Group has a 1 year low of $17.52 and a 1 year high of $28.50. 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 (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported ($0.53) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.31). The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $120.06 million. Pattern Energy Group had a negative net margin of 19.92% and a negative return on equity of 4.92%. Pattern Energy Group’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.13) earnings per share. Research analysts forecast that Pattern Energy Group will post -0.81 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.422 per share. The ex-dividend date is Monday, December 30th. This represents a $1.69 dividend on an annualized basis and a yield of 6.17%. Pattern Energy Group’s dividend payout ratio (DPR) is 116.55%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strs Ohio bought a new position in Pattern Energy Group during the 2nd quarter valued at $27,000. Baystate Wealth Management LLC bought a new position in Pattern Energy Group during the 3rd quarter valued at $27,000. FNY Investment Advisers LLC bought a new position in Pattern Energy Group during the 2nd quarter valued at $30,000. Point72 Asset Management L.P. bought a new position in Pattern Energy Group during the 2nd quarter valued at $32,000. Finally, Lenox Wealth Advisors LLC bought a new position in Pattern Energy Group during the 3rd quarter valued at $39,000. Hedge funds and other institutional investors own 81.09% of the company’s stock.

About Pattern Energy Group

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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Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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