Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) saw a significant drop in short interest in November. As of November 29th, there was short interest totalling 2,960,000 shares, a drop of 17.1% from the November 14th total of 3,570,000 shares. Based on an average daily trading volume, of 1,250,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 3.1% of the shares of the company are sold short.
PEGI stock remained flat at $$27.22 during midday trading on Friday. The company had a trading volume of 770,881 shares, compared to its average volume of 688,709. The stock has a market capitalization of $2.68 billion, a P/E ratio of 18.77 and a beta of 1.00. The company’s fifty day simple moving average is $27.47 and its 200 day simple moving average is $25.42. Pattern Energy Group has a fifty-two week low of $17.52 and a fifty-two week high of $28.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.34 and a quick ratio of 0.34.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings results on Monday, November 4th. The utilities provider reported ($0.53) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.31). The company had revenue of $119.00 million during 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 5.06%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the firm earned ($0.13) EPS. Research analysts anticipate that Pattern Energy Group will post -0.99 EPS for the current year.
A number of hedge funds have recently bought and sold shares of PEGI. Baystate Wealth Management LLC acquired a new position in Pattern Energy Group during the third quarter worth about $27,000. Strs Ohio acquired a new position in Pattern Energy Group during the second quarter worth about $27,000. Point72 Asset Management L.P. acquired a new position in Pattern Energy Group during the second quarter worth about $32,000. Lenox Wealth Advisors LLC acquired a new position in Pattern Energy Group during the third quarter worth about $39,000. Finally, Penserra Capital Management LLC acquired a new position in Pattern Energy Group during the third quarter worth about $71,000. 80.51% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their target price on Pattern Energy Group from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, October 14th. National Bank Financial downgraded Pattern Energy Group from an “outperform” rating to a “tender” rating and dropped their target price for the stock from $27.00 to $26.75 in a report on Tuesday, November 5th. Raymond James reissued a “market perform” rating and set a $26.75 target price on shares of Pattern Energy Group in a report on Tuesday, November 5th. BidaskClub downgraded Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 7th. Finally, ValuEngine downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $25.31.
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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