Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) had its price target lowered by Royal Bank of Canada from $23.00 to $22.00 in a report released on Tuesday. The brokerage currently has an outperform rating on the utilities provider’s stock.
A number of other brokerages have also commented on PEGI. BidaskClub lowered shares of Pattern Energy Group from a sell rating to a strong sell rating in a research report on Friday, April 6th. Zacks Investment Research raised shares of Pattern Energy Group from a strong sell rating to a hold rating in a research report on Tuesday, March 13th. Raymond James reaffirmed a market perform rating and set a $20.00 target price (down from $23.00) on shares of Pattern Energy Group in a research report on Friday, March 2nd. Guggenheim set a $25.00 target price on shares of Pattern Energy Group and gave the stock a buy rating in a research report on Friday, March 2nd. Finally, ValuEngine raised shares of Pattern Energy Group from a strong sell rating to a sell rating in a research report on Wednesday, May 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Pattern Energy Group presently has a consensus rating of Hold and an average price target of $23.21.
Shares of Pattern Energy Group opened at $18.82 on Tuesday, Marketbeat.com reports. The company has a market cap of $1.88 billion, a PE ratio of 99.05, a P/E/G ratio of 1.20 and a beta of 0.96. Pattern Energy Group has a one year low of $16.58 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.68 and a current ratio of 0.68.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Thursday, May 10th. The utilities provider reported $1.32 EPS for the quarter, topping the Zacks’ consensus estimate of $0.15 by $1.17. The business had revenue of $111.66 million for the quarter, compared to analyst estimates of $137.25 million. Pattern Energy Group had a net margin of 26.62% and a return on equity of 6.17%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $0.06 earnings per share. sell-side analysts anticipate that Pattern Energy Group will post 0.81 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 31st. Stockholders of record on Friday, June 29th will be paid a dividend of $0.422 per share. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 8.97%. Pattern Energy Group’s dividend payout ratio is presently 889.47%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BKS Advisors LLC bought a new position in shares of Pattern Energy Group during the first quarter valued at approximately $199,000. Xact Kapitalforvaltning AB bought a new position in shares of Pattern Energy Group during the fourth quarter valued at approximately $222,000. Oppenheimer & Co. Inc. bought a new position in shares of Pattern Energy Group during the first quarter valued at approximately $230,000. Atria Investments LLC boosted its stake in shares of Pattern Energy Group by 33.3% during the first quarter. Atria Investments LLC now owns 13,878 shares of the utilities provider’s stock valued at $240,000 after purchasing an additional 3,469 shares in the last quarter. Finally, Paloma Partners Management Co bought a new position in shares of Pattern Energy Group during the fourth quarter valued at approximately $299,000. Hedge funds and other institutional investors own 92.99% of the company’s stock.
Pattern Energy Group Company Profile
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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