Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was upgraded by investment analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage currently has a $22.50 price target on the utilities provider’s stock, up from their prior price target of $20.00. Raymond James’ target price points to a potential upside of 10.84% from the stock’s previous close.
A number of other analysts have also recently weighed in on PEGI. ValuEngine raised shares of Pattern Energy Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. BidaskClub raised shares of Pattern Energy Group from a “hold” rating to a “buy” rating in a research report on Tuesday, October 23rd. Zacks Investment Research cut shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 17th. National Bank Financial decreased their price target on shares of Pattern Energy Group from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, July 27th. Finally, TheStreet raised shares of Pattern Energy Group from a “c+” rating to a “b-” rating in a research report on Thursday, August 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $22.46.
Pattern Energy Group stock traded up $0.65 during trading on Tuesday, reaching $20.30. 203,790 shares of the company’s stock were exchanged, compared to its average volume of 1,052,370. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.86. Pattern Energy Group has a 52-week low of $16.58 and a 52-week high of $23.03. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 107.37, a price-to-earnings-growth ratio of 0.40 and a beta of 1.07.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Monday, November 5th. The utilities provider reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.09). Pattern Energy Group had a return on equity of 6.91% and a net margin of 28.80%. The business had revenue of $118.39 million for the quarter, compared to analysts’ expectations of $117.22 million. During the same period last year, the company posted ($0.34) earnings per share. The firm’s revenue for the quarter was up 28.6% on a year-over-year basis. Analysts forecast that Pattern Energy Group will post 1.56 earnings per share for the current year.
A number of large investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. boosted its position in Pattern Energy Group by 30.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 34,310 shares of the utilities provider’s stock valued at $682,000 after buying an additional 8,069 shares during the last quarter. Beach Investment Counsel Inc. PA boosted its position in Pattern Energy Group by 1.0% in the 3rd quarter. Beach Investment Counsel Inc. PA now owns 1,736,606 shares of the utilities provider’s stock valued at $34,506,000 after buying an additional 17,685 shares during the last quarter. James Investment Research Inc. purchased a new position in Pattern Energy Group in the 3rd quarter valued at about $2,182,000. Alps Advisors Inc. purchased a new position in Pattern Energy Group in the 3rd quarter valued at about $711,000. Finally, Bowling Portfolio Management LLC purchased a new position in Pattern Energy Group in the 3rd quarter valued at about $2,096,000. 90.18% of the stock is owned by institutional investors.
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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