Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) announced a quarterly dividend on Tuesday, November 6th, Wall Street Journal reports. Investors of record on Monday, December 31st will be paid a dividend of 0.422 per share by the utilities provider on Thursday, January 31st. This represents a $1.69 annualized dividend and a dividend yield of 8.35%. The ex-dividend date is Friday, December 28th.
Pattern Energy Group has increased its dividend payment by an average of 9.2% annually over the last three years and has raised its dividend every year for the last 3 years. Pattern Energy Group has a dividend payout ratio of 112.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Pattern Energy Group to earn $0.43 per share next year, which means the company may not be able to cover its $1.69 annual dividend with an expected future payout ratio of 393.0%.
Shares of NASDAQ PEGI opened at $20.21 on Wednesday. The company has a market capitalization of $1.82 billion, a P/E ratio of 106.37, a P/E/G ratio of 0.40 and a beta of 1.07. Pattern Energy Group has a 12-month low of $16.58 and a 12-month high of $22.79. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.91 and a current ratio of 0.91.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Monday, November 5th. The utilities provider reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.09). Pattern Energy Group had a net margin of 28.80% and a return on equity of 6.91%. The business had revenue of $118.39 million during the quarter, compared to analyst estimates of $117.22 million. During the same quarter in the prior year, the business earned ($0.34) earnings per share. The firm’s revenue was up 28.6% compared to the same quarter last year. On average, research analysts forecast that Pattern Energy Group will post 1.56 earnings per share for the current year.
PEGI has been the topic of several analyst reports. Bank of America cut Pattern Energy Group from a “neutral” rating to an “underperform” rating in a research report on Friday, July 13th. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research report on Monday, July 16th. National Bank Financial lowered their target price on Pattern Energy Group from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, July 27th. BidaskClub upgraded Pattern Energy Group from a “hold” rating to a “buy” rating in a research report on Friday, August 17th. Finally, TheStreet upgraded 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 issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $22.42.
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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