TheStreet Lowers Pattern Energy Group (PEGI) to C

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TheStreet lowered shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from a b- rating to a c rating in a research note issued to investors on Tuesday, TheStreetRatingsTable reports.

Other equities analysts also recently issued reports about the stock. BidaskClub upgraded shares of Pattern Energy Group from a hold rating to a buy rating in a report on Thursday, March 7th. ValuEngine upgraded shares of Pattern Energy Group from a hold rating to a buy rating in a report on Wednesday, March 6th. BMO Capital Markets cut shares of Pattern Energy Group from an outperform rating to a market perform rating in a research report on Friday, February 1st. Raymond James lifted their price objective on shares of Pattern Energy Group from $22.50 to $23.50 and gave the stock an outperform rating in a research report on Monday, March 4th. Finally, Zacks Investment Research cut shares of Pattern Energy Group from a hold rating to a sell rating in a research report on Monday, January 14th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $22.00.

Shares of PEGI opened at $21.62 on Tuesday. The firm has a market cap of $2.10 billion, a P/E ratio of 14.91, a PEG ratio of 5.16 and a beta of 1.05. Pattern Energy Group has a 1-year low of $16.81 and a 1-year high of $23.51. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.44 and a current ratio of 0.44.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Friday, May 10th. The utilities provider reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.43). The firm had revenue of $135.00 million for the quarter, compared to analyst estimates of $143.38 million. Pattern Energy Group had a negative return on equity of 1.06% and a negative net margin of 4.52%. Pattern Energy Group’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.32 earnings per share. On average, analysts predict that Pattern Energy Group will post 0.44 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be given a dividend of $0.422 per share. The ex-dividend date is Thursday, June 27th. This represents a $1.69 dividend on an annualized basis and a yield of 7.81%. Pattern Energy Group’s dividend payout ratio (DPR) is 116.55%.

In other Pattern Energy Group news, SVP Kevin E. Devlin sold 2,943 shares of Pattern Energy Group stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $21.13, for a total transaction of $62,185.59. Following the completion of the transaction, the senior vice president now directly owns 22,080 shares of the company’s stock, valued at $466,550.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Christopher M. Shugart sold 6,000 shares of Pattern Energy Group stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $22.00, for a total transaction of $132,000.00. Following the transaction, the senior vice president now directly owns 64,584 shares of the company’s stock, valued at $1,420,848. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,143 shares of company stock valued at $218,498. Company insiders own 1.70% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Teachers Advisors LLC boosted its position in shares of Pattern Energy Group by 0.4% in the third quarter. Teachers Advisors LLC now owns 943,852 shares of the utilities provider’s stock valued at $18,754,000 after acquiring an additional 3,830 shares during the period. Legal & General Group Plc boosted its position in shares of Pattern Energy Group by 25.7% in the third quarter. Legal & General Group Plc now owns 34,520 shares of the utilities provider’s stock valued at $685,000 after acquiring an additional 7,053 shares during the period. Vanguard Group Inc. boosted its position in shares of Pattern Energy Group by 5.8% in the third quarter. Vanguard Group Inc. now owns 8,397,976 shares of the utilities provider’s stock valued at $166,869,000 after acquiring an additional 460,066 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Pattern Energy Group by 3.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 83,275 shares of the utilities provider’s stock valued at $1,551,000 after acquiring an additional 2,600 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Pattern Energy Group by 35.2% in the fourth quarter. Bank of Montreal Can now owns 100,591 shares of the utilities provider’s stock valued at $1,872,000 after acquiring an additional 26,208 shares during the period. 84.17% of the stock is owned by hedge funds and other institutional investors.

Pattern Energy Group Company Profile

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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