Wells Fargo & Co lowered shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from an outperform rating to a market perform rating in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. The brokerage currently has $26.00 price target on the utilities provider’s stock, up from their previous price target of $24.00.
PEGI has been the topic of several other research reports. Bank of America increased their price target on shares of Pattern Energy Group from $23.00 to $23.50 and gave the stock a neutral rating in a research report on Tuesday, August 13th. Royal Bank of Canada reissued a buy rating and set a $24.00 price target on shares of Pattern Energy Group in a research report on Thursday, August 8th. Raymond James cut shares of Pattern Energy Group from an outperform rating to a market perform rating in a research report on Tuesday, August 13th. Finally, TheStreet cut shares of Pattern Energy Group from a b- rating to a c rating in a research report on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $23.93.
NASDAQ PEGI opened at $26.37 on Wednesday. The firm’s 50-day moving average is $23.51 and its two-hundred day moving average is $22.30. Pattern Energy Group has a 12 month low of $17.23 and a 12 month high of $26.49. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market capitalization of $2.54 billion, a P/E ratio of 18.19 and a beta of 1.05.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.11). The business had revenue of $135.00 million for the quarter, compared to analyst estimates of $137.90 million. Pattern Energy Group had a negative return on equity of 3.00% and a negative net margin of 12.36%. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.34 EPS. As a group, analysts anticipate that Pattern Energy Group will post -0.15 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.422 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.69 annualized dividend and a dividend yield of 6.40%. Pattern Energy Group’s dividend payout ratio is presently 116.55%.
Institutional investors and hedge funds have recently modified their holdings of the company. Kayne Anderson Capital Advisors LP increased its stake in shares of Pattern Energy Group by 3.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 13,800 shares of the utilities provider’s stock worth $303,000 after buying an additional 500 shares during the period. ETF Managers Group LLC increased its stake in shares of Pattern Energy Group by 10.6% during the first quarter. ETF Managers Group LLC now owns 8,674 shares of the utilities provider’s stock worth $191,000 after buying an additional 831 shares during the period. Investors Research Corp purchased a new stake in shares of Pattern Energy Group during the first quarter worth approximately $26,000. Strs Ohio purchased a new stake in shares of Pattern Energy Group during the second quarter worth approximately $27,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Pattern Energy Group by 2.0% during the second quarter. Nisa Investment Advisors LLC now owns 67,575 shares of the utilities provider’s stock worth $1,560,000 after buying an additional 1,300 shares during the period. 81.61% of the stock is currently owned by institutional investors and hedge funds.
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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