Pattern Energy Group (PEGI) Rating Increased to Buy at Goldman Sachs Group

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was upgraded by analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report released on Tuesday.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub downgraded shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. Bank of America restated an “underperform” rating and set a $21.00 price objective on shares of Pattern Energy Group in a research note on Tuesday, October 24th. Raymond James Financial reduced their price objective on shares of Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday, November 13th. Finally, BMO Capital Markets reduced their price objective on shares of Pattern Energy Group from $28.50 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $25.65.

Pattern Energy Group (NASDAQ:PEGI) traded up $0.03 during trading on Tuesday, hitting $21.14. 1,027,661 shares of the stock were exchanged, compared to its average volume of 795,113. Pattern Energy Group has a one year low of $18.68 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market cap of $2,146.10, a P/E ratio of 2,192.00, a price-to-earnings-growth ratio of 9.74 and a beta of 0.99.

In related news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $23.99, for a total value of $57,576.00. Following the completion of the sale, the insider now directly owns 145,811 shares in the company, valued at approximately $3,498,005.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 8,200 shares of company stock valued at $190,477 over the last quarter. 1.60% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Teachers Advisors LLC lifted its position in Pattern Energy Group by 1.8% during the first quarter. Teachers Advisors LLC now owns 126,944 shares of the utilities provider’s stock worth $2,555,000 after acquiring an additional 2,300 shares during the last quarter. Bank of Montreal Can lifted its position in Pattern Energy Group by 25.1% during the second quarter. Bank of Montreal Can now owns 30,921 shares of the utilities provider’s stock worth $737,000 after acquiring an additional 6,196 shares during the last quarter. Aperio Group LLC lifted its position in Pattern Energy Group by 15.4% during the second quarter. Aperio Group LLC now owns 80,213 shares of the utilities provider’s stock worth $1,912,000 after acquiring an additional 10,700 shares during the last quarter. US Bancorp DE lifted its position in Pattern Energy Group by 34.8% during the second quarter. US Bancorp DE now owns 8,456 shares of the utilities provider’s stock worth $202,000 after acquiring an additional 2,182 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Pattern Energy Group by 7.6% during the second quarter. Sei Investments Co. now owns 92,742 shares of the utilities provider’s stock worth $2,210,000 after acquiring an additional 6,511 shares during the last quarter. Institutional investors and hedge funds own 75.45% of the company’s stock.

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About Pattern Energy Group

Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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