Pattern Energy Group (PEGI) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from a sell rating to a hold rating in a research note published on Tuesday.

According to Zacks, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States. “

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PEGI has been the subject of a number of other reports. ValuEngine lowered shares of Pattern Energy Group from a hold rating to a sell rating in a research note on Friday, February 2nd. Desjardins reiterated a buy rating and issued a $26.50 price objective on shares of Pattern Energy Group in a research note on Tuesday, February 27th. Goldman Sachs Group upgraded shares of Pattern Energy Group from a neutral rating to a buy rating and set a $21.00 price objective for the company in a research note on Tuesday, December 5th. National Bank Financial reduced their price objective on shares of Pattern Energy Group from $28.00 to $26.00 and set an outperform rating for the company in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada reduced their price objective on shares of Pattern Energy Group from $25.00 to $23.00 and set an outperform rating for the company in a research note on Monday, March 5th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $23.18.

Pattern Energy Group (NASDAQ:PEGI) opened at $17.94 on Tuesday. Pattern Energy Group has a one year low of $16.58 and a one year high of $26.56. The firm has a market cap of $1,760.00, a P/E ratio of -89.70, a P/E/G ratio of 1.80 and a beta of 0.95. The company has a quick ratio of 0.51, a current ratio of 1.25 and a debt-to-equity ratio of 0.80.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Thursday, March 1st. The utilities provider reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. Pattern Energy Group had a negative net margin of 4.35% and a positive return on equity of 0.34%. The business had revenue of $110.70 million during the quarter, compared to analyst estimates of $126.11 million. During the same period in the previous year, the business earned $0.16 EPS. Pattern Energy Group’s revenue was up 36.5% compared to the same quarter last year. equities analysts predict that Pattern Energy Group will post 0.42 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Friday, March 30th will be given a dividend of $0.422 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 9.41%. Pattern Energy Group’s dividend payout ratio (DPR) is currently -845.00%.

In other news, insider Esben W. Pedersen sold 2,400 shares of Pattern Energy Group stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $20.51, for a total transaction of $49,224.00. Following the completion of the sale, the insider now directly owns 132,128 shares of the company’s stock, valued at approximately $2,709,945.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas G. Hall acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were bought at an average cost of $17.08 per share, with a total value of $85,400.00. Following the completion of the acquisition, the director now directly owns 39,982 shares in the company, valued at approximately $682,892.56. The disclosure for this purchase can be found here. 1.60% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of PEGI. State Street Corp lifted its holdings in shares of Pattern Energy Group by 8.2% during the 2nd quarter. State Street Corp now owns 1,430,421 shares of the utilities provider’s stock worth $34,101,000 after acquiring an additional 108,889 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Pattern Energy Group by 11.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,688 shares of the utilities provider’s stock worth $1,543,000 after acquiring an additional 6,439 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of Pattern Energy Group by 31.8% during the 3rd quarter. Aperio Group LLC now owns 105,744 shares of the utilities provider’s stock worth $2,548,000 after acquiring an additional 25,531 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Pattern Energy Group by 11.0% during the 3rd quarter. American Century Companies Inc. now owns 264,083 shares of the utilities provider’s stock worth $6,364,000 after acquiring an additional 26,217 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Pattern Energy Group by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 64,597 shares of the utilities provider’s stock worth $1,557,000 after acquiring an additional 6,070 shares during the last quarter. 95.36% of the stock is owned by institutional investors.

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Pattern Energy Group Company Profile

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.

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