Pattern Energy Group (NASDAQ:PEGI) PT Raised to $28.00

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) had its price target boosted by equities researchers at Royal Bank of Canada from $24.00 to $28.00 in a note issued to investors on Thursday, BayStreet.CA reports. The firm currently has an “outperform” rating on the utilities provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 6.22% from the stock’s previous close.

Several other brokerages have also recently commented on PEGI. 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. TheStreet cut shares of Pattern Energy Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 14th. Wells Fargo & Co cut shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $24.00 to $26.00 in a research report on Wednesday, August 14th. Finally, Bank of America upped their price objective 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. Two analysts have rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Pattern Energy Group currently has a consensus rating of “Hold” and a consensus price target of $24.50.

Pattern Energy Group stock traded up $0.53 during midday trading on Thursday, hitting $26.36. The company’s stock had a trading volume of 26,011 shares, compared to its average volume of 1,192,107. Pattern Energy Group has a 1-year low of $17.23 and a 1-year high of $26.65. 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 company has a 50-day moving average price of $23.82 and a two-hundred day moving average price of $22.41. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 18.23 and a beta of 1.05.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.11). The firm had revenue of $135.00 million during the quarter, compared to analyst estimates of $137.90 million. Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. Pattern Energy Group’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 earnings per share. Sell-side analysts forecast that Pattern Energy Group will post -0.15 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Griffin Asset Management Inc. bought a new position in Pattern Energy Group during the second quarter worth about $196,000. Amundi Pioneer Asset Management Inc. boosted its position in Pattern Energy Group by 38.0% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 176,921 shares of the utilities provider’s stock worth $19,351,000 after purchasing an additional 48,744 shares during the period. Advisors Capital Management LLC boosted its position in shares of Pattern Energy Group by 9.1% in the second quarter. Advisors Capital Management LLC now owns 639,919 shares of the utilities provider’s stock valued at $14,776,000 after acquiring an additional 53,524 shares during the period. Nuveen Asset Management LLC bought a new position in shares of Pattern Energy Group in the second quarter valued at approximately $11,549,000. Finally, OneAscent Financial Services LLC bought a new position in shares of Pattern Energy Group in the second quarter valued at approximately $233,000. 81.84% of the stock is currently 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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