Pattern Energy Group Inc. (PEGI) Receives Average Rating of “Buy” from Analysts

Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) have earned a consensus recommendation of “Buy” from the thirteen brokerages that are covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $25.00.

Several research analysts recently weighed in on the stock. BMO Capital Markets reaffirmed a “buy” rating and issued a $28.00 target price on shares of Pattern Energy Group in a report on Wednesday, August 2nd. ValuEngine raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 target price for the company in a report on Wednesday, June 28th. Desjardins upped their target price on shares of Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 20th. Finally, Royal Bank Of Canada upped their target price on shares of Pattern Energy Group from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, June 20th.

In other Pattern Energy Group news, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $23.00, for a total transaction of $27,600.00. Following the completion of the transaction, the insider now owns 146,067 shares of the company’s stock, valued at approximately $3,359,541. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Daniel M. Elkort sold 4,100 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $24.08, for a total transaction of $98,728.00. Following the transaction, the vice president now directly owns 75,173 shares of the company’s stock, valued at approximately $1,810,165.84. The disclosure for this sale can be found here. Insiders have sold a total of 8,711,400 shares of company stock valued at $190,889,034 in the last three months. Insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new position in Pattern Energy Group during the first quarter valued at approximately $115,000. Advisor Group Inc. increased its position in shares of Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after buying an additional 1,193 shares during the last quarter. US Bancorp DE increased its position in shares of Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock worth $126,000 after buying an additional 1,231 shares during the last quarter. Turner Investments LLC acquired a new position in shares of Pattern Energy Group during the second quarter worth approximately $167,000. Finally, Winslow Evans & Crocker Inc. acquired a new position in shares of Pattern Energy Group during the second quarter worth approximately $177,000.

Shares of Pattern Energy Group (NASDAQ PEGI) opened at 24.53 on Tuesday. Pattern Energy Group has a 1-year low of $18.68 and a 1-year high of $25.42. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 71.52 and a beta of 1.05. The company’s 50-day moving average price is $24.36 and its 200 day moving average price is $22.27.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. The company had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. Pattern Energy Group’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.04) EPS. On average, analysts predict that Pattern Energy Group will post $0.36 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 6.85%. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio is 506.08%.

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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.