Zacks Investment Research Downgrades Pattern Energy Group Inc. (PEGI) to Hold

Zacks Investment Research downgraded shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) from a buy rating to a hold rating in a research note released on Tuesday, August 8th.

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. “

Several other research analysts have also commented on PEGI. ValuEngine upgraded Pattern Energy Group from a sell rating to a hold rating in a research report on Tuesday, August 1st. BMO Capital Markets reiterated a buy rating and issued a $28.00 price target on shares of Pattern Energy Group in a research report on Wednesday, August 2nd. Royal Bank Of Canada lifted their price target on Pattern Energy Group from $24.00 to $25.00 and gave the stock an outperform rating in a research report on Tuesday, June 20th. Raymond James Financial, Inc. raised their price objective on shares of Pattern Energy Group from $26.00 to $27.00 and gave the stock an outperform rating in a research note on Thursday, June 22nd. Finally, J P Morgan Chase & Co reissued a neutral rating and issued a $24.00 price objective (up previously from $23.00) on shares of Pattern Energy Group in a research note on Tuesday, June 20th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $25.40.

Shares of Pattern Energy Group (NASDAQ:PEGI) traded up 2.90% during midday trading on Tuesday, reaching $24.45. The company’s stock had a trading volume of 885,608 shares. The company has a market cap of $2.14 billion, a PE ratio of 71.28 and a beta of 1.05. The company’s 50-day moving average price is $24.34 and its 200-day moving average price is $22.20. Pattern Energy Group has a 12 month low of $18.68 and a 12 month high of $25.42.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.03. The company had revenue of $107.76 million during the quarter, compared to analyst estimates of $124.02 million. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The firm’s revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) earnings per share. On average, equities analysts anticipate that Pattern Energy Group will post $0.29 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 6.87%. 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 payout ratio is currently 506.08%.

In other news, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $23.00, for a total transaction of $27,600.00. Following the completion of the sale, the insider now owns 144,867 shares of the company’s stock, valued at $3,331,941. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of Pattern Energy Group stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total transaction of $190,617,000.00. The disclosure for this sale can be found here. Insiders have sold 8,711,400 shares of company stock valued at $190,889,034 in the last ninety days. Insiders own 1.60% of the company’s stock.

A number of institutional investors have recently modified their holdings of PEGI. First Trust Advisors LP increased its position in shares of Pattern Energy Group by 7.2% in the first quarter. First Trust Advisors LP now owns 105,016 shares of the utilities provider’s stock worth $2,114,000 after buying an additional 7,042 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Pattern Energy Group during the first quarter worth approximately $5,536,000. Wells Fargo & Company MN increased its position in shares of Pattern Energy Group by 40.6% in the first quarter. Wells Fargo & Company MN now owns 389,602 shares of the utilities provider’s stock worth $7,843,000 after buying an additional 112,459 shares during the period. Capital Advisors Inc. OK increased its position in shares of Pattern Energy Group by 27.3% in the first quarter. Capital Advisors Inc. OK now owns 513,638 shares of the utilities provider’s stock worth $10,340,000 after buying an additional 110,261 shares during the period. Finally, Miller Howard Investments Inc. NY increased its position in shares of Pattern Energy Group by 3.7% in the first quarter. Miller Howard Investments Inc. NY now owns 528,506 shares of the utilities provider’s stock worth $10,639,000 after buying an additional 18,774 shares during the period.

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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