Bank of America Corporation Reiterates “Underperform” Rating for Pattern Energy Group Inc. (NASDAQ:PEGI)

Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG)‘s stock had its “underperform” rating reiterated by research analysts at Bank of America Corporation in a research note issued on Tuesday, October 24th, MarketBeat Ratings reports. They currently have a $21.00 price target on the utilities provider’s stock. Bank of America Corporation’s price target would indicate a potential upside of 0.43% from the company’s previous close.

Several other research firms have also recently issued reports on PEGI. Williams Capital started coverage on Pattern Energy Group in a research report on Monday, October 16th. They set a “buy” rating and a $28.00 target price on the stock. Zacks Investment Research cut Pattern Energy Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. National Bank Financial upped their price target on Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a report on Saturday, September 23rd. BMO Capital Markets reiterated a “buy” rating and set a $28.50 target price on shares of Pattern Energy Group in a report on Friday, September 8th. Finally, BidaskClub upgraded Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.81.

Pattern Energy Group (PEGI) opened at $20.91 on Tuesday. The company has a market capitalization of $1,999.77, a price-to-earnings ratio of 2,091.00, a P/E/G ratio of 6.92 and a beta of 1.02. Pattern Energy Group has a one year low of $18.68 and a one year high of $26.56. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.80.

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In other news, VP Daniel M. Elkort sold 4,100 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $1,810,165.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Esben W. Pedersen sold 2,400 shares of Pattern Energy Group stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $23.01, for a total transaction of $55,224.00. Following the completion of the sale, the insider now directly owns 143,411 shares of the company’s stock, valued at approximately $3,299,887.11. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,600 shares of company stock worth $277,803. 1.60% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Pattern Energy Group by 0.7% during the second quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock worth $139,961,000 after purchasing an additional 38,599 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Pattern Energy Group by 19.6% during the second quarter. New York State Common Retirement Fund now owns 83,338 shares of the utilities provider’s stock worth $1,987,000 after purchasing an additional 13,637 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Pattern Energy Group by 2.3% during the first quarter. California Public Employees Retirement System now owns 153,300 shares of the utilities provider’s stock worth $3,086,000 after purchasing an additional 3,500 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Pattern Energy Group by 31.0% during the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 1,193 shares in the last quarter. Finally, Brookfield Asset Management Inc. lifted its position in shares of Pattern Energy Group by 10.0% during the second quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock worth $58,787,000 after purchasing an additional 224,508 shares in the last quarter. 86.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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