Zacks: Brokerages Expect Pattern Energy Group Inc (PEGI) to Announce $0.13 Earnings Per Share

Wall Street brokerages expect Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) to post $0.13 earnings per share (EPS) for the current quarter, Zacks reports. Three analysts have issued estimates for Pattern Energy Group’s earnings, with the lowest EPS estimate coming in at $0.02 and the highest estimate coming in at $0.20. Pattern Energy Group posted earnings per share of $0.06 in the same quarter last year, which would indicate a positive year over year growth rate of 116.7%. The business is expected to issue its next earnings results on Tuesday, May 8th.

According to Zacks, analysts expect that Pattern Energy Group will report full year earnings of $0.32 per share for the current fiscal year, with EPS estimates ranging from $0.02 to $0.64. For the next financial year, analysts forecast that the business will report earnings of $0.41 per share, with EPS estimates ranging from $0.11 to $0.73. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that cover Pattern Energy Group.

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Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Thursday, March 1st. The utilities provider reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.06. Pattern Energy Group had a positive return on equity of 0.34% and a negative net margin of 4.35%. The firm had revenue of $110.70 million for the quarter, compared to analysts’ expectations of $126.11 million. During the same period in the prior year, the business posted $0.16 earnings per share. The company’s revenue was up 36.5% on a year-over-year basis.

Several brokerages have recently weighed in on PEGI. BidaskClub cut Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 13th. Zacks Investment Research cut Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Morgan Stanley cut Pattern Energy Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $33.00 to $25.00 in a research report on Tuesday, December 12th. ValuEngine cut Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Finally, BMO Capital Markets reiterated a “buy” rating and set a $26.00 price target on shares of Pattern Energy Group in a research report on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $23.35.

Shares of PEGI traded down $0.41 during midday trading on Thursday, hitting $17.16. 859,272 shares of the company traded hands, compared to its average volume of 1,068,935. Pattern Energy Group has a one year low of $16.58 and a one year high of $26.56. The stock has a market cap of $1,679.36, a PE ratio of 90.32, a P/E/G ratio of 2.38 and a beta of 0.97. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.80.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Investors of record on Friday, March 30th will be given a $0.422 dividend. This represents a $1.69 annualized dividend and a dividend yield of 9.84%. The ex-dividend date of this dividend is Wednesday, March 28th. Pattern Energy Group’s dividend payout ratio (DPR) is 889.47%.

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

Hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new position in shares of Pattern Energy Group in the third quarter worth approximately $107,000. IFP Advisors Inc boosted its stake in Pattern Energy Group by 139.6% in the fourth quarter. IFP Advisors Inc now owns 5,337 shares of the utilities provider’s stock worth $115,000 after buying an additional 3,110 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Pattern Energy Group in the third quarter worth approximately $135,000. Private Advisor Group LLC purchased a new stake in Pattern Energy Group in the third quarter worth approximately $203,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in Pattern Energy Group in the fourth quarter worth approximately $222,000. Institutional investors own 96.60% of the company’s stock.

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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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