Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG)‘s stock had its “buy” rating reiterated by research analysts at Wells Fargo & Co in a research report issued to clients and investors on Monday. They presently have a $22.00 price target on the utilities provider’s stock. Wells Fargo & Co’s target price would suggest a potential upside of 8.27% from the company’s current price.
A number of other analysts have also commented on PEGI. BidaskClub raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Saturday, June 16th. Zacks Investment Research lowered shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 17th. Royal Bank of Canada reduced their price objective on shares of Pattern Energy Group from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, June 19th. TheStreet raised shares of Pattern Energy Group from a “c+” rating to a “b-” rating in a research note on Thursday, August 23rd. Finally, National Bank Financial reduced their price target on shares of Pattern Energy Group from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. Pattern Energy Group presently has an average rating of “Hold” and a consensus target price of $22.13.
PEGI stock traded up $0.33 during mid-day trading on Monday, reaching $20.32. 5,981 shares of the stock traded hands, compared to its average volume of 783,908. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.86. Pattern Energy Group has a 52-week low of $16.58 and a 52-week high of $26.56. The firm has a market capitalization of $1.99 billion, a PE ratio of 106.95, a P/E/G ratio of 0.46 and a beta of 0.97.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data on Thursday, August 9th. The utilities provider reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.26. Pattern Energy Group had a net margin of 28.80% and a return on equity of 6.91%. The company had revenue of $136.00 million during the quarter, compared to analyst estimates of $141.20 million. During the same period in the prior year, the firm earned $0.16 earnings per share. The business’s quarterly revenue was up 26.2% on a year-over-year basis. equities research analysts anticipate that Pattern Energy Group will post 1.5 earnings per share for the current year.
Hedge funds have recently modified their holdings of the stock. Chicago Partners Investment Group LLC lifted its position in Pattern Energy Group by 116.0% in the second quarter. Chicago Partners Investment Group LLC now owns 5,677 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 3,049 shares during the period. Macquarie Group Ltd. bought a new position in Pattern Energy Group in the second quarter worth $124,000. Xact Kapitalforvaltning AB lifted its position in Pattern Energy Group by 28.1% in the second quarter. Xact Kapitalforvaltning AB now owns 16,846 shares of the utilities provider’s stock worth $316,000 after purchasing an additional 3,700 shares during the period. CIBC World Markets Inc. lifted its position in Pattern Energy Group by 38.1% in the first quarter. CIBC World Markets Inc. now owns 19,605 shares of the utilities provider’s stock worth $339,000 after purchasing an additional 5,410 shares during the period. Finally, Raymond James & Associates lifted its position in Pattern Energy Group by 29.0% in the second quarter. Raymond James & Associates now owns 27,095 shares of the utilities provider’s stock worth $508,000 after purchasing an additional 6,094 shares during the period. 90.07% of the stock is owned by hedge funds and other institutional investors.
About Pattern Energy Group
Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.
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