Zacks Investment Research cut shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from a strong-buy rating to a hold rating in a report published on Friday morning.
According to Zacks, “In the last three months, shares of Pattern Energy outperformed its industry. Pattern Energy continues to benefit from the acquisitions and favorable wind projects in Canada. The company is well focused to develop and expand its renewable operation and sell the produce to customers under fixed long-term price contracts. The decision to exit Chilean operation and enter the Japanese renewable market through acquisitions will boost its performance in the long term. The Pattern 2020 initiatives will also assist the company to expand from the current levels. However,the company is exposed to foreign-currency fluctuation risks that are unpredictable and can have an adverse impact on earnings. Fluctuation in weather conditions and competition with low-priced natural gas are headwinds.”
Several other equities analysts have also recently commented on PEGI. Bank of America cut shares of Pattern Energy Group from a neutral rating to an underperform rating in a research note on Friday, July 13th. National Bank Financial reduced their price objective on shares of Pattern Energy Group from $25.00 to $24.00 and set an outperform rating for the company in a research note on Friday, July 27th. BidaskClub raised shares of Pattern Energy Group from a hold rating to a buy rating in a research note on Friday, August 17th. TheStreet raised shares of Pattern Energy Group from a c+ rating to a b- rating in a research note on Thursday, August 23rd. Finally, Wells Fargo & Co reaffirmed a buy rating and set a $22.00 price objective (up previously from $21.00) on shares of Pattern Energy Group in a research note on Monday, September 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Pattern Energy Group has a consensus rating of Hold and a consensus price target of $22.21.
Shares of NASDAQ PEGI traded up $0.06 during midday trading on Friday, hitting $18.93. The company’s stock had a trading volume of 660,956 shares, compared to its average volume of 1,020,940. Pattern Energy Group has a one year low of $16.58 and a one year high of $23.89. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.86. The firm has a market cap of $1.85 billion, a P/E ratio of 99.63, a price-to-earnings-growth ratio of 0.42 and a beta of 0.97.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Thursday, August 9th. The utilities provider reported $0.34 EPS for the quarter, beating the consensus estimate of $0.08 by $0.26. The company had revenue of $136.00 million during the quarter, compared to analysts’ expectations of $141.20 million. Pattern Energy Group had a net margin of 28.80% and a return on equity of 6.91%. Pattern Energy Group’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 earnings per share. Equities analysts expect that Pattern Energy Group will post 1.57 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Friday, September 28th will be paid a dividend of $0.422 per share. The ex-dividend date is Thursday, September 27th. This represents a $1.69 annualized dividend and a yield of 8.92%. Pattern Energy Group’s dividend payout ratio is currently 889.47%.
Hedge funds have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC grew its stake in Pattern Energy Group by 116.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 5,677 shares of the utilities provider’s stock worth $106,000 after buying an additional 3,049 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Pattern Energy Group in the 2nd quarter worth approximately $124,000. CAPROCK Group Inc. purchased a new position in Pattern Energy Group in the 3rd quarter worth approximately $204,000. Xact Kapitalforvaltning AB grew its stake in Pattern Energy Group by 28.1% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 16,846 shares of the utilities provider’s stock worth $316,000 after buying an additional 3,700 shares in the last quarter. Finally, CIBC World Markets Inc. grew its stake in Pattern Energy Group by 38.1% in the 1st quarter. CIBC World Markets Inc. now owns 19,605 shares of the utilities provider’s stock worth $339,000 after buying an additional 5,410 shares in the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.
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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