Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
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. “
Other research analysts have also issued research reports about the stock. National Bank Financial reduced their target price on shares of Pattern Energy Group from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. BMO Capital Markets reissued a “buy” rating and set a $26.00 price objective on shares of Pattern Energy Group in a research note on Tuesday, February 6th. UBS lowered shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research note on Friday, March 2nd. Williams Capital lowered shares of Pattern Energy Group from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $28.00 to $19.00 in a research note on Friday, March 2nd. Finally, Guggenheim set a $25.00 price objective on shares of Pattern Energy Group and gave the stock a “buy” rating in a research note on Friday, March 2nd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $23.25.
Pattern Energy Group stock opened at $18.20 on Thursday. The stock has a market cap of $1,790.93, a PE ratio of -91.00, a PEG ratio of 1.84 and a beta of 0.96. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 1.25. Pattern Energy Group has a one year low of $16.58 and a one year high of $26.56.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Thursday, March 1st. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. The company had revenue of $110.70 million for the quarter, compared to analyst estimates of $126.11 million. Pattern Energy Group had a negative net margin of 4.35% and a positive return on equity of 0.34%. The company’s revenue for the quarter was up 36.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. sell-side analysts expect that Pattern Energy Group will post 0.44 earnings per share for the current fiscal year.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $21.59, for a total transaction of $51,816.00. Following the sale, the insider now directly owns 134,528 shares in the company, valued at approximately $2,904,459.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas G. Hall bought 5,000 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were bought at an average price of $17.08 per share, for a total transaction of $85,400.00. Following the completion of the acquisition, the director now directly owns 39,982 shares in the company, valued at approximately $682,892.56. The disclosure for this purchase can be found here. Company insiders own 1.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC acquired a new stake in Pattern Energy Group during the 3rd quarter worth approximately $107,000. IFP Advisors Inc raised its holdings in Pattern Energy Group by 139.6% during the 4th 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 during the period. Point72 Asset Management L.P. acquired a new stake in Pattern Energy Group during the 3rd quarter worth approximately $135,000. Private Advisor Group LLC acquired a new stake in Pattern Energy Group during the 3rd quarter worth approximately $203,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in Pattern Energy Group during the 4th quarter worth approximately $222,000. Hedge funds and other institutional investors own 96.60% of the company’s stock.
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About Pattern Energy Group
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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