The Pattern Energy Group Inc. (PEGI) Receives $26.33 Consensus Price Target from Analysts

The Pattern Energy Group Inc. (PEGI) Receives $26.33 Consensus Price Target from Analysts

Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) has received an average recommendation of “Buy” from the twelve analysts that are currently covering the stock. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $26.33.

A number of research analysts have issued reports on PEGI shares. Credit Suisse Group AG started coverage on shares of Pattern Energy Group in a report on Thursday, November 17th. They issued an “outperform” rating and a $22.00 target price for the company. JPMorgan Chase & Co. lowered shares of Pattern Energy Group from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $26.00 to $24.00 in a research report on Friday, December 16th. Zacks Investment Research upgraded shares of Pattern Energy Group from a “strong sell” rating to a “hold” rating in a research report on Saturday, October 8th. Finally, RBC Capital Markets reiterated an “outperform” rating on shares of Pattern Energy Group in a research report on Sunday, September 25th.

Shares of Pattern Energy Group (NASDAQ:PEGI) opened at 19.64 on Tuesday. The stock’s 50 day moving average is $19.42 and its 200 day moving average is $21.94. Pattern Energy Group has a 52-week low of $14.56 and a 52-week high of $25.13. The stock’s market cap is $1.72 billion.

Pattern Energy Group (NASDAQ:PEGI) last issued its earnings results on Monday, November 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.01. Pattern Energy Group had a negative net margin of 7.83% and a positive return on equity of 0.16%. The company earned $91.90 million during the quarter, compared to analysts’ expectations of $98.36 million. During the same period last year, the company posted ($0.40) earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities analysts expect that Pattern Energy Group will post ($0.39) earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be given a dividend of $0.408 per share. The ex-dividend date is Wednesday, December 28th. This represents a $1.63 dividend on an annualized basis and a yield of 8.31%. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.40. Pattern Energy Group’s dividend payout ratio (DPR) is -428.95%.

In other Pattern Energy Group news, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction on Monday, November 7th. The shares were sold at an average price of $23.01, for a total value of $27,612.00. Following the transaction, the insider now owns 127,053 shares in the company, valued at approximately $2,923,489.53. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Alan R. Batkin purchased 5,000 shares of the firm’s stock in a transaction on Monday, November 21st. The stock was bought at an average price of $19.02 per share, for a total transaction of $95,100.00. Following the acquisition, the director now owns 26,277 shares in the company, valued at $499,788.54. The disclosure for this purchase can be found here. 1.79% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA raised its position in shares of Pattern Energy Group by 146.8% in the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the company’s stock worth $124,000 after buying an additional 3,290 shares during the period. JPMorgan Chase & Co. raised its position in shares of Pattern Energy Group by 639.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508 shares of the company’s stock worth $149,000 after buying an additional 5,628 shares during the period. BlackRock Inc. raised its position in shares of Pattern Energy Group by 105.4% in the second quarter. BlackRock Inc. now owns 7,924 shares of the company’s stock worth $183,000 after buying an additional 4,067 shares during the period. Teacher Retirement System of Texas raised its position in shares of Pattern Energy Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 8,304 shares of the company’s stock worth $191,000 after buying an additional 1,010 shares during the period. Finally, LPL Financial LLC raised its position in shares of Pattern Energy Group by 1.6% in the third quarter. LPL Financial LLC now owns 12,895 shares of the company’s stock worth $279,000 after buying an additional 200 shares during the period.

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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