Pattern Energy Group (PEGI) Lowered to “Hold” at Industrial Alliance Securities

Pattern Energy Group (PEGI) Lowered to “Hold” at Industrial Alliance Securities

Industrial Alliance Securities lowered shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) to a hold rating in a research note published on Monday morning.

Other research analysts have also issued research reports about the stock. TheStreet upgraded shares of Pattern Energy Group from a c+ rating to a b- rating in a research note on Thursday, August 23rd. BidaskClub raised shares of Pattern Energy Group from a hold rating to a buy rating in a research report on Tuesday, October 23rd. Zacks Investment Research raised shares of Pattern Energy Group from a hold rating to a buy rating and set a $20.00 target price for the company in a research report on Wednesday, October 10th. Wells Fargo & Co reissued a buy rating and issued a $22.00 target price (up from $21.00) on shares of Pattern Energy Group in a research report on Monday, September 17th. Finally, Desjardins downgraded shares of Pattern Energy Group from a buy rating to a hold rating and set a $22.00 target price for the company. in a research report on Tuesday, November 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Pattern Energy Group has a consensus rating of Hold and an average price target of $22.13.

Pattern Energy Group stock opened at $21.21 on Monday. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 111.63, a P/E/G ratio of 0.45 and a beta of 1.08. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.97. Pattern Energy Group has a twelve month low of $16.58 and a twelve month high of $22.18.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Monday, November 5th. The utilities provider reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.09). The company had revenue of $118.39 million during the quarter, compared to analyst estimates of $117.22 million. Pattern Energy Group had a net margin of 30.81% and a return on equity of 7.35%. The firm’s quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.34) EPS. Equities research analysts forecast that Pattern Energy Group will post 1.57 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 31st. Investors of record on Monday, December 31st will be paid a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a yield of 7.96%. The ex-dividend date is Friday, December 28th. Pattern Energy Group’s payout ratio is currently 889.47%.

A number of large investors have recently added to or reduced their stakes in PEGI. Principal Financial Group Inc. raised its stake in Pattern Energy Group by 10.1% during the 1st quarter. Principal Financial Group Inc. now owns 57,207 shares of the utilities provider’s stock valued at $989,000 after purchasing an additional 5,246 shares during the last quarter. First Trust Advisors LP raised its stake in Pattern Energy Group by 9.2% during the 2nd quarter. First Trust Advisors LP now owns 103,495 shares of the utilities provider’s stock valued at $1,941,000 after purchasing an additional 8,697 shares during the last quarter. Price Capital Management Inc. acquired a new position in Pattern Energy Group during the 2nd quarter valued at $688,000. Rhumbline Advisers raised its stake in Pattern Energy Group by 5.5% during the 2nd quarter. Rhumbline Advisers now owns 80,277 shares of the utilities provider’s stock valued at $1,505,000 after purchasing an additional 4,165 shares during the last quarter. Finally, Trexquant Investment LP acquired a new position in Pattern Energy Group during the 2nd quarter valued at $516,000. Hedge funds and other institutional investors own 87.07% of the company’s stock.

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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