Zacks Investment Research upgraded shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $20.00 price objective on the utilities provider’s stock.
According to Zacks, “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, in the past six months, shares of Pattern Energy Group have underperformed its industry. The company is also 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.”
A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Co restated a buy rating and set a $22.00 price target (up previously from $21.00) on shares of Pattern Energy Group in a research report on Monday, September 17th. BidaskClub downgraded Pattern Energy Group from a buy rating to a hold rating in a research report on Tuesday, August 28th. TheStreet upgraded Pattern Energy Group from a c+ rating to a b- rating in a research report on Thursday, August 23rd. National Bank Financial lowered their price target on Pattern Energy Group from $25.00 to $24.00 and set an outperform rating on the stock in a research report on Friday, July 27th. Finally, Bank of America downgraded Pattern Energy Group from a neutral rating to an underperform rating in a research report on Friday, July 13th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $22.21.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings results on Thursday, August 9th. The utilities provider reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.26. Pattern Energy Group had a return on equity of 6.91% and a net margin of 28.80%. The business had revenue of $136.00 million for the quarter, compared to the consensus estimate of $141.20 million. During the same quarter last year, the business posted $0.16 earnings per share. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, equities analysts expect that Pattern Energy Group will post 1.5 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Friday, September 28th will be issued a $0.422 dividend. The ex-dividend date is Thursday, September 27th. This represents a $1.69 annualized dividend and a dividend yield of 9.22%. Pattern Energy Group’s dividend payout ratio is currently 889.47%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC grew its stake in shares of 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 last quarter. Macquarie Group Ltd. bought a new stake in shares of Pattern Energy Group in the second quarter worth about $124,000. Xact Kapitalforvaltning AB grew its stake in shares of 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 last quarter. CIBC World Markets Inc. grew its stake in shares of 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 last quarter. Finally, Raymond James & Associates grew its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 89.85% 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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