Raymond James upgraded shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from a market perform rating to an outperform rating in a report issued on Tuesday morning, MarketBeat.com reports. The firm currently has $22.50 price objective on the utilities provider’s stock, up from their previous price objective of $20.00.
PEGI has been the topic of several other research reports. TheStreet upgraded Pattern Energy Group from a c+ rating to a b- rating in a report on Thursday, August 23rd. Zacks Investment Research upgraded Pattern Energy Group from a hold rating to a buy rating and set a $20.00 price target on the stock in a report on Wednesday, October 10th. BidaskClub upgraded Pattern Energy Group from a hold rating to a buy rating in a report on Tuesday, October 23rd. National Bank Financial cut their price target on Pattern Energy Group from $25.00 to $24.00 and set an outperform rating on the stock in a report on Friday, July 27th. Finally, ValuEngine upgraded Pattern Energy Group from a strong sell rating to a sell rating in a report on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $22.42.
NASDAQ:PEGI traded down $0.04 on Tuesday, hitting $20.55. The stock had a trading volume of 1,023,879 shares, compared to its average volume of 1,270,964. The firm has a market cap of $2.05 billion, a P/E ratio of 12.72, a PEG ratio of 0.45 and a beta of 1.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.91 and a current ratio of 0.54. Pattern Energy Group has a 52 week low of $16.58 and a 52 week high of $22.79.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Monday, November 5th. The utilities provider reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.09). The firm had revenue of $118.39 million during the quarter, compared to the consensus estimate of $117.22 million. Pattern Energy Group had a return on equity of 7.35% and a net margin of 30.81%. The firm’s revenue was up 28.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.34) EPS. On average, equities analysts forecast that Pattern Energy Group will post 1.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Stockholders of record on Monday, December 31st will be paid a $0.422 dividend. This represents a $1.69 annualized dividend and a dividend yield of 8.21%. The ex-dividend date is Friday, December 28th. Pattern Energy Group’s dividend payout ratio (DPR) is presently 889.47%.
Several institutional investors have recently modified their holdings of PEGI. BlackRock Inc. raised its stake in shares of Pattern Energy Group by 7.5% in the second quarter. BlackRock Inc. now owns 6,600,386 shares of the utilities provider’s stock worth $123,757,000 after purchasing an additional 463,092 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new stake in shares of Pattern Energy Group during the second quarter valued at approximately $5,506,000. Standard Life Aberdeen plc purchased a new stake in shares of Pattern Energy Group during the second quarter valued at approximately $5,329,000. Intact Investment Management Inc. increased its position in shares of Pattern Energy Group by 23.7% during the second quarter. Intact Investment Management Inc. now owns 1,482,104 shares of the utilities provider’s stock valued at $36,089,000 after acquiring an additional 283,500 shares during the last quarter. Finally, Daiwa SB Investments Ltd. increased its position in shares of Pattern Energy Group by 73.3% during the third quarter. Daiwa SB Investments Ltd. now owns 526,181 shares of the utilities provider’s stock valued at $10,455,000 after acquiring an additional 222,499 shares during the last quarter. 90.18% of the stock is owned by hedge funds and other institutional investors.
Pattern Energy Group Company Profile
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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