Pattern Energy Group (NASDAQ:PEGI) Sets New 12-Month High at $26.50

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Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $26.50 and last traded at $26.23, with a volume of 10094 shares trading hands. The stock had previously closed at $26.37.

A number of analysts recently issued reports on PEGI shares. Royal Bank of Canada reissued a “buy” rating and set a $24.00 price objective on shares of Pattern Energy Group in a research report on Thursday, August 8th. Bank of America raised their target price on Pattern Energy Group from $23.00 to $23.50 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Wells Fargo & Co lowered Pattern Energy Group from an “outperform” rating to a “market perform” rating and raised their target price for the company from $24.00 to $26.00 in a report on Wednesday, August 14th. Raymond James lowered Pattern Energy Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 13th. Finally, TheStreet lowered Pattern Energy Group from a “b-” rating to a “c” rating in a report on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $23.93.

The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 18.22 and a beta of 1.05. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.08. The firm has a fifty day moving average price of $23.51 and a 200 day moving average price of $22.30.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.11). The business had revenue of $135.00 million during the quarter, compared to analyst estimates of $137.90 million. Pattern Energy Group had a negative return on equity of 3.00% and a negative net margin of 12.36%. The firm’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 earnings per share. As a group, equities analysts predict that Pattern Energy Group Inc will post -0.15 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a yield of 6.39%. The ex-dividend date is Thursday, September 26th. Pattern Energy Group’s dividend payout ratio is 116.55%.

A number of large investors have recently bought and sold shares of PEGI. Norges Bank acquired a new position in Pattern Energy Group during the 4th quarter worth $16,363,000. Bank of Montreal Can lifted its holdings in Pattern Energy Group by 512.3% during the 1st quarter. Bank of Montreal Can now owns 615,965 shares of the utilities provider’s stock worth $13,551,000 after buying an additional 515,374 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in Pattern Energy Group during the 2nd quarter worth $11,549,000. Intact Investment Management Inc. lifted its holdings in Pattern Energy Group by 36.1% during the 1st quarter. Intact Investment Management Inc. now owns 1,739,904 shares of the utilities provider’s stock worth $50,701,000 after buying an additional 461,400 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Pattern Energy Group by 6.1% during the 2nd quarter. BlackRock Inc. now owns 7,208,754 shares of the utilities provider’s stock worth $166,451,000 after buying an additional 414,175 shares in the last quarter. 81.84% of the stock is currently owned by hedge funds and other institutional investors.

About Pattern Energy Group (NASDAQ:PEGI)

Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.

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