Pattern Energy Group Inc. (PEGI) PT Lowered to $19.00

Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) had its price objective lowered by Bank of America Corporation from $21.00 to $19.00 in a report published on Friday. Bank of America Corporation currently has an underperform rating on the utilities provider’s stock.

A number of other analysts also recently weighed in on the stock. Zacks Investment Research upgraded shares of Pattern Energy Group from a hold rating to a buy rating and set a $28.00 price target on the stock in a research report on Friday, August 25th. BMO Capital Markets reiterated a buy rating and issued a $28.50 price target on shares of Pattern Energy Group in a research report on Friday, September 8th. Williams Capital initiated coverage on shares of Pattern Energy Group in a research report on Monday, October 16th. They issued a buy rating and a $28.00 price target on the stock. National Bank Financial increased their price target on shares of Pattern Energy Group from $27.00 to $34.50 and gave the company an outperform rating in a research report on Saturday, September 23rd. Finally, BidaskClub upgraded shares of Pattern Energy Group from a buy rating to a strong-buy rating in a research report on Thursday, August 17th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $25.65.

Shares of Pattern Energy Group (NASDAQ PEGI) traded down $0.11 during trading hours on Friday, hitting $20.80. 1,204,400 shares of the company were exchanged, compared to its average volume of 784,282. The firm has a market cap of $1,999.77, a P/E ratio of 2,091.00, a price-to-earnings-growth ratio of 6.92 and a beta of 1.02. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a 1-year low of $18.68 and a 1-year high of $26.56.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be paid a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a yield of 8.12%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date is Thursday, December 28th. Pattern Energy Group’s dividend payout ratio is presently 4,201.05%.

In related news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $23.01, for a total transaction of $55,224.00. Following the completion of the sale, the insider now directly owns 143,411 shares of the company’s stock, valued at approximately $3,299,887.11. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $25.10, for a total value of $30,120.00. Following the sale, the insider now directly owns 148,211 shares of the company’s stock, valued at $3,720,096.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,500 shares of company stock valued at $179,075. 1.60% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Pattern Energy Group by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock worth $139,961,000 after acquiring an additional 38,599 shares in the last quarter. BlackRock Inc. grew its stake in shares of Pattern Energy Group by 2.6% during the 2nd quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock worth $122,951,000 after acquiring an additional 130,085 shares in the last quarter. CI Investments Inc. grew its stake in shares of Pattern Energy Group by 0.3% during the 2nd quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock worth $68,345,000 after acquiring an additional 7,700 shares in the last quarter. Brookfield Asset Management Inc. grew its stake in shares of Pattern Energy Group by 10.0% during the 2nd quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock worth $58,787,000 after acquiring an additional 224,508 shares in the last quarter. Finally, Cohen & Steers Inc. grew its stake in shares of Pattern Energy Group by 25.5% during the 3rd quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock worth $58,224,000 after acquiring an additional 490,987 shares in the last quarter. 86.11% of the stock is owned by institutional investors.

Pattern Energy Group Company Profile

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.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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