Pattern Energy Group Inc. (PEGI) Lifted to “Hold” at Zacks Investment Research

Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States. “

Several other equities research analysts have also recently commented on the stock. Bank of America Corporation reaffirmed an “underperform” rating and issued a $21.00 price objective on shares of Pattern Energy Group in a research report on Tuesday, October 24th. BMO Capital Markets reaffirmed a “buy” rating and issued a $28.50 price objective 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 objective on the stock. National Bank Financial boosted their price objective 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 raised shares of Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $25.65.

Shares of Pattern Energy Group (NASDAQ PEGI) opened at $21.10 on Wednesday. The company has a market cap of $1,989.25, a price-to-earnings ratio of 2,080.00, a P/E/G ratio of 10.00 and a beta of 1.02. Pattern Energy Group has a 52-week low of $18.68 and a 52-week high of $26.56. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.51 and a quick ratio of 0.51.

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

Several hedge funds have recently modified their holdings of PEGI. UBS Asset Management Americas Inc. raised its holdings in shares of Pattern Energy Group by 139.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 38,967 shares of the utilities provider’s stock valued at $784,000 after purchasing an additional 22,667 shares during the period. Teachers Advisors LLC raised its holdings in shares of Pattern Energy Group by 1.8% in the 1st quarter. Teachers Advisors LLC now owns 126,944 shares of the utilities provider’s stock valued at $2,555,000 after purchasing an additional 2,300 shares during the period. California Public Employees Retirement System raised its holdings in shares of Pattern Energy Group by 2.3% in the 1st quarter. California Public Employees Retirement System now owns 153,300 shares of the utilities provider’s stock valued at $3,086,000 after purchasing an additional 3,500 shares during the period. Legal & General Group Plc raised its holdings in shares of Pattern Energy Group by 9.2% in the 1st quarter. Legal & General Group Plc now owns 24,567 shares of the utilities provider’s stock valued at $494,000 after purchasing an additional 2,080 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Pattern Energy Group by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 5,832,235 shares of the utilities provider’s stock valued at $117,403,000 after purchasing an additional 321,163 shares during the period. 86.11% of the stock is currently 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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