Pattern Energy Group (NASDAQ:PEGI) Downgraded to Tender at National Bank Financial

National Bank Financial lowered shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from an outperform rating to a tender rating in a report published on Tuesday, BayStreet.CA reports. National Bank Financial currently has $26.75 price objective on the utilities provider’s stock, down from their previous price objective of $27.00.

A number of other research analysts have also weighed in on the stock. Wells Fargo & Co lowered shares of Pattern Energy Group from an outperform rating to a market perform rating and lifted their price objective for the company from $24.00 to $26.00 in a research note on Wednesday, August 14th. Bank of America lifted their price objective on shares of Pattern Energy Group from $23.00 to $23.50 and gave the company a neutral rating in a research note on Tuesday, August 13th. BMO Capital Markets lifted their price objective on shares of Pattern Energy Group from $26.00 to $27.00 and gave the company a market perform rating in a research note on Monday, October 14th. Goldman Sachs Group lowered shares of Pattern Energy Group from a buy rating to a neutral rating and lifted their price objective for the company from $24.00 to $25.00 in a research note on Wednesday, October 16th. Finally, BidaskClub upgraded shares of Pattern Energy Group from a buy rating to a strong-buy rating in a research note on Friday, November 1st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the stock. Pattern Energy Group has a consensus rating of Hold and an average price target of $25.16.

NASDAQ PEGI traded up $0.11 during trading hours on Tuesday, hitting $27.37. The company’s stock had a trading volume of 1,097,100 shares, compared to its average volume of 940,561. Pattern Energy Group has a 52 week low of $17.52 and a 52 week high of $28.50. The company has a market capitalization of $2.68 billion, a PE ratio of 18.88 and a beta of 0.99. 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 company’s 50-day simple moving average is $27.04 and its two-hundred day simple moving average is $24.54.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.31). Pattern Energy Group had a negative net margin of 19.92% and a negative return on equity of 4.92%. The business had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $120.06 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The firm’s quarterly revenue was up .8% on a year-over-year basis. Research analysts anticipate that Pattern Energy Group will post -0.81 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.422 dividend. This represents a $1.69 annualized dividend and a yield of 6.17%. The ex-dividend date of this dividend is Monday, December 30th. Pattern Energy Group’s payout ratio is 116.55%.

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Pattern Energy Group by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 9,268,113 shares of the utilities provider’s stock valued at $214,001,000 after purchasing an additional 77,371 shares during the period. BlackRock Inc. boosted its holdings in Pattern Energy Group by 6.1% in the 2nd quarter. BlackRock Inc. now owns 7,208,754 shares of the utilities provider’s stock valued at $166,451,000 after purchasing an additional 414,175 shares during the period. Northern Trust Corp boosted its holdings in Pattern Energy Group by 2.2% in the 2nd quarter. Northern Trust Corp now owns 1,547,288 shares of the utilities provider’s stock valued at $35,727,000 after purchasing an additional 33,513 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Pattern Energy Group by 2.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 705,007 shares of the utilities provider’s stock valued at $16,279,000 after purchasing an additional 16,657 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Pattern Energy Group by 5.2% in the 2nd quarter. Bank of Montreal Can now owns 647,789 shares of the utilities provider’s stock valued at $14,957,000 after purchasing an additional 31,824 shares during the period. 81.09% of the stock is owned by hedge funds and other institutional investors.

Pattern Energy Group Company Profile

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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Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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