Royal Bank of Canada downgraded shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) from an outperform rating to a sector perform rating in a research report sent to investors on Tuesday morning, BayStreet.CA reports. The brokerage currently has $26.75 target price on the utilities provider’s stock, down from their prior target price of $28.00.
Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Pattern Energy Group from $22.00 to $25.00 and gave the stock a neutral rating in a report on Tuesday, September 3rd. Wells Fargo & Co lowered shares of Pattern Energy Group from an outperform rating to a market perform rating and increased their target price for the stock from $24.00 to $26.00 in a report on Wednesday, August 14th. BidaskClub raised shares of Pattern Energy Group from a buy rating to a strong-buy rating in a report on Friday, November 1st. ValuEngine lowered shares of Pattern Energy Group from a buy rating to a hold rating in a report on Wednesday, October 2nd. Finally, BMO Capital Markets increased their target price on shares of Pattern Energy Group from $26.00 to $27.00 and gave the stock a market perform rating in a report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. Pattern Energy Group has a consensus rating of Hold and an average target price of $25.16.
PEGI stock traded up $0.11 during trading on Tuesday, hitting $27.37. 1,097,100 shares of the stock traded hands, compared to its average volume of 940,561. The firm’s 50 day moving average is $27.04 and its two-hundred day moving average is $24.54. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 18.88 and a beta of 0.99. Pattern Energy Group has a 1 year low of $17.52 and a 1 year high of $28.50. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.36 and a quick ratio of 0.36.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its earnings results on Monday, November 4th. The utilities provider reported ($0.53) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.31). The firm had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $120.06 million. Pattern Energy Group had a negative return on equity of 4.92% and a negative net margin of 19.92%. The company’s revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.13) earnings per share. As a group, analysts anticipate that Pattern Energy Group will post -0.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date is Monday, December 30th. Pattern Energy Group’s dividend payout ratio (DPR) is currently 116.55%.
A number of institutional investors and hedge funds have recently made changes to their positions in PEGI. Nuveen Asset Management LLC purchased a new stake in Pattern Energy Group during the 2nd quarter valued at approximately $11,549,000. BlackRock Inc. grew 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 valued at $166,451,000 after buying an additional 414,175 shares in the last quarter. Delek Group Ltd. purchased a new stake in Pattern Energy Group during the 2nd quarter valued at approximately $4,574,000. Tortoise Capital Advisors L.L.C. grew its holdings in Pattern Energy Group by 15,110.9% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 181,314 shares of the utilities provider’s stock valued at $4,187,000 after buying an additional 180,122 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. purchased a new stake in Pattern Energy Group during the 2nd quarter valued at approximately $2,886,000. 81.09% of the stock is owned by institutional investors and hedge funds.
About Pattern Energy Group
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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