Pattern Energy Group (PEGI) Downgraded by Zacks Investment Research

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

According to Zacks, “Pattern Energy has underperformed its industry over the past 12 months. The company is exposed to foreign-currency fluctuation risks that are unpredictable and can have an adverse impact on earnings. Fluctuation in weather conditions and competition with clean natural gas are headwinds. However, Pattern Energy continues to benefit from wind projects in Canada. The company is well focused to develop and expand its renewable operation and sell the produce to customers under fixed long-term price contracts. The decision to exit Chilean operation and enter the Japanese renewable market through acquisitions will boost its performance. The Pattern Development 2.0 investments will also assist the company to expand from the current levels.”

Other analysts also recently issued reports about the company. BidaskClub raised Pattern Energy Group from a “hold” rating to a “buy” rating in a report on Tuesday, October 23rd. Wells Fargo & Co reaffirmed a “buy” rating and set a $22.00 price target (up from $21.00) on shares of Pattern Energy Group in a report on Monday, September 17th. Desjardins downgraded Pattern Energy Group from a “buy” rating to a “hold” rating and set a $22.00 price target for the company. in a report on Tuesday, November 27th. ValuEngine raised Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Saturday, December 15th. Finally, Industrial Alliance Securities downgraded Pattern Energy Group to a “hold” rating in a report on Monday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $22.09.

NASDAQ:PEGI traded down $0.84 during midday trading on Monday, reaching $19.39. The company had a trading volume of 55,243 shares, compared to its average volume of 1,209,998. The firm has a market cap of $1.93 billion, a PE ratio of 101.84, a price-to-earnings-growth ratio of 1.43 and a beta of 0.94. Pattern Energy Group has a 12-month low of $16.58 and a 12-month high of $21.93. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.97.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its earnings results on Monday, November 5th. The utilities provider reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.09). The company had revenue of $118.39 million during the quarter, compared to analysts’ expectations of $117.22 million. Pattern Energy Group had a net margin of 30.81% and a return on equity of 7.35%. The company’s revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.34) earnings per share. Equities analysts forecast that Pattern Energy Group will post 1.42 EPS for the current year.

Institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. boosted its holdings in Pattern Energy Group by 16.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 486,974 shares of the utilities provider’s stock worth $9,131,000 after acquiring an additional 69,105 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Pattern Energy Group by 7.5% in the 2nd quarter. BlackRock Inc. now owns 6,600,386 shares of the utilities provider’s stock worth $123,757,000 after buying an additional 463,092 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Pattern Energy Group by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,912,257 shares of the utilities provider’s stock worth $35,854,000 after buying an additional 23,235 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Pattern Energy Group by 29.0% in the 2nd quarter. Raymond James & Associates now owns 27,095 shares of the utilities provider’s stock worth $508,000 after buying an additional 6,094 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Pattern Energy Group by 27.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 180,745 shares of the utilities provider’s stock worth $3,389,000 after buying an additional 38,445 shares during the last quarter. 86.56% of the stock is owned by institutional investors and hedge funds.

About Pattern Energy Group

Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

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