Pattern Energy Group (NASDAQ:PEGI) Hits New 12-Month High at $26.50

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) shares reached a new 52-week high during trading on Monday . The company traded as high as $26.50 and last traded at $26.23, with a volume of 10094 shares. The stock had previously closed at $26.37.

PEGI has been the topic of a number of research analyst reports. Wells Fargo & Co downgraded Pattern Energy Group from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $24.00 to $26.00 in a research report on Wednesday, August 14th. Royal Bank of Canada reiterated a “buy” rating and set a $24.00 target price on shares of Pattern Energy Group in a research report on Thursday, August 8th. TheStreet downgraded Pattern Energy Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 14th. Bank of America boosted their target price on Pattern Energy Group from $23.00 to $23.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Finally, Raymond James downgraded Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $23.93.

The company has a debt-to-equity ratio of 1.08, a current ratio of 0.36 and a quick ratio of 0.36. The company has a 50-day moving average price of $23.51 and a 200-day moving average price of $22.30. The firm has a market capitalization of $2.52 billion, a PE ratio of 18.22 and a beta of 1.05.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.11). Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. The company had revenue of $135.00 million during the quarter, compared to analysts’ expectations of $137.90 million. During the same quarter in the prior year, the company earned $0.34 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. On average, research analysts predict that Pattern Energy Group Inc will post -0.15 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.422 dividend. The ex-dividend date is Thursday, September 26th. This represents a $1.69 annualized dividend and a dividend yield of 6.39%. Pattern Energy Group’s dividend payout ratio is currently 116.55%.

Several large investors have recently modified their holdings of the company. Griffin Asset Management Inc. acquired a new stake in shares of Pattern Energy Group in the second quarter valued at about $196,000. Amundi Pioneer Asset Management Inc. grew its stake in shares of Pattern Energy Group by 38.0% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 176,921 shares of the utilities provider’s stock valued at $19,351,000 after buying an additional 48,744 shares in the last quarter. Advisors Capital Management LLC boosted its holdings in Pattern Energy Group by 9.1% in the second quarter. Advisors Capital Management LLC now owns 639,919 shares of the utilities provider’s stock valued at $14,776,000 after purchasing an additional 53,524 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in Pattern Energy Group in the second quarter valued at about $11,549,000. Finally, OneAscent Financial Services LLC purchased a new position in Pattern Energy Group in the second quarter valued at about $233,000. Institutional investors and hedge funds own 81.84% of the company’s stock.

About Pattern Energy Group (NASDAQ:PEGI)

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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