Pattern Energy Group Inc. (NASDAQ:PEGI) Given “Buy” Rating at BMO Capital Markets

Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG)‘s stock had its “buy” rating reaffirmed by BMO Capital Markets in a research note issued on Friday, September 8th. They currently have a $28.50 price target on the utilities provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 10.04% from the stock’s current price.

PEGI has been the subject of a number of other reports. Royal Bank Of Canada upped their price objective on shares of Pattern Energy Group from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Tuesday, June 20th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $24.00 price objective (up from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, June 20th. BidaskClub cut shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 10th. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Friday, August 25th. Finally, Raymond James Financial, Inc. upped their price objective on shares of Pattern Energy Group from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, June 22nd. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Pattern Energy Group has an average rating of “Buy” and an average target price of $26.18.

Shares of Pattern Energy Group (NASDAQ:PEGI) traded down 1.60% during mid-day trading on Friday, reaching $25.90. The company’s stock had a trading volume of 1,141,499 shares. The firm has a market capitalization of $2.27 billion, a PE ratio of 75.51 and a beta of 1.05. The firm has a 50-day moving average of $24.94 and a 200-day moving average of $23.00. Pattern Energy Group has a 52 week low of $18.68 and a 52 week high of $26.56.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $107.76 million during the quarter, compared to analysts’ expectations of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) EPS. Equities research analysts forecast that Pattern Energy Group will post $0.35 earnings per share for the current fiscal year.

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In other Pattern Energy Group news, VP Daniel M. Elkort sold 4,100 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $24.08, for a total value of $98,728.00. Following the transaction, the vice president now owns 75,173 shares of the company’s stock, valued at $1,810,165.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $24.00, for a total transaction of $28,800.00. Following the completion of the transaction, the insider now directly owns 150,611 shares in the company, valued at approximately $3,614,664. The disclosure for this sale can be found here. Insiders sold 9,200 shares of company stock worth $225,004 in the last three months. 1.60% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PEGI. BlackRock Inc. lifted its holdings in Pattern Energy Group by 5,997.7% in the first quarter. BlackRock Inc. now owns 5,027,184 shares of the utilities provider’s stock worth $101,195,000 after acquiring an additional 4,944,740 shares during the last quarter. Brookfield Asset Management Inc. lifted its holdings in Pattern Energy Group by 887.8% in the first quarter. Brookfield Asset Management Inc. now owns 2,241,400 shares of the utilities provider’s stock worth $45,119,000 after acquiring an additional 2,014,500 shares during the last quarter. Beach Investment Management LLC. lifted its holdings in Pattern Energy Group by 1,098.2% in the second quarter. Beach Investment Management LLC. now owns 1,974,586 shares of the utilities provider’s stock worth $47,074,000 after acquiring an additional 1,809,792 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Pattern Energy Group by 21,212.6% in the second quarter. JPMorgan Chase & Co. now owns 784,517 shares of the utilities provider’s stock worth $18,702,000 after acquiring an additional 780,836 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in Pattern Energy Group by 71.7% in the second quarter. Lazard Asset Management LLC now owns 1,483,717 shares of the utilities provider’s stock worth $35,371,000 after acquiring an additional 619,369 shares during the last quarter. 94.66% of the stock is currently owned by hedge funds and other 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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