Pattern Energy Group (NASDAQ:PEGI) Hits New 12-Month High at $23.88

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG)’s share price reached a new 52-week high on Friday . The company traded as high as $23.88 and last traded at $23.82, with a volume of 7504 shares traded. The stock had previously closed at $23.76.

Several research analysts have recently issued reports on the stock. Royal Bank of Canada restated an “underperform” rating and set a GBX 215 ($2.81) price objective on shares of in a report on Wednesday, June 26th. Raymond James restated a “neutral” rating and set a $35.00 price objective on shares of Stantec in a report on Monday, May 13th. TheStreet upgraded shares of Third Point Reinsurance from a “d+” rating to a “c-” rating in a report on Tuesday, May 14th. Finally, BidaskClub upgraded shares of Waterstone Financial from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $22.29.

The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 16.41 and a beta of 1.06. The business’s 50 day moving average price is $22.85. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 1.01.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings results on Friday, May 10th. The utilities provider reported ($0.31) EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.43). The firm had revenue of $135.00 million during the quarter, compared to analyst estimates of $143.38 million. Pattern Energy Group had a negative net margin of 4.52% and a negative return on equity of 1.06%. Pattern Energy Group’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.32 earnings per share. As a group, analysts predict that Pattern Energy Group Inc will post -0.11 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be given a $0.422 dividend. The ex-dividend date is Thursday, June 27th. This represents a $1.69 dividend on an annualized basis and a yield of 7.09%. Pattern Energy Group’s dividend payout ratio (DPR) is presently 116.55%.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in Pattern Energy Group by 5.8% in the fourth quarter. BlackRock Inc. now owns 6,779,371 shares of the utilities provider’s stock valued at $126,232,000 after buying an additional 370,892 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Pattern Energy Group by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,026,095 shares of the utilities provider’s stock valued at $37,725,000 after purchasing an additional 83,674 shares in the last quarter. Intact Investment Management Inc. grew its position in Pattern Energy Group by 36.1% in the first quarter. Intact Investment Management Inc. now owns 1,739,904 shares of the utilities provider’s stock valued at $50,701,000 after purchasing an additional 461,400 shares in the last quarter. Northern Trust Corp grew its position in Pattern Energy Group by 49.0% in the fourth quarter. Northern Trust Corp now owns 1,505,543 shares of the utilities provider’s stock valued at $28,033,000 after purchasing an additional 495,042 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Pattern Energy Group by 24.8% in the fourth quarter. Geode Capital Management LLC now owns 1,152,398 shares of the utilities provider’s stock valued at $21,457,000 after purchasing an additional 229,260 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Pattern Energy Group Company Profile (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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