Pattern Energy Group Inc. (PEGI) Price Target Cut to $25.00 by Analysts at Raymond James Financial, Inc.
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) had its price target trimmed by Raymond James Financial, Inc. from $27.00 to $25.00 in a research note issued to investors on Monday. The firm currently has an outperform rating on the utilities provider’s stock.
Other research analysts have also issued reports about the stock. Williams Capital initiated coverage on shares of Pattern Energy Group in a research report on Monday, October 16th. They set a buy rating and a $28.00 target price on the stock. BMO Capital Markets reiterated a buy rating and issued a $28.50 price target on shares of Pattern Energy Group in a research report on Friday, September 8th. Zacks Investment Research upgraded shares of Pattern Energy Group from a hold rating to a buy rating and set a $28.00 price target on the stock in a research report on Friday, August 25th. BidaskClub lowered shares of Pattern Energy Group from a strong-buy rating to a buy rating in a research report on Thursday, August 10th. Finally, ValuEngine upgraded shares of Pattern Energy Group from a sell rating to a hold rating in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Pattern Energy Group presently has an average rating of Buy and an average target price of $25.65.
Shares of Pattern Energy Group (PEGI) traded up $0.55 on Monday, reaching $21.99. 1,233,900 shares of the company’s stock traded hands, compared to its average volume of 788,824. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a one year low of $18.68 and a one year high of $26.56. The firm has a market capitalization of $2,160.00, a price-to-earnings ratio of 2,144.00, a P/E/G ratio of 15.40 and a beta of 1.01.
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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be paid a dividend of $0.422 per share. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date is Thursday, December 28th. This represents a $1.69 annualized dividend and a dividend yield of 7.68%. Pattern Energy Group’s dividend payout ratio is presently 4,200.00%.
In related news, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $25.10, for a total transaction of $30,120.00. Following the transaction, the insider now owns 148,211 shares of the company’s stock, valued at $3,720,096.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $23.99, for a total transaction of $57,576.00. Following the transaction, the insider now directly owns 145,811 shares in the company, valued at approximately $3,498,005.89. The disclosure for this sale can be found here. Insiders have sold 7,500 shares of company stock worth $179,075 in the last three months. Insiders own 1.60% of the company’s stock.
A number of large investors have recently bought and sold shares of PEGI. Cubist Systematic Strategies LLC purchased a new position in Pattern Energy Group during the third quarter worth approximately $107,000. Advisor Group Inc. raised its stake in Pattern Energy Group by 31.0% during the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 1,193 shares during the period. Point72 Asset Management L.P. purchased a new position in Pattern Energy Group during the third quarter worth approximately $135,000. Ameritas Investment Partners Inc. raised its stake in Pattern Energy Group by 7.9% during the second quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock worth $147,000 after purchasing an additional 451 shares during the period. Finally, Turner Investments LLC purchased a new position in Pattern Energy Group during the second quarter worth approximately $167,000. 86.11% of the stock is currently owned by 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.
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