$132.87 Million in Sales Expected for Pattern Energy Group Inc (PEGI) This Quarter
Wall Street analysts forecast that Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) will report sales of $132.87 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Pattern Energy Group’s earnings, with estimates ranging from $123.90 million to $142.02 million. Pattern Energy Group reported sales of $81.06 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 63.9%. The company is expected to issue its next earnings results on Wednesday, March 7th.
According to Zacks, analysts expect that Pattern Energy Group will report full year sales of $132.87 million for the current fiscal year, with estimates ranging from $424.60 million to $467.35 million. For the next year, analysts expect that the business will report sales of $571.75 million per share, with estimates ranging from $544.90 million to $598.15 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Pattern Energy Group.
A number of equities research analysts have recently weighed in on the company. Raymond James Financial cut their price target on Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday, November 13th. Bank of America reaffirmed an “underperform” rating and set a $21.00 price target on shares of Pattern Energy Group in a research note on Tuesday, October 24th. BMO Capital Markets cut their price target on Pattern Energy Group from $28.50 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 10th. Wells Fargo & Co lowered their price objective on Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday, November 10th. Finally, Morgan Stanley lowered Pattern Energy Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $33.00 to $25.00 in a report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $25.61.
Hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC bought a new stake in shares of Pattern Energy Group in the 3rd quarter worth approximately $107,000. Advisor Group Inc. lifted its position in shares of Pattern Energy Group by 31.0% in the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after acquiring an additional 1,193 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Pattern Energy Group in the 3rd quarter worth approximately $135,000. Ameritas Investment Partners Inc. lifted its position in shares of Pattern Energy Group by 7.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock worth $147,000 after acquiring an additional 451 shares during the period. Finally, Private Advisor Group LLC bought a new stake in shares of Pattern Energy Group in the 3rd quarter worth approximately $203,000. Institutional investors own 75.44% of the company’s stock.
Shares of Pattern Energy Group (NASDAQ:PEGI) opened at $21.79 on Tuesday. Pattern Energy Group has a one year low of $18.68 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market capitalization of $2,130.00, a PE ratio of 544.75, a PEG ratio of 16.36 and a beta of 0.99.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be issued a $0.422 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.69 dividend on an annualized basis and a yield of 7.75%. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio (DPR) is 4,200.00%.
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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