Pattern Energy Group (NASDAQ:PEGI) Announces Quarterly Earnings Results

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) posted its earnings results on Tuesday. 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), Briefing.com reports. Pattern Energy Group had a negative return on equity of 1.06% and a negative net margin of 4.52%. The firm 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 business’s revenue for the quarter was down .7% compared to the same quarter last year.

Shares of Pattern Energy Group stock traded down $0.16 on Wednesday, hitting $22.35. 13,635 shares of the company traded hands, compared to its average volume of 626,682. The company’s 50-day simple moving average is $23.30. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $2.21 billion, a P/E ratio of 15.46 and a beta of 1.05. Pattern Energy Group has a 12-month low of $17.23 and a 12-month high of $24.43.

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 dividend of $0.422 per share. This represents a $1.69 annualized dividend and a dividend yield of 7.55%. The ex-dividend date is Thursday, September 26th. Pattern Energy Group’s dividend payout ratio (DPR) is currently 116.55%.

PEGI has been the topic of several recent analyst reports. Royal Bank of Canada increased their target price on shares of Pattern Energy Group from $22.00 to $24.00 in a research note on Wednesday, June 26th. Raymond James reiterated an “outperform” rating and issued a $23.50 target price on shares of Pattern Energy Group in a research note on Monday, May 13th. Finally, TheStreet cut shares of Pattern Energy Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 14th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $22.29.

Several institutional investors have recently bought and sold shares of PEGI. Norges Bank bought a new position in shares of Pattern Energy Group during the 4th quarter valued at $16,363,000. Bank of Montreal Can grew its holdings in Pattern Energy Group by 512.3% in the 1st quarter. Bank of Montreal Can now owns 615,965 shares of the utilities provider’s stock worth $13,551,000 after acquiring an additional 515,374 shares during the last quarter. Intact Investment Management Inc. grew its holdings in Pattern Energy Group by 36.1% in the 1st quarter. Intact Investment Management Inc. now owns 1,739,904 shares of the utilities provider’s stock worth $50,701,000 after acquiring an additional 461,400 shares during the last quarter. Gilman Hill Asset Management LLC bought a new stake in Pattern Energy Group in the 1st quarter worth $5,619,000. Finally, Geode Capital Management LLC grew its holdings in Pattern Energy Group by 24.8% in the 4th quarter. Geode Capital Management LLC now owns 1,152,398 shares of the utilities provider’s stock worth $21,457,000 after acquiring an additional 229,260 shares during the last quarter. Hedge funds and other institutional investors own 81.70% of the company’s stock.

Pattern Energy Group Company Profile

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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Earnings History for Pattern Energy Group (NASDAQ:PEGI)

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