Pattern Energy Group (PEGI) Stock Price Down 5.5% on Disappointing Earnings

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Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) shares were down 5.5% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $20.70 and last traded at $20.92. Approximately 2,184,566 shares changed hands during trading, an increase of 164% from the average daily volume of 828,491 shares. The stock had previously closed at $22.13.

The utilities provider reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.43). The business had revenue of $135.00 million for the quarter, compared to the consensus estimate of $143.38 million. Pattern Energy Group had a net margin of 29.62% and a return on equity of 6.45%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.32 EPS.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th were issued a dividend of $0.422 per share. The ex-dividend date was Thursday, March 28th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 8.07%. Pattern Energy Group’s dividend payout ratio is currently 116.55%.

A number of research analysts have recently weighed in on PEGI shares. BidaskClub downgraded shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 14th. ValuEngine upgraded shares of Pattern Energy Group from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. BMO Capital Markets downgraded shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a report on Friday, February 1st. Raymond James raised their price target on shares of Pattern Energy Group from $22.50 to $23.50 and gave the company an “outperform” rating in a report on Monday, March 4th. Finally, Zacks Investment Research downgraded shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a report on Monday, January 14th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Pattern Energy Group presently has an average rating of “Hold” and a consensus price target of $22.00.

In related news, SVP Christopher M. Shugart sold 6,000 shares of Pattern Energy Group stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $22.00, for a total value of $132,000.00. Following the transaction, the senior vice president now owns 64,584 shares in the company, valued at approximately $1,420,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kevin E. Devlin sold 2,943 shares of Pattern Energy Group stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $21.13, for a total transaction of $62,185.59. Following the completion of the transaction, the senior vice president now owns 22,080 shares in the company, valued at approximately $466,550.40. The disclosure for this sale can be found here. Insiders sold a total of 10,143 shares of company stock worth $218,498 in the last quarter. Insiders own 1.70% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Kayne Anderson Capital Advisors LP raised its holdings in Pattern Energy Group by 3.8% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 13,800 shares of the utilities provider’s stock worth $303,000 after acquiring an additional 500 shares during the period. ETF Managers Group LLC raised its holdings in Pattern Energy Group by 10.6% in the 1st quarter. ETF Managers Group LLC now owns 8,674 shares of the utilities provider’s stock worth $191,000 after acquiring an additional 831 shares during the period. Commonwealth Equity Services LLC raised its holdings in Pattern Energy Group by 6.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 17,278 shares of the utilities provider’s stock worth $321,000 after acquiring an additional 1,002 shares during the period. IFP Advisors Inc raised its holdings in Pattern Energy Group by 14.6% in the 4th quarter. IFP Advisors Inc now owns 7,916 shares of the utilities provider’s stock worth $145,000 after acquiring an additional 1,011 shares during the period. Finally, Investors Research Corp bought a new position in Pattern Energy Group in the 1st quarter worth $26,000. Hedge funds and other institutional investors own 84.32% of the company’s stock.

The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $2.17 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 1.45 and a beta of 1.05.

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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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