Pattern Energy Group Inc (PEGI) is Initiated by UBS to Neutral, Price Target at $24

Pattern Energy Group Inc (PEGI) was Initiated by UBS to “Neutral” and the brokerage firm has set the Price Target at $24. UBS advised their investors in a research report released on Sep 27, 2016.

On the company’s financial health, Pattern Energy Group Inc reported $-0.04 EPS for the quarter, missing the analyst consensus estimate by $ -0.13 based on the information available during the earnings call on Aug 5, 2016. Analyst had a consensus of $0.09. The company had revenue of $93.40 million for the quarter, compared to analysts expectations of $102.86 million. The company’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Pattern Energy Group Inc closed down -0.34 points or -1.46% at $23 with 7,66,849 shares getting traded on Tuesday. Post opening the session at $23.14, the shares hit an intraday low of $22.73 and an intraday high of $23.6 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

Investors should note that on Aug 5, 2016, Pattern Energy Group Inc announced a cash dividend of $0.4000. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 31, 2016.

In a different news, on Sep 2, 2016, Lord Of Madingley Browne (director) purchased 10,000 shares at $23.89 per share price. According to the SEC, on Sep 2, 2016, Esben W. Pedersen (Chief Investment Officer) sold 1,200 shares at $23.80 per share price. On Sep 2, 2016, Christopher M. Shugart (Senior VP, Operations) sold 500 shares at $24.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Pattern Energy Group Inc. (Pattern Energy) owns and operates power projects. It holds interests in 12 wind power projects located in the United States Canada and Chile with total capacity of 1636 megawatts (MW). The projects consist of 11 operating projects and one project under construction. Each of its projects has contracted to sell its output pursuant to a power sale agreement. It sells its electricity and environmental attributes including renewable energy credits (RECs) to local utilities under long-term fixed-price power purchase agreements (PPAs). The Company’s operating projects are Gulf Wind Texas; Hatchet Ridge California; St. Joseph Manitoba; Spring Valley Nevada; Santa Isabel Puerto Rico; Ocotillo California; South Kent Ontario; El Arrayan Chile; Panhandle 1 Texas; Panhandle 2 Texas and Grand Ontario.

Pattern Energy Group Inc

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