Stock Analysis:Pattern Energy (NASDAQ:PEGI) Price Target Change
In analysts note revealed to clients by JP Morgan on Tuesday morning, Pattern Energy (NASDAQ:PEGI) had its target price per share boosted to $26.00. The firm presently has a solid Overweight rating on shares.
From a total of 14 analysts covering Pattern Energy (NASDAQ:PEGI) stock, 13 rate it a ”Buy”, 0 a “Sell”, and 2 a ”Hold”. This means that 87% of the ratings are positive. The highest target price is $35 while the lowest target price is $22. The mean of all analyst targets is $29 with a 51.32% above today’s ($18.22) stock price. Pattern Energy was the topic of 14 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. National Bank Canada upgraded shares on November 18 to “Outperform” rating. Avondale upgraded PEGI stock in a recent report from July 24 to “Outperform” rating.
The stock increased 6.24% or $1.07 during the last trading session, striking $18.22. Approximately shares of stock traded hands. Pattern Energy Group Inc (NASDAQ:PEGI) has declined 35.46% since May 6, 2015 and is downtrending. It has underperformed by 34.66% the S&P500.
The overall sentiment of institutions has decreased to 1.26 in Q2 2015. Its down 0.17, from 1.43 in 2015Q2. The ratio dived, as 28 institutions have sold all the shares of Pattern Energy Group Inc that they owned while 34 funds have taken shares off the table. 13 funds have purchased shares for the first time while 65 added to their positions. These institutions now hold 91.76 million shares or 9.66% more than the 83.68 million shares they owned in 2015Q2.
The Fund Riverstone Holdings Llc currently is holding shares equating to 22.23% of its total portfolio in Pattern Energy Group Inc representing a total of 16.96 million shares. Another fund,Ecofin Ltd, is holding a total of 2.55 million shares equating to 9.35% of their holdings. Additionally, Hite Hedge Asset Management Llc has a 701,842 share stake in Pattern Energy Group Inc which represents 5.52% of their total portfolio. The Fund, Crestwood Capital Management L.P., based out of New York, has also built up a stake in the stock, which represents a total of 3.69% of their total portfolio. Finally Orange Capital Llc, a fund which is based in the state of New York reported a total holdings of 2.22 million shares.
Insider activity is a very important aspect to track on any stock. Going back to March 11, 2015, shareholders of Pattern Energy Group Inc have witnessed 0 insider buys, and a total of 4 selling transactions equating to a net activity of approximately $116,730 . Shugart Christopher M. sold 1,000 shares worth approximately $24,405. Pedersen Esben W. sold 1,200 shares worth approximately $29,271. Elkort Daniel M. sold 2,500 shares worth approximately $67,625. Lillybeck Eric S. sold 1,000 shares worth approximately $26,762.
Pattern Energy Group Inc. owns and operates power projects. The company has a market cap of $1.28 billion. It holds interests in 12 wind power projects located in the United States, Canada and Chile with total capacity of 1,636 megawatts (MW). It currently has negative earnings. The projects consist of 11 operating projects and one project under construction.
According to Zacks Investment Research, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States.” Get a free copy of the Zacks research report on Pattern Energy Group Inc (PEGI).