Oppenheimer Keeps a Buy Rating on Pattern Energy (PEGI)


In a report released yesterday, Colin Rusch from Oppenheimer maintained a Buy rating on Pattern Energy (PEGI), with a price target of $28. The company’s shares closed on Friday at $19.72.

Rusch observed:

“PEGI posted disappointing 4Q:18 results while guiding to 2019 and 2020 cash flow growth which it does not believe will require equity financing. With the company continuing to evaluate options on how to mitigate its curtailment exposure in ERCOT and optimize performance of its fleet while continuing to grow its iROFO list coupled with available cash, we believe PEGI’s guidance is realistic. We believe risk around wind resource is priced into shares at current levels and risk/reward remains compelling. In particular, we believe PEGI’s diversification strategy in looking at solar may ultimately help the volatility of its portfolio and aid access to lower cost capital. We remain constructive and maintain our $28 PT.”

According to TipRanks.com, Rusch is a 5-star analyst with an average return of 12.2% and a 49.7% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.

Pattern Energy has an analyst consensus of Hold, with a price target consensus of $19.33.

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Based on Pattern Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $12.64 million. In comparison, last year the company had a GAAP net loss of $7.98 million.

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Pattern Energy Group, Inc. is an independent power company, which owns and operates wind and solar power facilities sales contracts. It operates through the following geographical segments: United States, Canada, and Chile. The company was founded on October 2, 2012 and is headquartered in San Francisco, CA.

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