In a report released today, Colin Rusch from Oppenheimer maintained a Buy rating on Pattern Energy (NASDAQ: PEGI), with a price target of $28. The company’s shares opened today at $18.69.
Rusch noted:
“PEGI posted strong 2Q18 EBITDA results maintaining its dividend flat. The company continues to progress on liquidating select assets in order to invest in more profitable opportunities. We believe PEGI has sufficient capital to execute on its growth plans and we see meaningful opportunity for the company to redeploy cash at compelling returns. We are encouraged by steady progress on construction timelines and continue to see significant leverage on PEGI’s portfolio from the integration of energy storage assets on existing land positions. We remain constructive on the shares given current dividend yield approaching 10% and risk profile for project cash flows warranting <6% return based on similar risk profile for corporate debt."
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 13.1% and a 50.2% 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 Moderate Buy, with a price target consensus of $22.
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Based on Pattern Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $136 million. In comparison, last year the company had a net profit of $14.19 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.
