Oppenheimer analyst Colin Rusch maintained a Buy rating on Pattern Energy (NASDAQ: PEGI) today and set a price target of $28. The company’s shares opened today at $18.24, close to its 52-week low of $16.58.
Rusch noted:
“PEGI posted solid EBITDA and better than expected CAFD. We continue to believe PEGI’s portfolio is rich with opportunities for integration of energy storage which could provide meaningful growth with limited development expense, leveraging its real estate position. We are encouraged by PEGI’s execution on building a portfolio in Japan, understanding the market tends to see extended development / construction timelines. We believe the company is pursuing a sound strategy in limiting dividend payments, considering opportunities to deploy capital in accretive ways. We are also encouraged by the company’s current liquidity position which should provide sufficient capital for growth over the next several years. We remain constructive and reiterate our $28 PT.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 14.2% and a 51.2% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Canadian Solar Inc, and Fuelcell Energy.
Pattern Energy has an analyst consensus of Strong Buy, with a price target consensus of $22.71.
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Based on Pattern Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $7.98 million. In comparison, last year the company had a net profit of $5.63 million.
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Pattern Energy Group, Inc. operates as an independent power company, which focuses on the constructing, owning and operating energy projects with long-term energy 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.
