What’s Next for Pattern Energy Group Inc. (PEGI) After Forming Bearish Multiple Bottom Chart Pattern?

July 16, 2018 - By Victoria Pittman

Investors sentiment decreased to 1.34 in Q1 2018. Its down 0.21, from 1.55 in 2017Q4. It worsened, as 17 investors sold Pattern Energy Group Inc. shares while 47 reduced holdings. 24 funds opened positions while 62 raised stakes. 90.43 million shares or 10.86% more from 81.57 million shares in 2017Q4 were reported.
6,910 are held by Eii Capital Mgmt. Intact Inv Management Inc accumulated 1.20 million shares or 1.03% of the stock. 19,605 were accumulated by Cibc Ww. 164,794 were accumulated by Beach Management Ltd Liability Co. Savings Bank Of Mellon Corp has 0.01% invested in Pattern Energy Group Inc. (NASDAQ:PEGI) for 1.61M shares. Citadel Ltd Liability has 26,389 shares for 0% of their portfolio. State Board Of Administration Of Florida Retirement reported 15,109 shares or 0% of all its holdings. Ameritas Invest has 0.01% invested in Pattern Energy Group Inc. (NASDAQ:PEGI). Advsr Asset Management owns 1.20M shares. Avenir owns 103,798 shares for 0.2% of their portfolio. Eventide Asset Management Lc invested in 1.03M shares. Utd Ser Automobile Association holds 13,384 shares. Dimensional Fund Advsrs Limited Partnership holds 0.01% or 1.89 million shares. Aperio Gru Ltd accumulated 147,731 shares. 32,611 were reported by Essex.

Since February 1, 2018, it had 2 insider purchases, and 1 sale for $208,097 activity. Shares for $171,926 were bought by BATKIN ALAN R. $85,402 worth of Pattern Energy Group Inc. (NASDAQ:PEGI) was bought by Hall Douglas G..

The stock of Pattern Energy Group Inc. (PEGI) shows a multiple bottoms pattern with $17.06 target or 4.00 % below today’s $17.77 share price. The 5 months chart pattern indicates high risk for the $1.74 billion company. It was reported on Jul, 16 by Finviz.com. If the $17.06 price target is reached, the company will be worth $69.76M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 3.98% or $0.68 during the last trading session, reaching $17.77. About 3.90M shares traded or 317.82% up from the average. Pattern Energy Group Inc. (NASDAQ:PEGI) has declined 19.62% since July 16, 2017 and is downtrending. It has underperformed by 32.19% the S&P500.

Analysts await Pattern Energy Group Inc. (NASDAQ:PEGI) to report earnings on August, 14. They expect $0.09 earnings per share, down 43.75 % or $0.07 from last year’s $0.16 per share. PEGI’s profit will be $8.83 million for 49.36 P/E if the $0.09 EPS becomes a reality. After $1.32 actual earnings per share reported by Pattern Energy Group Inc. for the previous quarter, Wall Street now forecasts -93.18 % negative EPS growth.

Pattern Energy Group Inc. (NASDAQ:PEGI) Ratings Coverage

Among 8 analysts covering Pattern Energy (NASDAQ:PEGI), 5 have Buy rating, 0 Sell and 3 Hold. Therefore 63% are positive. Pattern Energy has $26.5 highest and $17.0 lowest target. $21.83’s average target is 22.85% above currents $17.77 stock price. Pattern Energy had 11 analyst reports since February 6, 2018 according to SRatingsIntel. RBC Capital Markets maintained Pattern Energy Group Inc. (NASDAQ:PEGI) on Friday, March 2 with “Buy” rating. The rating was upgraded by Bank of America on Friday, March 2 to “Hold”. The stock of Pattern Energy Group Inc. (NASDAQ:PEGI) has “Buy” rating given on Tuesday, March 20 by Desjardins Securities. The firm has “Buy” rating by BMO Capital Markets given on Monday, April 23. The stock has “Buy” rating by Desjardins Securities on Tuesday, February 27. The firm has “Hold” rating given on Monday, March 5 by Williams Capital Group. The company was maintained on Friday, March 2 by Guggenheim. The rating was maintained by BMO Capital Markets with “Buy” on Tuesday, February 6. The company was maintained on Thursday, March 15 by Goldman Sachs. On Friday, March 2 the stock rating was downgraded by Raymond James to “Market Perform”.

More notable recent Pattern Energy Group Inc. (NASDAQ:PEGI) news were published by: Benzinga.com which released: “21 Stocks Moving In Monday’s Pre-Market Session” on July 16, 2018, also Nasdaq.com with their article: “3 Stocks to Buy and Hold for the Next 50 Years” published on June 29, 2018, Benzinga.com published: “38 Biggest Movers From Friday” on July 16, 2018. More interesting news about Pattern Energy Group Inc. (NASDAQ:PEGI) were released by: Seekingalpha.com and their article: “Pattern Energy Group: I Bought The Dip” published on July 16, 2018 as well as Benzinga.com‘s news article titled: “30 Stocks Moving In Friday’s Mid-Day Session” with publication date: July 13, 2018.

Pattern Energy Group Inc. operates as an independent power firm that owns and operates power projects in the United States, Canada, and Chile. The company has market cap of $1.74 billion. As of March 1, 2017, the firm had a portfolio of 18 wind power projects with a total owned capacity of 2,644 MW. It has a 14.54 P/E ratio. It sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

Pattern Energy Group Inc. (NASDAQ:PEGI) Institutional Positions Chart

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.