Does Pattern Energy Group Inc. (PEGI) Have Any Gas After Forming This Multiple Bottom?

August 10, 2018 - By Eugene Smith

Investors sentiment decreased to 1.34 in Q1 2018. Its down 0.21, from 1.55 in 2017Q4. It dived, 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.
State Street Corp owns 0% invested in Pattern Energy Group Inc. (NASDAQ:PEGI) for 1.57 million shares. Northern Tru Corp holds 0% or 960,793 shares in its portfolio. Credit Cap Invests Ltd accumulated 163,200 shares or 2.67% of the stock. Ardsley Advisory Partners holds 1.28% or 492,500 shares in its portfolio. Ubs Asset Americas accumulated 68,100 shares or 0% of the stock. Van Hulzen Asset Mngmt Ltd, California-based fund reported 43,450 shares. Cambridge Invest Research Advsrs Inc stated it has 0.01% in Pattern Energy Group Inc. (NASDAQ:PEGI). Deutsche Natl Bank Ag reported 0% of its portfolio in Pattern Energy Group Inc. (NASDAQ:PEGI). Fincl Bank Of Mellon Corporation owns 1.61M shares or 0.01% of their US portfolio. Morgan Stanley accumulated 1.94 million shares. Moreover, First Tru Advisors Limited Partnership has 0% invested in Pattern Energy Group Inc. (NASDAQ:PEGI) for 94,798 shares. Advsrs Asset Inc holds 1.20 million shares. Manufacturers Life Communications The invested 0% in Pattern Energy Group Inc. (NASDAQ:PEGI). Jpmorgan Chase And reported 590,533 shares. Lpl Financial Lc stated it has 0% of its portfolio in Pattern Energy Group Inc. (NASDAQ:PEGI).

Since March 6, 2018, it had 2 insider buys, and 0 sales for $257,328 activity. The insider Hall Douglas G. bought 5,000 shares worth $85,402.

The stock of Pattern Energy Group Inc. (PEGI) shows a multiple bottoms pattern with $17.69 target or 5.00 % below today’s $18.62 share price. The 5 months chart pattern indicates high risk for the $1.83B company. It was reported on Aug, 10 by Finviz.com. If the $17.69 price target is reached, the company will be worth $91.35 million 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 2.93% or $0.53 during the last trading session, reaching $18.62. About 3.55M shares traded or 199.94% up from the average. Pattern Energy Group Inc. (NASDAQ:PEGI) has declined 19.62% since August 10, 2017 and is downtrending. It has underperformed by 32.19% the S&P500.

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 had 10 analyst reports since February 27, 2018 according to SRatingsIntel. Desjardins Securities maintained Pattern Energy Group Inc. (NASDAQ:PEGI) rating on Tuesday, March 20. Desjardins Securities has “Buy” rating and $23.0 target. On Monday, April 23 the stock rating was maintained by BMO Capital Markets with “Buy”. As per Friday, March 2, the company rating was upgraded by Bank of America. The stock of Pattern Energy Group Inc. (NASDAQ:PEGI) has “Hold” rating given on Monday, March 5 by Williams Capital Group. The stock has “Buy” rating by Goldman Sachs on Thursday, March 15. The firm has “Market Perform” rating by Raymond James given on Friday, March 2. The stock of Pattern Energy Group Inc. (NASDAQ:PEGI) has “Outperform” rating given on Friday, March 2 by BMO Capital Markets. Desjardins Securities maintained the stock with “Buy” rating in Tuesday, February 27 report. The rating was maintained by Guggenheim with “Buy” on Friday, March 2. RBC Capital Markets maintained Pattern Energy Group Inc. (NASDAQ:PEGI) rating on Friday, March 2. RBC Capital Markets has “Buy” rating and $23.0 target.

More notable recent Pattern Energy Group Inc. (NASDAQ:PEGI) news were published by: Seekingalpha.com which released: “89 Champions, Contenders, And Challengers Rank As Wall St. Dividend Stars For July” on July 19, 2018, also Benzinga.com with their article: “30 Stocks Moving In Friday’s Mid-Day Session” published on July 13, 2018, Seekingalpha.com published: “Pattern Energy Group: Crisis Or Opportunity?” on July 17, 2018. More interesting news about Pattern Energy Group Inc. (NASDAQ:PEGI) were released by: Nasdaq.com and their article: “5 Misconceptions About Renewable Energy That Could Lead Investors Astray” published on July 30, 2018 as well as Seekingalpha.com‘s news article titled: “Green Energy With 9.4% Yield, Pullback Creates Unique Buying Opportunity” with publication date: July 21, 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 $1.83 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 15.24 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

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