Pattern Energy Receives a New Rating from Top Analyst

By Austin Angelo

RBC Capital analyst Robert Kwan reiterated a Buy rating on Pattern Energy (NASDAQ: PEGI) yesterday and set a price target of $24. The company’s shares closed yesterday at $23.07.

Kwan has an average return of 13.8% when recommending Pattern Energy.

According to TipRanks.com, Kwan is ranked #58 out of 4570 analysts.

Pattern Energy has an analyst consensus of Strong Buy, with a price target consensus of $25.10.

Based on Pattern Energy’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $97.18 million and quarterly net profit of $5.63 million. In comparison, last year the company earned revenue of $85.73 million and had a GAAP net loss of $52.23 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. The company was founded on October 2, 2012 and is headquartered in San Francisco, CA.