RBC Capital Believes Pattern Energy (NASDAQ: PEGI) Won’t Stop Here

By Austin Angelo

In a report released yesterday, Robert Kwan from RBC Capital reiterated a Buy rating on Pattern Energy (NASDAQ: PEGI), with a price target of $25. The company’s shares opened today at $24.37, close to its 52-week high of $25.13.

Kwan has an average return of 16.1% when recommending Pattern Energy.

According to TipRanks.com, Kwan is ranked #96 out of 4569 analysts.

Currently, the analyst consensus on Pattern Energy is Strong Buy and the average price target is $25.80, representing a 5.9% upside.

In a report issued on June 19, Oppenheimer also reiterated a Buy rating on the stock with a $28 price target.

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.