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PEGI

Pattern Energy

$23.69

0.45 (1.94%)

06:03
06/19/17
06/19
06:03
06/19/17
06:03

Pattern Energy announces strategic initiatives

Pattern Energy Group announced a series of strategic initiatives to significantly increase Pattern Energy's long-term growth outlook and enhance its access to capital. Collectively, these strategic initiatives position Pattern Energy to capture an increased share of the annual $250B global renewable energy market, and support its Pattern 2020 vision to double its portfolio to 5 gigawatts by 2020. The initiatives include a major increase in capital committed to Pattern Development 2.0, and a minority investment by Pattern Energy, as well as a significant expansion of the development pipeline. In addition, Pattern Energy has created a strategic relationship with PSP Investments, aligning it with one of the world's leading long-term institutional investors. PSP Investments will have a direct ownership stake in Pattern Energy and co-invest in projects. Highlights include: Pattern Development secures long-term funding commitments for expanded development business; Accretive acquisition of two new projects and sale of a minority interest in Panhandle 2; Strategic partnership with PSP Investments.

PEGI Pattern Energy
$23.69

0.45 (1.94%)

03/23/17
MACQ
03/23/17
DOWNGRADE
Target $20
MACQ
Neutral
Pattern Energy downgraded to Neutral from Outperform at Macquarie
Macquarie analyst James Ward downgraded Pattern Energy to Neutral and maintained its $20 price target. The analyst said Pattern's payout ratio is already stretched and said any equity issuances finance projects will need to be immediately accretive, which will be challenging, and expects relative underperformance to continue.
03/15/17
03/15/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Snap (SNAP) initiated with an Underweight at Cantor. 2. Pattern Energy (PEGI) initiated with a Neutral at Goldman. 3. Windstream (WIN) reinstated with a Neutral at JPMorgan. 4. ClearOne (CLRO) resumed with a Buy at B. Riley. 5. REV Group (REVG) initiated with an Outperform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/14/17
GSCO
03/14/17
INITIATION
Target $21
GSCO
Neutral
Pattern Energy initiated with a Neutral at Goldman
Target $21.
03/02/17
BMOC
03/02/17
NO CHANGE
BMOC
Pattern Energy weakness creates buying opportunity, says BMO Capital
After Pattern reported weaker than expected Q4 results, BMO Capital analyst BenPham thinks that the market may have reacted badly to the $10M initial investment that the company may have to make in development. However, he says that the 4% decline in the stock is overdone as he expects the company's free cash flow and development trends to improve. The analyst keeps a $26 price target and an Outperform rating on the stock.

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