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PEGI

Pattern Energy

$27.78

-0.23 (-0.82%)

08:04
11/04/19
11/04
08:04
11/04/19
08:04

Pattern Energy to be acquired by CPPIB for $26.75 per share in cash

Pattern Energy Group announced a definitive agreement, pursuant to which Canada Pension Plan Investment Board, or CPPIB, will acquire Pattern Energy in an all-cash transaction for $26.75 per share, implying an enterprise value of approximately $6.1B, including net debt. CPPIB and Riverstone Holdings have concurrently entered into an agreement pursuant to which, at or following the completion of the proposed acquisition of Pattern Energy by CPPIB, CPPIB and Riverstone will combine Pattern Energy and Pattern Energy Group Holdings 2 LP under common ownership, bringing together the operating assets of Pattern Energy with "the world class development projects and capabilities" of Pattern Development. Under the terms of the merger agreement, Pattern Energy shareholders will receive $26.75 in cash consideration for each share of Pattern Energy, representing a premium of approximately 14.8% to Pattern Energy's closing share price on August 9, 2019, the last trading day prior to market rumors regarding a potential acquisition of the company. The consideration also represents a 15.1% premium to the 30-day volume weighted average price prior to that date. The Pattern Energy management team, led by Mike Garland, will lead the combined enterprise. The transaction is expected to close by the second quarter of 2020, subject to Pattern Energy shareholder approval, receipt of the required regulatory approvals, and other customary closing conditions. The Pattern Energy transaction is not contingent upon the completion of the Pattern Development transaction. Upon the completion of the transaction, Pattern Energy will become a privately held company and shares of Pattern Energy's common stock will no longer be listed on any public market. Pattern Energy will continue paying its quarterly dividend through the transaction close.

  • 04

    Dec

PEGI Pattern Energy
$27.78

-0.23 (-0.82%)

08/14/19
08/14/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Avedro (AVDR) downgraded to Neutral from Overweight at JPMorgan with analyst Robbie Marcus saying another suitor emerging to compete with Glaukos's (GKOS) buyout offer is unlikely. 2. Myriad Genetics (MYGN) downgraded to Neutral from Overweight at Piper Jaffray with analyst William Quirk saying the company reported "disappointing" fiscal Q4 results with revenue, adjusted earnings and FY20 guidance well below consensus. 3. Pattern Energy (PEGI) downgraded to Market Perform from Outperform at Wells Fargo with analyst Neil Kalton saying after the company confirmed it has drawn interest from third parties, the analyst believes Pattern's current valuation reflects some amount of a takeout premium. 4. Advance Auto Parts (AAP) downgraded to Neutral from Buy at Guggenheim with analyst Ali Faghri citing the company's weaker than expected Q2 results and sees risk to its fiscal 2019 guidance. 5. Equity Commonwealth (EQC) downgraded to Market Perform at JMP Securities with analyst Mitch Germain citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/22/19
RBCM
08/22/19
NO CHANGE
Target $28
RBCM
Outperform
Pattern Energy price target raised to $28 from $24 at RBC Capital
RBC Capital analyst Shelby Tucker raised his price target on Pattern Energy (PEGI) to $28 and kept his Outperform rating after the company has recently confirmed press speculation that it is working with a financial adviser to respond to acquisition interest from third parties that include Brookfield Asset Management (BAM). The analyst contends that a buyer could "uncover hidden value" in the company's Pattern Development pipeline investment, though he notes that the limited public disclosure makes it hard to value. Tucker still believes that a take-out price on Patter Energy at $28-$30 per share is "achievable".
10/16/19
GSCO
10/16/19
DOWNGRADE
GSCO
Neutral
Pattern Energy downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Brian Lee downgraded Pattern Energy to Neutral from Buy, citing limited return potential to his revised price of $25, which he raised from $24. The analyst concluded that there was better risk-reward elsewhere after Pattern Energy's 40% rise year-to-date.
10/17/19
10/17/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Neutral from Outperform at Macquarie with analyst Tim Nollen saying growth in Netflix's key metric, subscribers, is slowing in the U.S. but still strong abroad. 2. Comerica (CMA) downgraded to Underweight from Neutral at JPMorgan and to Neutral from Overweight at Piper Jaffray. 3. Pattern Energy (PEGI) downgraded to Neutral from Buy at Goldman Sachs with analyst Brian Lee citing limited return potential to his revised price of $25, which he raised from $24. 4. Monster Beverage (MNST) downgraded to Market Perform from Outperform at Cowen with analyst Vivien Azer saying Monster has ceded, on average, 220 basis points of dollar market share over the last six months and an average 210 basis points of market share over the last 12 months. 5. Cheesecake Factory (CAKE) downgraded to Market Perform from Outperform at Raymond James with analyst Brian Vaccaro citing his view that lower near-term comp visibility and a below-Street 2020 EPS estimate of $2.65 offset his favorable outlook of its recently acquired growth concepts and the stock's reasonable valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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General news
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BILL

Bill.com

$0.00

(0.00%)

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FTSV

Forty Seven

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1.4 (4.05%)

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  • 12

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NCR

NCR Corp.

$32.60

0.16 (0.49%)

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  • 11

    Dec

CIEN

Ciena

$35.45

0.75 (2.16%)

, LOVE

Lovesac

$14.49

0.05 (0.35%)

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Ciena

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0.75 (2.16%)

LOVE

Lovesac

$14.49

0.05 (0.35%)

VERU

Veru

$2.47

0.17 (7.39%)

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CHEF

Chefs' Warehouse

$35.51

-0.06 (-0.17%)

20:24
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Initiation
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  • 12

    Dec

HSBC

HSBC

$37.15

0.44 (1.20%)

20:13
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Upgrade
HSBC rating change at BofA/Merrill »

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PLCE

Children's Place

$54.36

-16.31 (-23.08%)

19:54
12/11/19
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19:54
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19:54
Downgrade
Children's Place rating change at Wedbush »

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  • 11

    Dec

LVGO

Livongo Health

$27.55

1.48 (5.68%)

19:43
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Syndicate
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  • 12

    Dec

CVX

Chevron

$116.22

-1.68 (-1.42%)

19:42
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Periodicals
Chevron said to be close to approving Gulf of Mexico project, Bloomberg says »

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RH

RH

$233.00

0.03 (0.01%)

19:27
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RH CEO sold 500,000 common shares of company from Dec 9 through Dec 11 »

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CRWD

Crowdstrike

$47.74

0.18 (0.38%)

19:17
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Hot Stocks
Crowdstrike CFO sells 215K shares of common stock »

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  • 12

    Dec

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    Dec

GLD

SPDR Gold Shares

$138.94

0.98 (0.71%)

19:00
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Hot Stocks
SPDR Gold Shares holdings rise to 886.22MT from 885.93MT »

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DIS

Disney

$147.70

1.58 (1.08%)

, GOOG

Alphabet

$1,345.14

0.64 (0.05%)

18:59
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Disney Plus was Google's most searched term in U.S. this year, TechCrunch says »

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DIS

Disney

$147.70

1.58 (1.08%)

GOOG

Alphabet

$1,345.14

0.64 (0.05%)

GOOGL

Alphabet Class A

$1,344.65

1.61 (0.12%)

AAPL

Apple

$270.71

2.09 (0.78%)

T

AT&T

$38.17

0.1 (0.26%)

NFLX

Netflix

$299.25

6.04 (2.06%)

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  • 11

    Dec

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DLHC

DLH Holdings

$4.58

0.525 (12.96%)

, FORM

FormFactor

$23.77

0.57 (2.46%)

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DLH Holdings

$4.58

0.525 (12.96%)

FORM

FormFactor

$23.77

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LULU

Lululemon

$233.31

3.75 (1.63%)

NX

Quanex

$19.72

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TLRD

Tailored Brands

$4.85

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NDSN

Nordson

$167.44

1.69 (1.02%)

MESA

Mesa Air

$9.25

0.17 (1.87%)

OXM

Oxford Industries

$74.07

-1.89 (-2.49%)

AKTS

Akoustis

$7.60

0.11 (1.47%)

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TTD

Trade Desk

$250.44

0.13 (0.05%)

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RACE

Ferrari

$165.20

0.37 (0.22%)

18:45
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Ferrari enters into new EUR 350M credit facility »

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RIBT

RiceBran

$2.09

-0.105 (-4.79%)

18:43
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Syndicate
RiceBran offers to sell common stock, no amount given »

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VMW

VMware

$151.00

2.27 (1.53%)

, TSLA

Tesla

$352.40

3.58 (1.03%)

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VMware's Poonen: Our networking business is on fire »

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VMW

VMware

$151.00

2.27 (1.53%)

TSLA

Tesla

$352.40

3.58 (1.03%)

DELL

Dell Technologies

$47.73

0.37 (0.78%)

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  • 11

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SMTC

Semtech

$47.36

0.48 (1.02%)

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Hot Stocks
Semtech director sells 19.3K shares of common stock »

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  • 07

    Jan

CS

Credit Suisse

$12.95

-0.115 (-0.88%)

18:29
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Former Credit Suisse JV exec claims she was put under surveillance, WSJ says »

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  • 11

    Dec

PANW

Palo Alto Networks

$226.76

1.71 (0.76%)

18:22
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Palo Alto Networks CEO: No systematic problem with our sales »

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  • 08

    Jan

PBYI

Puma Biotechnology

$8.71

0.24 (2.83%)

18:08
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Puma Biotechnology presents Phase II results of neratinib in breast cancer »

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GTHX

G1 Therapeutics

$23.06

-0.18 (-0.77%)

18:05
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Hot Stocks
G1 Therapeutics presents data from Phase 1b/2a trial of lerociclib at SABCS »

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NH

NantHealth

$0.86

-0.0225 (-2.54%)

18:01
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NantHealth presents new breast cancer research findings at SABCS »

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