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Pattern Energy Still Trades At A Very Attractive 7.6% Yield

Published Sun, 14 Apr 2019 15:20:00 -0400 on Seeking Alpha

Co-produced with PendragonY for High Dividend Opportunities
Introduction
We are pleased to provide an updated research report on Pattern Energy (PEGI), a renewable energy stock that we have been invested in since January 2017. PEGI is seeing higher profitability and increased dividend coverage. The stock currently yields 7.6% and remains a solid buy at the current price. The stock has returned to our investors (members of High Dividend Opportunities) and to our followers well over 30% since our initial recommendation. We remain bullish on this stock and we believe that the price is still attractive for new investors.
PEGI recently closed at $22.60 around a month after reporting solid Q4 and full-year 2018 results. Pattern Energy owns and operates wind energy facilities and is expanding at a measured but steady pace. Recently management has focused on obtaining a number of assets in an increasingly attractive Japanese market. With an annual dividend of $1.688, PEGI yields an attractive 7.6%.

Latest Earnings Report
Pattern Energy reported another good quarterly performance for Q4 2018 in its March 1 announcement. The quarter finished off a strong 2018.
Proportional gigawatt hours ("GWh") sold of 7,988 GWh, up 2% from 2017 despite the sale of El Arrayán and other assets. Production also increased despite lower wind conditions in Q4. Revenue of $483 million, up 18% from 2017. Completed 316 megawatts ("MW") of new investments in 2018 with no common equity... Read more