BAM - Here's Why Pattern Energy Group Rose 17.6% in August
Shares of Pattern Energy Group (NASDAQ: PEGI) rose nearly 18% last month, according to data provided by S&P Global Market Intelligence. The business reported first-half 2019 operating results demonstrating that it remains on track to grow cash available for distribution (CAFD) at a compound annual growth rate of 10% by the end of 2020. Achieving the long-held goal will help to drive down the company's payout ratio and make its distribution more sustainable.
But all of that faded into the background once rumors began swirling that the business had been approached for a takeover. Management broke protocol to confirm the rumors as true while reminding investors that a deal isn't guaranteed. That didn't stop the renewable energy stock from trekking higher.
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