Essex Investment Management Co. LLC lowered its stake in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 4.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 34,994 shares of the utilities provider’s stock after selling 1,721 shares during the period. Essex Investment Management Co. LLC’s holdings in Pattern Energy Group were worth $834,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new stake in Pattern Energy Group during the first quarter valued at approximately $115,000. US Bancorp DE increased its stake in Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock valued at $126,000 after buying an additional 1,231 shares in the last quarter. Winslow Evans & Crocker Inc. bought a new stake in Pattern Energy Group during the second quarter valued at approximately $177,000. HighTower Advisors LLC increased its stake in Pattern Energy Group by 9.0% in the first quarter. HighTower Advisors LLC now owns 11,466 shares of the utilities provider’s stock valued at $229,000 after buying an additional 948 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Pattern Energy Group during the fourth quarter valued at about $244,000.
Pattern Energy Group Inc. (PEGI) opened at 23.86 on Friday. The firm has a market capitalization of $2.09 billion, a P/E ratio of 69.56 and a beta of 1.05. The company has a 50-day moving average price of $24.43 and a 200-day moving average price of $22.04. Pattern Energy Group Inc. has a 1-year low of $18.68 and a 1-year high of $25.42.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The business had revenue of $107.76 million during the quarter, compared to analysts’ expectations of $124.02 million. During the same quarter in the previous year, the company earned ($0.04) EPS. The business’s revenue was up 15.4% on a year-over-year basis. On average, equities research analysts predict that Pattern Energy Group Inc. will post $0.39 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be paid a $0.42 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.68 annualized dividend and a yield of 7.04%. Pattern Energy Group’s payout ratio is 506.08%.
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PEGI has been the topic of several recent analyst reports. Desjardins upped their price target on Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 20th. Royal Bank Of Canada reissued a “buy” rating and set a $24.00 price target on shares of Pattern Energy Group in a research note on Tuesday, May 9th. BMO Capital Markets reissued a “buy” rating and set a $28.00 price target on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. BidaskClub lowered Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Finally, Zacks Investment Research lowered Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $25.40.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $23.00, for a total value of $27,600.00. Following the completion of the sale, the insider now owns 144,867 shares in the company, valued at approximately $3,331,941. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total transaction of $190,617,000.00. The disclosure for this sale can be found here. Insiders sold a total of 8,707,300 shares of company stock valued at $190,790,306 in the last quarter. Corporate insiders own 1.60% of the company’s stock.
About Pattern Energy Group
Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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