Miles Capital Inc. Takes Position in Pattern Energy Group Inc (NASDAQ:PEGI)

Miles Capital Inc. purchased a new stake in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) in the 2nd quarter, Holdings Channel reports. The fund purchased 9,148 shares of the utilities provider’s stock, valued at approximately $211,000.

Other institutional investors also recently bought and sold shares of the company. Alps Advisors Inc. raised its stake in shares of Pattern Energy Group by 83.4% during the second quarter. Alps Advisors Inc. now owns 143,812 shares of the utilities provider’s stock valued at $3,321,000 after acquiring an additional 65,417 shares in the last quarter. Aperio Group LLC raised its stake in shares of Pattern Energy Group by 26.8% during the second quarter. Aperio Group LLC now owns 173,139 shares of the utilities provider’s stock valued at $3,998,000 after acquiring an additional 36,597 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Pattern Energy Group by 152.0% during the second quarter. BNP Paribas Arbitrage SA now owns 48,026 shares of the utilities provider’s stock valued at $1,109,000 after acquiring an additional 28,968 shares in the last quarter. AE Wealth Management LLC bought a new stake in shares of Pattern Energy Group during the second quarter valued at approximately $2,619,000. Finally, Strs Ohio bought a new stake in shares of Pattern Energy Group during the second quarter valued at approximately $27,000. 82.24% of the stock is owned by hedge funds and other institutional investors.

Several research firms have recently weighed in on PEGI. Raymond James downgraded shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 13th. Bank of America lifted their price target on shares of Pattern Energy Group from $23.00 to $23.50 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Royal Bank of Canada lifted their price target on shares of Pattern Energy Group from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. JPMorgan Chase & Co. lifted their price target on shares of Pattern Energy Group from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, September 3rd. Finally, Wells Fargo & Co downgraded shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $24.00 to $26.00 in a research note on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $24.56.

NASDAQ:PEGI traded down $0.62 during trading hours on Friday, reaching $26.97. The company’s stock had a trading volume of 35,585 shares, compared to its average volume of 925,312. The company has a market capitalization of $2.67 billion, a P/E ratio of 18.59 and a beta of 0.97. Pattern Energy Group Inc has a 12 month low of $17.23 and a 12 month high of $27.77. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a 50 day moving average price of $25.25 and a two-hundred day moving average price of $23.01.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.11). The business had revenue of $135.00 million during the quarter, compared to the consensus estimate of $137.90 million. Pattern Energy Group had a negative return on equity of 3.00% and a negative net margin of 12.36%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the firm earned $0.34 EPS. As a group, analysts predict that Pattern Energy Group Inc will post -0.27 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a $0.422 dividend. This represents a $1.69 dividend on an annualized basis and a yield of 6.26%. The ex-dividend date is Thursday, September 26th. Pattern Energy Group’s dividend payout ratio (DPR) is 116.55%.

Pattern Energy Group Profile

Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.

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Institutional Ownership by Quarter for Pattern Energy Group (NASDAQ:PEGI)

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