Xact Kapitalforvaltning AB acquired a new position in shares of Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,346 shares of the utilities provider’s stock, valued at approximately $222,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Rare Infrastructure Ltd boosted its holdings in shares of Pattern Energy Group by 124.8% in the 4th quarter. Rare Infrastructure Ltd now owns 4,134,388 shares of the utilities provider’s stock worth $88,848,000 after buying an additional 2,295,069 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Pattern Energy Group by 14.5% in the 4th quarter. BlackRock Inc. now owns 6,043,227 shares of the utilities provider’s stock worth $129,870,000 after buying an additional 766,256 shares during the last quarter. CI Investments Inc. boosted its holdings in shares of Pattern Energy Group by 15.9% in the 4th quarter. CI Investments Inc. now owns 3,320,400 shares of the utilities provider’s stock worth $71,355,000 after buying an additional 456,300 shares during the last quarter. Kennedy Capital Management Inc. purchased a new position in shares of Pattern Energy Group in the 4th quarter worth about $8,086,000. Finally, Advisors Capital Management LLC purchased a new position in shares of Pattern Energy Group in the 4th quarter worth about $7,621,000. 96.75% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on PEGI. BidaskClub raised shares of Pattern Energy Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 28th. Zacks Investment Research downgraded shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. BMO Capital Markets cut their price target on shares of Pattern Energy Group from $26.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, March 2nd. Guggenheim set a $25.00 price target on shares of Pattern Energy Group and gave the stock a “buy” rating in a report on Friday, March 2nd. Finally, Alex. Brown reissued a “market perform” rating and issued a $20.00 price target (down from $23.00) on shares of Pattern Energy Group in a report on Friday, March 2nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $23.35.
In other Pattern Energy Group news, Director Douglas G. Hall acquired 5,000 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were acquired at an average cost of $17.08 per share, with a total value of $85,400.00. Following the completion of the acquisition, the director now directly owns 39,982 shares in the company, valued at $682,892.56. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Esben W. Pedersen sold 2,400 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $20.51, for a total transaction of $49,224.00. Following the sale, the insider now directly owns 132,128 shares in the company, valued at $2,709,945.28. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.
NASDAQ PEGI opened at $17.78 on Wednesday. The stock has a market cap of $1,703.83, a price-to-earnings ratio of 93.58, a price-to-earnings-growth ratio of 2.41 and a beta of 0.97. Pattern Energy Group has a 52 week low of $16.58 and a 52 week high of $26.56. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.80.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Thursday, March 1st. The utilities provider reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.06. The business had revenue of $110.70 million for the quarter, compared to the consensus estimate of $126.11 million. Pattern Energy Group had a negative net margin of 4.35% and a positive return on equity of 0.34%. The company’s revenue was up 36.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 earnings per share. analysts anticipate that Pattern Energy Group will post 0.31 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Friday, March 30th will be issued a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a yield of 9.49%. The ex-dividend date is Wednesday, March 28th. Pattern Energy Group’s dividend payout ratio (DPR) is presently 889.47%.
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Pattern Energy Group Company Profile
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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