Pattern Energy Group Inc. (PEGI) Sees Large Volume Increase
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) saw an uptick in trading volume on Thursday . 1,817,684 shares traded hands during mid-day trading, an increase of 56% from the previous session’s volume of 1,166,004 shares.The stock last traded at $23.43 and had previously closed at $23.74.
Several brokerages have recently issued reports on PEGI. Guggenheim began coverage on Pattern Energy Group in a research report on Wednesday, April 13th. They issued a “buy” rating and a $26.00 target price for the company. Royal Bank Of Canada restated an “outperform” rating on shares of Pattern Energy Group in a research note on Tuesday, June 7th. BMO Capital Markets restated a “buy” rating on shares of Pattern Energy Group in a research note on Tuesday, May 10th. Finally, TheStreet upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $26.17.
The company’s 50 day moving average is $21.83 and its 200 day moving average is $19.65. The firm’s market cap is $1.76 billion.
Pattern Energy Group (NASDAQ:PEGI) last posted its quarterly earnings results on Monday, May 9th. The company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.34. During the same period in the previous year, the company earned ($0.30) earnings per share. The firm had revenue of $87.60 million for the quarter, compared to analysts’ expectations of $97.37 million. The business’s quarterly revenue was up 35.0% on a year-over-year basis. Analysts anticipate that Pattern Energy Group Inc. will post ($0.15) earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 29th. Stockholders of record on Thursday, June 30th will be paid a dividend of $0.39 per share. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 6.66%. The ex-dividend date of this dividend is Tuesday, June 28th.
In other news, CIO Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $23.00, for a total transaction of $27,600.00. Following the completion of the sale, the executive now owns 133,374 shares of the company’s stock, valued at $3,067,602. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Several hedge funds recently bought and sold shares of PEGI. New York State Common Retirement Fund increased its stake in Pattern Energy Group by 12.0% in the fourth quarter. New York State Common Retirement Fund now owns 56,100 shares of the company’s stock valued at $1,173,000 after buying an additional 6,000 shares in the last quarter. Rhumbline Advisers increased its stake in Pattern Energy Group by 2.9% in the fourth quarter. Rhumbline Advisers now owns 73,312 shares of the company’s stock valued at $1,533,000 after buying an additional 2,085 shares in the last quarter. Swiss National Bank increased its stake in Pattern Energy Group by 1.6% in the fourth quarter. Swiss National Bank now owns 76,100 shares of the company’s stock valued at $1,591,000 after buying an additional 1,200 shares in the last quarter. California State Teachers Retirement System increased its stake in Pattern Energy Group by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 103,306 shares of the company’s stock valued at $2,160,000 after buying an additional 1,577 shares in the last quarter. Finally, Russell Frank Co increased its stake in Pattern Energy Group by 1.5% in the fourth quarter. Russell Frank Co now owns 195,262 shares of the company’s stock valued at $4,068,000 after buying an additional 2,911 shares in the last quarter.
Pattern Energy Group Inc (Pattern Energy) owns and operates power projects. It holds interests in 12 wind power projects located in the United States, Canada and Chile with total capacity of 1,636 megawatts (MW). The projects consist of 11 operating projects and one project under construction. Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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