Pattern Energy Group Inc. (PEGI) Sees Strong Trading Volume
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) saw an uptick in trading volume on Thursday . 1,817,684 shares were traded during 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.
A number of research firms recently issued reports on PEGI. TheStreet upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, May 3rd. BMO Capital Markets reiterated a “buy” rating and set a $23.00 price objective on shares of Pattern Energy Group in a report on Wednesday, March 30th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Pattern Energy Group in a report on Tuesday, June 7th. Finally, Guggenheim began coverage on Pattern Energy Group in a report on Wednesday, April 13th. They set a “buy” rating and a $26.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $26.17.
The stock’s 50-day moving average price is $21.92 and its 200 day moving average price is $19.66. The firm’s market cap is $1.78 billion.
Pattern Energy Group (NASDAQ:PEGI) last issued its quarterly earnings data on Monday, May 9th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.34. During the same quarter in the previous year, the business earned ($0.30) EPS. The company earned $87.60 million during the quarter, compared to the consensus estimate of $97.37 million. The business’s quarterly revenue was up 35.0% compared to the same quarter last year. On average, analysts predict that Pattern Energy Group Inc. will post ($0.15) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Thursday, June 30th will be given a $0.39 dividend. The ex-dividend date is Tuesday, June 28th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 6.57%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.38.
In other Pattern Energy Group news, CIO Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $23.00, for a total transaction of $27,600.00. Following the sale, the executive now owns 133,374 shares in the company, valued at $3,067,602. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
A number of large investors have recently added to or reduced their stakes in the stock. Morgan Stanley increased its stake in Pattern Energy Group by 1.7% in the fourth quarter. Morgan Stanley now owns 4,745,827 shares of the company’s stock worth $99,236,000 after buying an additional 79,904 shares during the last quarter. Ecofin Ltd. increased its stake in Pattern Energy Group by 4.8% in the fourth quarter. Ecofin Ltd. now owns 2,669,334 shares of the company’s stock worth $55,816,000 after buying an additional 121,476 shares during the last quarter. BBT Capital Management LLC purchased a new stake in Pattern Energy Group during the fourth quarter worth $29,247,000. Dimensional Fund Advisors LP increased its stake in Pattern Energy Group by 14.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 836,014 shares of the company’s stock worth $17,481,000 after buying an additional 107,195 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC increased its stake in Pattern Energy Group by 5.1% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 563,300 shares of the company’s stock worth $11,779,000 after buying an additional 27,561 shares during 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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