Pattern Energy Group Inc. (PEGI) Shares Down 4.4%
Pattern Energy Group Inc. (NASDAQ:PEGI) shares were down 4.4% during mid-day trading on Tuesday . The company traded as low as $23.61 and last traded at $23.69, with a volume of 5,109,411 shares trading hands. The stock had previously closed at $24.77.
A number of research analysts have recently issued reports on PEGI shares. Royal Bank Of Canada reissued an “outperform” rating on shares of Pattern Energy Group in a research note on Tuesday, June 7th. BMO Capital Markets reissued a “buy” rating on shares of Pattern Energy Group in a research note on Tuesday, May 10th. Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Wednesday, July 13th. Guggenheim started coverage on Pattern Energy Group in a research note on Wednesday, April 13th. They issued a “buy” rating and a $26.00 price objective on the stock. Finally, TheStreet raised Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $26.55.
The company has a 50 day moving average price of $23.52 and a 200 day moving average price of $20.35. The company’s market capitalization is $1.77 billion.
Pattern Energy Group (NASDAQ:PEGI) last announced its quarterly earnings data on Friday, August 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.08. The firm earned $93.40 million during the quarter, compared to analysts’ expectations of $103 million. During the same quarter in the prior year, the business earned $0.21 earnings per share. The company’s revenue was up 10.4% on a year-over-year basis. On average, equities research analysts predict that Pattern Energy Group Inc. will post ($0.17) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.40 per share. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.39. The ex-dividend date is Wednesday, September 28th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 6.71%.
In other news, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $24.30, for a total transaction of $29,160.00. Following the completion of the sale, the insider now directly owns 130,902 shares in the company, valued at $3,180,918.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Christopher M. Shugart sold 3,500 shares of the stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $24.00, for a total transaction of $84,000.00. Following the sale, the vice president now owns 57,908 shares of the company’s stock, valued at $1,389,792. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. New York State Common Retirement Fund raised 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 worth $1,173,000 after buying an additional 6,000 shares in the last quarter. Rhumbline Advisers raised 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 worth $1,533,000 after buying an additional 2,085 shares in the last quarter. Swiss National Bank raised 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 worth $1,591,000 after buying an additional 1,200 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC raised 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 in the last quarter.
Pattern Energy Group Inc (Pattern Energy) is an independent power company focused on owning and operating power projects. The Company holds interests in over 16 wind power projects located in the United States, Canada and Chile with total capacity of over 2,280 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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