Pattern Energy Group Inc. (PEGI) Stock Price Down 4.4%
Pattern Energy Group Inc. (NASDAQ:PEGI) shares traded down 4.4% during trading on Tuesday . The stock traded as low as $23.61 and last traded at $23.69, with a volume of 5,109,411 shares. The stock had previously closed at $24.77.
Several research analysts have recently issued reports on the company. Zacks Investment Research cut Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 30th. TheStreet raised Pattern Energy Group from a “sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Guggenheim assumed coverage on Pattern Energy Group in a research report on Wednesday, April 13th. They set a “buy” rating and a $26.00 price objective for the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $25.00 price objective (up from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, July 5th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Pattern Energy Group in a research report on Tuesday, June 7th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Pattern Energy Group currently has an average rating of “Buy” and a consensus price target of $26.55.
The company’s 50 day moving average is $23.64 and its 200-day moving average is $20.41. The company’s market capitalization is $1.82 billion.
Pattern Energy Group (NASDAQ:PEGI) last released its quarterly earnings data on Friday, August 5th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by $0.08. During the same quarter in the previous year, the business earned $0.21 earnings per share. The business earned $93.40 million during the quarter, compared to the consensus estimate of $103 million. Pattern Energy Group’s revenue for the quarter was up 10.4% compared to the same quarter last year. On average, analysts predict that Pattern Energy Group Inc. will post ($0.22) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 6.71%. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.39. The ex-dividend date is Wednesday, September 28th.
In related news, VP Christopher M. Shugart sold 3,500 shares of Pattern Energy Group stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $24.00, for a total value of $84,000.00. Following the completion of the transaction, the vice president now directly owns 57,908 shares in the company, valued at $1,389,792. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CIO Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction dated Thursday, June 30th. The stock was sold at an average price of $23.00, for a total value of $27,600.00. Following the completion of the transaction, the executive now owns 133,374 shares of the company’s stock, valued at $3,067,602. The disclosure for this sale can be found here.
A number of institutional investors have recently bought and sold shares of the company. New York State Common Retirement Fund increased its position 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 during the period. Rhumbline Advisers increased its position 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 during the period. Finally, Swiss National Bank increased its position 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 during the period.
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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