First Mercantile Trust Co. Sells 10,896 Shares of Pattern Energy Group Inc. (PEGI)
First Mercantile Trust Co. lowered its stake in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 22.1% during the second quarter, Holdings Channel reports. The firm owned 38,327 shares of the utilities provider’s stock after selling 10,896 shares during the period. First Mercantile Trust Co.’s holdings in Pattern Energy Group were worth $914,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new stake in Pattern Energy Group during the first quarter valued at approximately $115,000. US Bancorp DE raised its stake in Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock valued at $126,000 after buying an additional 1,231 shares in the last quarter. Winslow Evans & Crocker Inc. purchased a new stake in Pattern Energy Group during the second quarter valued at approximately $177,000. HighTower Advisors LLC raised its stake in Pattern Energy Group by 9.0% in the first quarter. HighTower Advisors LLC now owns 11,466 shares of the utilities provider’s stock valued at $229,000 after buying an additional 948 shares in the last quarter. Finally, CAPROCK Group Inc. purchased a new stake in Pattern Energy Group during the second quarter valued at approximately $279,000.
Shares of Pattern Energy Group Inc. (NASDAQ PEGI) opened at 23.86 on Friday. The stock has a 50 day moving average of $24.43 and a 200 day moving average of $22.04. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 69.56 and a beta of 1.05. Pattern Energy Group Inc. has a 12 month low of $18.68 and a 12 month high of $25.42.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.03. The business had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The business’s revenue was up 15.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) EPS. On average, equities research analysts expect that Pattern Energy Group Inc. will post $0.39 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.04%. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio (DPR) is currently 506.08%.
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Several research firms recently commented on PEGI. BidaskClub lowered shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Desjardins raised their price target on shares of Pattern Energy Group from $25.50 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, June 20th. Zacks Investment Research lowered shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. BMO Capital Markets restated a “buy” rating and set a $28.00 price target on shares of Pattern Energy Group in a research report on Wednesday, August 2nd. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $24.00 price target (up previously from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, June 20th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Pattern Energy Group currently has an average rating of “Buy” and an average target price of $25.40.
In other news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total value of $190,617,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $23.00, for a total transaction of $27,600.00. Following the completion of the transaction, the insider now owns 146,067 shares of the company’s stock, valued at approximately $3,359,541. The disclosure for this sale can be found here. Insiders sold a total of 8,707,300 shares of company stock valued at $190,790,306 in the last quarter. Insiders own 1.60% of the company’s stock.
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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