AGF Investments America Inc. grew its stake in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 35.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 140,961 shares of the utilities provider’s stock after purchasing an additional 36,590 shares during the quarter. AGF Investments America Inc. owned approximately 0.16% of Pattern Energy Group worth $3,361,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of PEGI. BlackRock Inc. raised its stake in shares of Pattern Energy Group by 5,997.7% in the 1st quarter. BlackRock Inc. now owns 5,027,184 shares of the utilities provider’s stock valued at $101,195,000 after purchasing an additional 4,944,740 shares in the last quarter. Brookfield Asset Management Inc. raised its stake in shares of Pattern Energy Group by 887.8% in the 1st quarter. Brookfield Asset Management Inc. now owns 2,241,400 shares of the utilities provider’s stock valued at $45,119,000 after purchasing an additional 2,014,500 shares in the last quarter. Beach Investment Management LLC. raised its stake in shares of Pattern Energy Group by 1,098.2% in the 2nd quarter. Beach Investment Management LLC. now owns 1,974,586 shares of the utilities provider’s stock valued at $47,074,000 after purchasing an additional 1,809,792 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Pattern Energy Group by 21,212.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 784,517 shares of the utilities provider’s stock valued at $18,702,000 after purchasing an additional 780,836 shares in the last quarter. Finally, Reaves W H & Co. Inc. raised its stake in shares of Pattern Energy Group by 209.2% in the 1st quarter. Reaves W H & Co. Inc. now owns 662,338 shares of the utilities provider’s stock valued at $13,332,000 after purchasing an additional 448,112 shares in the last quarter. Institutional investors and hedge funds own 94.72% of the company’s stock.

PEGI has been the topic of several research reports. BMO Capital Markets reiterated a “buy” rating and set a $28.00 price objective on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. ValuEngine upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded shares of Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a research note on Wednesday, June 28th. Desjardins increased their price objective on shares of Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, June 20th. Finally, Royal Bank Of Canada increased their price objective on shares of Pattern Energy Group from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 20th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $25.30.

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Shares of Pattern Energy Group Inc. (NASDAQ PEGI) traded up 0.40% during midday trading on Tuesday, hitting $25.18. 47,326 shares of the company’s stock traded hands. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 73.41 and a beta of 1.05. The company has a 50 day moving average price of $24.62 and a 200 day moving average price of $22.56. Pattern Energy Group Inc. has a 1-year low of $18.68 and a 1-year high of $25.42.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The business had revenue of $107.76 million for the quarter, compared to analyst estimates of $124.02 million. During the same period in the previous year, the business earned ($0.04) EPS. The firm’s revenue was up 15.4% on a year-over-year basis. Equities analysts anticipate that Pattern Energy Group Inc. will post $0.36 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a dividend of $0.42 per share. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 annualized dividend and a dividend yield of 6.70%. The ex-dividend date of this dividend is Thursday, September 28th. Pattern Energy Group’s payout ratio is 506.08%.

In related news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of Pattern Energy Group stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total transaction of $190,617,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total transaction of $30,216.00. Following the transaction, the insider now directly owns 149,411 shares of the company’s stock, valued at $3,762,168.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,709,200 shares of company stock worth $190,842,004. 1.60% of the stock is owned by company insiders.

About Pattern Energy Group

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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Institutional Ownership by Quarter for Pattern Energy Group (NASDAQ:PEGI)

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