GRT Capital Partners L.L.C. reduced its position in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 26.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,110 shares of the utilities provider’s stock after selling 17,896 shares during the period. GRT Capital Partners L.L.C. owned approximately 0.06% of Pattern Energy Group worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC boosted its stake in shares of Pattern Energy Group by 53.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 515,608 shares of the utilities provider’s stock worth $12,292,000 after buying an additional 179,889 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Pattern Energy Group by 432.8% in the 2nd quarter. Teachers Advisors LLC now owns 676,343 shares of the utilities provider’s stock worth $16,124,000 after buying an additional 549,399 shares during the last quarter. CI Investments Inc. boosted its stake in shares of Pattern Energy Group by 0.3% in the 2nd quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock worth $68,345,000 after buying an additional 7,700 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Pattern Energy Group by 7.6% in the 2nd quarter. Alliancebernstein L.P. now owns 95,340 shares of the utilities provider’s stock worth $2,273,000 after buying an additional 6,700 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Pattern Energy Group by 7.7% in the 2nd quarter. Wells Fargo & Company MN now owns 419,693 shares of the utilities provider’s stock worth $10,006,000 after buying an additional 30,091 shares during the last quarter. Hedge funds and other institutional investors own 94.72% of the company’s stock.

Shares of Pattern Energy Group Inc. (PEGI) traded up 0.31% during trading on Wednesday, reaching $25.77. The company had a trading volume of 220,932 shares. The company’s 50 day moving average is $24.76 and its 200-day moving average is $22.77. Pattern Energy Group Inc. has a 1-year low of $18.68 and a 1-year high of $25.91. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 75.13 and a beta of 1.05.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 EPS 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 company had revenue of $107.76 million for the quarter, compared to analyst estimates of $124.02 million. During the same period in the prior year, the company earned ($0.04) earnings per share. The firm’s revenue was up 15.4% on a year-over-year basis. On average, equities research analysts anticipate that Pattern Energy Group Inc. will post $0.36 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 6.54%. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date is Thursday, September 28th. Pattern Energy Group’s dividend payout ratio is presently 506.08%.

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 transaction of $190,617,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $24.00, for a total transaction of $28,800.00. Following the sale, the insider now directly owns 150,611 shares in the company, valued at $3,614,664. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,709,200 shares of company stock worth $190,842,004. 1.60% of the stock is owned by corporate insiders.

A number of equities analysts have recently issued reports on PEGI shares. BMO Capital Markets restated a “buy” rating and issued a $28.00 price target on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. Desjardins raised their price target on Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada restated a “buy” rating and issued a $24.00 price target on shares of Pattern Energy Group in a research note on Friday, June 9th. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Friday, August 25th. Finally, BidaskClub downgraded Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $25.35.

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

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