Cambridge Investment Research Advisors Inc. Purchases New Stake in Pattern Energy Group Inc. (PEGI)
Cambridge Investment Research Advisors Inc. purchased a new position in shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,934 shares of the utilities provider’s stock, valued at approximately $285,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new stake in Pattern Energy Group during the 1st quarter worth about $115,000. US Bancorp DE lifted its position in Pattern Energy Group by 24.4% during the 1st quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 1,231 shares during the period. Turner Investments LLC acquired a new stake in Pattern Energy Group during the 2nd quarter worth about $167,000. Winslow Evans & Crocker Inc. acquired a new stake in Pattern Energy Group during the 2nd quarter worth about $177,000. Finally, Symons Capital Management Inc. acquired a new stake in Pattern Energy Group during the 2nd quarter worth about $212,000. 94.66% of the stock is owned by institutional investors.
In related news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the firm’s 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 hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the firm’s 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 completion of the sale, the insider now owns 149,411 shares of the company’s stock, valued at approximately $3,762,168.98. The disclosure for this sale can be found here. Insiders have sold 8,709,200 shares of company stock valued at $190,842,004 in the last quarter. Insiders own 1.60% of the company’s stock.
A number of research firms have weighed in on PEGI. 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. Desjardins lifted their price objective on Pattern Energy Group from $25.50 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $24.00 price objective 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 objective for the company in a research note on Friday, August 25th. Finally, BidaskClub lowered Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $25.35.
Pattern Energy Group Inc. (NASDAQ:PEGI) opened at 26.30 on Monday. The firm’s 50 day moving average price is $24.88 and its 200-day moving average price is $22.87. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 76.68 and a beta of 1.05. Pattern Energy Group Inc. has a 1-year low of $18.68 and a 1-year high of $26.50.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $124.02 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. On average, 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 paid a dividend of $0.42 per share. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.68 annualized dividend and a dividend yield of 6.39%. Pattern Energy Group’s dividend payout ratio is 506.08%.
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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