K2 Principal Fund L.P. lowered its stake in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 51.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,100 shares of the utilities provider’s stock after selling 64,200 shares during the quarter. K2 Principal Fund L.P. owned approximately 0.06% of Pattern Energy Group worth $1,146,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in Pattern Energy Group by 1.6% during the first quarter. BlackRock Inc. now owns 6,137,294 shares of the utilities provider’s stock worth $106,113,000 after purchasing an additional 94,067 shares during the last quarter. Trexquant Investment LP bought a new position in Pattern Energy Group during the second quarter worth $516,000. Robecosam AG lifted its stake in Pattern Energy Group by 4.3% during the second quarter. Robecosam AG now owns 1,200,000 shares of the utilities provider’s stock worth $22,272,000 after purchasing an additional 50,000 shares during the last quarter. Taylor Asset Management Inc. bought a new position in Pattern Energy Group during the first quarter worth $604,000. Finally, CIBC World Markets Inc. lifted its stake in Pattern Energy Group by 38.1% during the first quarter. CIBC World Markets Inc. now owns 19,605 shares of the utilities provider’s stock worth $339,000 after purchasing an additional 5,410 shares during the last quarter. 88.96% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ PEGI opened at $19.60 on Friday. Pattern Energy Group Inc has a fifty-two week low of $16.58 and a fifty-two week high of $26.56. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.86. The stock has a market cap of $1.98 billion, a P/E ratio of 103.16, a P/E/G ratio of 0.46 and a beta of 0.97.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Thursday, August 9th. The utilities provider reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.26. Pattern Energy Group had a net margin of 28.80% and a return on equity of 6.91%. The business had revenue of $136.00 million for the quarter, compared to analysts’ expectations of $141.20 million. During the same period in the previous year, the business earned $0.16 earnings per share. The company’s revenue was up 26.2% on a year-over-year basis. analysts predict that Pattern Energy Group Inc will post 1.5 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Friday, September 28th will be paid a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a dividend yield of 8.61%. The ex-dividend date of this dividend is Thursday, September 27th. Pattern Energy Group’s dividend payout ratio is currently 889.47%.

Several equities analysts recently issued reports on PEGI shares. BidaskClub upgraded Pattern Energy Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 26th. ValuEngine upgraded Pattern Energy Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 16th. Royal Bank of Canada cut their target price on Pattern Energy Group from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 19th. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Monday, July 16th. Finally, TheStreet upgraded Pattern Energy Group from a “c+” rating to a “b-” rating in a research note on Thursday, August 23rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $22.38.

About Pattern Energy Group

Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

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

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