Pattern Energy Group Inc (PEGI) Insider Sells $24,000.00 in Stock
Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction that occurred on Thursday, January 10th. The stock was sold at an average price of $20.00, for a total value of $24,000.00. Following the completion of the sale, the insider now directly owns 150,047 shares in the company, valued at approximately $3,000,940. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
NASDAQ PEGI opened at $20.23 on Friday. The company has a market cap of $1.93 billion, a PE ratio of 106.47, a P/E/G ratio of 1.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.54 and a current ratio of 0.54. Pattern Energy Group Inc has a fifty-two week low of $16.58 and a fifty-two week high of $21.93.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its earnings results on Monday, November 5th. The utilities provider reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.09). The company had revenue of $118.39 million for the quarter, compared to the consensus estimate of $117.22 million. Pattern Energy Group had a net margin of 30.81% and a return on equity of 7.35%. The business’s revenue for the quarter was up 28.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.34) EPS. On average, equities analysts expect that Pattern Energy Group Inc will post 1.42 earnings per share for the current year.
A number of research firms have issued reports on PEGI. Industrial Alliance Securities downgraded Pattern Energy Group to a “hold” rating in a research note on Monday, December 3rd. Wells Fargo & Co reaffirmed a “buy” rating and issued a $22.00 price objective (up previously from $21.00) on shares of Pattern Energy Group in a research note on Monday, September 17th. Zacks Investment Research downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Tuesday. Bank of America raised Pattern Energy Group from an “underperform” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $18.50 in a research note on Thursday, December 27th. Finally, National Bank Financial boosted their target price on Pattern Energy Group from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Thursday, November 29th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $22.09.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. increased its position in shares of Pattern Energy Group by 56.5% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 2,492 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 900 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in Pattern Energy Group by 116.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 5,677 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 3,049 shares during the last quarter. Macquarie Group Ltd. bought a new position in Pattern Energy Group in the 2nd quarter valued at $124,000. CAPROCK Group Inc. bought a new position in Pattern Energy Group in the 3rd quarter valued at $204,000. Finally, Rehmann Capital Advisory Group grew its position in Pattern Energy Group by 1,886.8% in the 3rd quarter. Rehmann Capital Advisory Group now owns 10,272 shares of the utilities provider’s stock valued at $517,000 after acquiring an additional 9,755 shares during the last quarter. 86.56% of the stock is currently owned by hedge funds and other institutional investors.
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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