Insider Selling: Pattern Energy Group Inc. (PEGI) Insider Sells $57,576.00 in Stock
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $23.99, for a total value of $57,576.00. Following the transaction, the insider now owns 145,811 shares in the company, valued at approximately $3,498,005.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Pattern Energy Group Inc. (NASDAQ PEGI) opened at 24.14 on Thursday. Pattern Energy Group Inc. has a 52 week low of $18.68 and a 52 week high of $26.56. The firm has a 50 day moving average price of $25.19 and a 200 day moving average price of $23.39. The stock has a market capitalization of $2.12 billion, a P/E ratio of 70.38 and a beta of 1.04.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The business had revenue of $107.76 million for the quarter, compared to analysts’ expectations of $124.02 million. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The business’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.04) EPS. Equities research analysts predict that Pattern Energy Group Inc. will post $0.31 earnings per share for the current year.
The business also recently declared 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 represents a $1.68 dividend on an annualized basis and a dividend yield of 6.96%. This is a boost 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 509.11%.
A number of research analysts recently issued reports on PEGI shares. 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. BMO Capital Markets restated a “buy” rating and set a $28.00 price target on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. National Bank Financial raised their price target on Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a research note on Saturday, September 23rd. Zacks Investment Research downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, BidaskClub upgraded Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 17th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $26.40.
Institutional investors have recently made changes to their positions in the company. California Public Employees Retirement System raised its position in shares of Pattern Energy Group by 2.3% during the 1st quarter. California Public Employees Retirement System now owns 153,300 shares of the utilities provider’s stock worth $3,086,000 after purchasing an additional 3,500 shares during the period. BSW Wealth Partners acquired a new stake in shares of Pattern Energy Group during the 2nd quarter worth approximately $207,000. CI Investments Inc. raised its position in shares of Pattern Energy Group by 0.3% during the 2nd quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock worth $68,345,000 after purchasing an additional 7,700 shares during the period. First Trust Advisors LP raised its position in shares of Pattern Energy Group by 27.8% during the 2nd quarter. First Trust Advisors LP now owns 134,170 shares of the utilities provider’s stock worth $3,199,000 after purchasing an additional 29,154 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Pattern Energy Group during the 2nd quarter worth approximately $285,000. Institutional investors and hedge funds own 95.36% of the company’s stock.
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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