Pattern Energy Group Inc (PEGI) Short Interest Update
Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) saw a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 7,180,603 shares, a growth of 27.5% from the November 30th total of 5,630,759 shares. Currently, 8.0% of the shares of the company are short sold. Based on an average trading volume of 1,295,168 shares, the days-to-cover ratio is currently 5.5 days.
A number of analysts have weighed in on PEGI shares. BMO Capital Markets reaffirmed a “buy” rating and set a $28.50 price objective on shares of Pattern Energy Group in a research report on Friday, September 8th. National Bank Financial increased their price objective on Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a research report on Saturday, September 23rd. Zacks Investment Research downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 27th. Williams Capital started coverage on Pattern Energy Group in a research note on Monday, October 16th. They set a “buy” rating and a $28.00 target price for the company. Finally, Bank of America reissued an “underperform” rating and set a $21.00 target price on shares of Pattern Energy Group in a research note on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $25.61.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $22.53, for a total transaction of $54,072.00. Following the completion of the sale, the insider now directly owns 141,011 shares of the company’s stock, valued at approximately $3,176,977.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 5,300 shares of company stock valued at $120,841 over the last ninety days. 1.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC purchased a new position in Pattern Energy Group in the 3rd quarter valued at approximately $107,000. Advisor Group Inc. increased its stake in Pattern Energy Group by 31.0% in the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 1,193 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Pattern Energy Group in the 3rd quarter valued at approximately $135,000. Ameritas Investment Partners Inc. increased its stake in Pattern Energy Group by 7.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 451 shares in the last quarter. Finally, Private Advisor Group LLC purchased a new position in Pattern Energy Group in the 3rd quarter valued at approximately $203,000. 75.44% of the stock is owned by hedge funds and other institutional investors.
Pattern Energy Group (NASDAQ:PEGI) opened at $21.49 on Tuesday. The stock has a market capitalization of $2,104.00, a P/E ratio of 537.38, a PEG ratio of 16.28 and a beta of 0.99. Pattern Energy Group has a one year low of $18.83 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.51 and a current ratio of 0.51.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be paid a $0.422 dividend. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.69 annualized dividend and a yield of 7.85%. The ex-dividend date of this dividend is Thursday, December 28th. Pattern Energy Group’s dividend payout ratio (DPR) is presently 4,226.06%.
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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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