Stoneridge Investment Partners LLC Takes Position in Pattern Energy Group Inc. (NASDAQ:PEGI)
Stoneridge Investment Partners LLC bought a new position in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) during the second quarter, Holdings Channel reports. The firm bought 11,524 shares of the utilities provider’s stock, valued at approximately $275,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEGI. Ameritas Investment Partners Inc. purchased a new position in Pattern Energy Group during the first quarter worth about $115,000. US Bancorp DE raised its position in Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock worth $126,000 after buying an additional 1,231 shares during the last quarter. Winslow Evans & Crocker Inc. purchased a new position in Pattern Energy Group during the second quarter worth about $177,000. HighTower Advisors LLC raised its position in Pattern Energy Group by 9.0% in the first quarter. HighTower Advisors LLC now owns 11,466 shares of the utilities provider’s stock worth $229,000 after buying an additional 948 shares during the last quarter. Finally, CAPROCK Group Inc. purchased a new position in Pattern Energy Group during the second quarter worth about $279,000.
Pattern Energy Group Inc. (NASDAQ:PEGI) opened at 23.86 on Friday. The company has a 50 day moving average price of $24.43 and a 200-day moving average price of $22.04. Pattern Energy Group Inc. has a 52-week low of $18.68 and a 52-week high of $25.42. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 69.56 and a beta of 1.05.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The business had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The firm’s revenue was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) earnings per share. Equities research analysts anticipate that Pattern Energy Group Inc. will post $0.39 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 7.04%. The ex-dividend date is Thursday, September 28th. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio is currently 506.08%.
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A number of research analysts recently issued reports on the company. BidaskClub lowered Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday. ValuEngine raised Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. BMO Capital Markets reaffirmed a “buy” rating and set a $28.00 target price on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Royal Bank Of Canada lifted their target price on Pattern Energy Group from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, June 20th. Finally, Raymond James Financial, Inc. lifted their target price on Pattern Energy Group from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, June 22nd. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $25.40.
In other Pattern Energy Group news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was 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 can be accessed through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $25.18, for a total value of $30,216.00. Following the completion of the sale, the insider now owns 149,411 shares of the company’s stock, valued at $3,762,168.98. The disclosure for this sale can be found here. Insiders sold 8,707,300 shares of company stock valued at $190,790,306 in the last quarter. 1.60% of the stock is currently owned by corporate insiders.
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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