Nomura Holdings Inc. cut its position in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 22.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,011,011 shares of the utilities provider’s stock after selling 2,305,962 shares during the quarter. Pattern Energy Group comprises about 0.8% of Nomura Holdings Inc.’s holdings, making the stock its 13th largest position. Nomura Holdings Inc. owned about 8.17% of Pattern Energy Group worth $184,605,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in PEGI. Strs Ohio purchased a new position in Pattern Energy Group during the second quarter worth about $27,000. FNY Investment Advisers LLC purchased a new position in Pattern Energy Group during the second quarter worth about $30,000. Manchester Capital Management LLC purchased a new position in Pattern Energy Group during the first quarter worth about $31,000. Princeton Global Asset Management LLC purchased a new position in Pattern Energy Group during the first quarter worth about $44,000. Finally, Bremer Bank National Association purchased a new position in Pattern Energy Group during the first quarter worth about $63,000. Institutional investors own 81.69% of the company’s stock.
PEGI has been the subject of a number of research reports. Wells Fargo & Co cut Pattern Energy Group from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $24.00 to $26.00 in a report on Wednesday, August 14th. JPMorgan Chase & Co. upped their price objective on Pattern Energy Group from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd. Raymond James cut Pattern Energy Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 13th. Royal Bank of Canada upped their price objective on Pattern Energy Group from $24.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Finally, Bank of America upped their price objective on Pattern Energy Group from $23.00 to $23.50 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Pattern Energy Group currently has an average rating of “Hold” and an average price target of $24.56.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.11). The company had revenue of $135.00 million for the quarter, compared to analysts’ expectations of $137.90 million. Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. The company’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.34 earnings per share. As a group, equities analysts predict that Pattern Energy Group Inc will post -0.27 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a yield of 6.16%. The ex-dividend date is Thursday, September 26th. Pattern Energy Group’s dividend payout ratio is presently 116.55%.
Pattern Energy Group Company Profile
Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.
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