Steward Partners Investment Advisory LLC reduced its stake in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 15.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 4,158 shares of the utilities provider’s stock after selling 744 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Pattern Energy Group were worth $111,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Strs Ohio acquired a new position in shares of Pattern Energy Group during the 2nd quarter worth approximately $27,000. FNY Investment Advisers LLC acquired a new position in shares of Pattern Energy Group during the 2nd quarter worth approximately $30,000. Point72 Asset Management L.P. acquired a new position in shares of Pattern Energy Group during the 2nd quarter worth approximately $32,000. Lenox Wealth Advisors LLC acquired a new position in shares of Pattern Energy Group during the 3rd quarter worth approximately $39,000. Finally, NEXT Financial Group Inc acquired a new position in shares of Pattern Energy Group during the 2nd quarter worth approximately $96,000. Institutional investors and hedge funds own 81.09% of the company’s stock.
Several research analysts have recently weighed in on PEGI shares. BidaskClub cut Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday. JPMorgan Chase & Co. boosted their target price on Pattern Energy Group from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd. National Bank Financial cut Pattern Energy Group from an “outperform” rating to a “tender” rating and lowered their target price for the stock from $27.00 to $26.75 in a report on Tuesday, November 5th. BMO Capital Markets boosted their target price on Pattern Energy Group from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, October 14th. Finally, Goldman Sachs Group cut Pattern Energy Group from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $24.00 to $25.00 in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $25.16.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Monday, November 4th. The utilities provider reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.31). The business had revenue of $119.00 million during the quarter, compared to analysts’ expectations of $120.06 million. Pattern Energy Group had a negative net margin of 19.92% and a negative return on equity of 4.92%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the company earned ($0.13) EPS. As a group, equities research analysts forecast that Pattern Energy Group Inc will post -0.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.422 dividend. This represents a $1.69 annualized dividend and a yield of 6.17%. The ex-dividend date of this dividend is Monday, December 30th. Pattern Energy Group’s dividend payout ratio (DPR) is presently 116.55%.
About Pattern Energy Group
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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