Pattern Energy Group Inc (NASDAQ:PEGI) Short Interest Down 17.1% in November

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Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) was the target of a significant decline in short interest during the month of November. As of November 29th, there was short interest totalling 2,960,000 shares, a decline of 17.1% from the November 14th total of 3,570,000 shares. Currently, 3.1% of the company’s shares are sold short. Based on an average daily trading volume, of 1,250,000 shares, the short-interest ratio is presently 2.4 days.

Institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Pattern Energy Group by 1.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 47,955 shares of the utilities provider’s stock worth $1,291,000 after buying an additional 597 shares during the last quarter. Osborn Williams & Donohoe LLC boosted its position in Pattern Energy Group by 1.9% during the third quarter. Osborn Williams & Donohoe LLC now owns 38,536 shares of the utilities provider’s stock worth $1,038,000 after purchasing an additional 700 shares in the last quarter. Barclays PLC boosted its position in Pattern Energy Group by 0.9% during the third quarter. Barclays PLC now owns 82,010 shares of the utilities provider’s stock worth $2,209,000 after purchasing an additional 760 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in Pattern Energy Group by 1.4% during the third quarter. Nisa Investment Advisors LLC now owns 68,535 shares of the utilities provider’s stock worth $1,846,000 after purchasing an additional 960 shares in the last quarter. Finally, Baystate Wealth Management LLC purchased a new position in Pattern Energy Group during the third quarter worth approximately $27,000. Hedge funds and other institutional investors own 80.51% of the company’s stock.

Shares of PEGI remained flat at $$27.22 during trading hours on Friday. 770,881 shares of the stock traded hands, compared to its average volume of 688,709. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 18.77 and a beta of 1.00. The stock has a 50 day moving average price of $27.47 and a two-hundred day moving average price of $25.42. Pattern Energy Group has a 52 week low of $17.52 and a 52 week high of $28.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.34 and a current ratio of 0.34.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported ($0.53) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.31). The company had revenue of $119.00 million during the quarter, compared to the consensus estimate of $120.06 million. Pattern Energy Group had a negative net margin of 19.92% and a negative return on equity of 5.06%. Pattern Energy Group’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.13) earnings per share. On average, sell-side analysts forecast that Pattern Energy Group will post -0.99 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.422 dividend. This represents a $1.69 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date of this dividend is Monday, December 30th. Pattern Energy Group’s dividend payout ratio (DPR) is 116.55%.

A number of equities research analysts recently weighed in on PEGI shares. BMO Capital Markets boosted their price target on shares of Pattern Energy Group from $26.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, October 14th. BidaskClub downgraded shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 7th. ValuEngine downgraded shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. National Bank Financial downgraded shares of Pattern Energy Group from an “outperform” rating to a “tender” rating and dropped their price target for the stock from $27.00 to $26.75 in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada downgraded shares of Pattern Energy Group from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $28.00 to $26.75 in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Pattern Energy Group presently has an average rating of “Hold” and an average target price of $25.31.

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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