Alliancebernstein L.P. continued to hold its position in shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 88,640 shares of the utilities provider’s stock at the end of the first quarter. Alliancebernstein L.P. owned 0.10% of Pattern Energy Group worth $1,784,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently modified their holdings of PEGI. American International Group Inc. raised its position in Pattern Energy Group by 20.7% in the first quarter. American International Group Inc. now owns 40,031 shares of the utilities provider’s stock valued at $806,000 after buying an additional 6,859 shares during the last quarter. Atlantic Trust Group LLC bought a new position in Pattern Energy Group during the first quarter valued at $7,549,000. Ameritas Investment Partners Inc. bought a new position in Pattern Energy Group during the first quarter valued at $115,000. Raymond James Financial Services Advisors Inc. raised its position in Pattern Energy Group by 49.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 17,044 shares of the utilities provider’s stock valued at $343,000 after buying an additional 5,654 shares during the last quarter. Finally, Baird Financial Group Inc. raised its position in Pattern Energy Group by 51.4% in the first quarter. Baird Financial Group Inc. now owns 166,925 shares of the utilities provider’s stock valued at $3,360,000 after buying an additional 56,643 shares during the last quarter.
Pattern Energy Group Inc. (NASDAQ:PEGI) traded down 0.08% on Wednesday, hitting $24.12. The company had a trading volume of 443,819 shares. The company has a market capitalization of $2.11 billion, a P/E ratio of 70.32 and a beta of 1.05. Pattern Energy Group Inc. has a one year low of $18.68 and a one year high of $25.42. The stock’s 50-day moving average price is $24.38 and its 200 day moving average price is $22.14.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The business had revenue of $107.76 million for the quarter, compared to the consensus estimate of $124.02 million. During the same period in the prior year, the business earned ($0.04) EPS. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, analysts expect that Pattern Energy Group Inc. will post $0.39 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a dividend of $0.42 per share. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 dividend on an annualized basis and a yield of 6.97%. The ex-dividend date of this dividend is Thursday, September 28th. Pattern Energy Group’s dividend payout ratio is 506.08%.
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Several research firms have weighed in on PEGI. BMO Capital Markets reissued a “buy” rating and issued a $28.00 target price on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. ValuEngine raised Pattern Energy Group from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price target on the stock in a research report on Wednesday, June 28th. Desjardins raised their price target on Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, June 20th. Finally, Royal Bank Of Canada raised their price target on Pattern Energy Group from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 20th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Pattern Energy Group currently has a consensus rating of “Buy” and an average price target of $25.40.
In related news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $21.91, for a total transaction of $190,617,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Daniel M. Elkort sold 4,100 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $24.08, for a total value of $98,728.00. Following the transaction, the vice president now directly owns 75,173 shares in the company, valued at $1,810,165.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,711,400 shares of company stock worth $190,889,034. 1.60% of the stock is owned by company 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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