Voya Investment Management LLC lifted its stake in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 15.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,486 shares of the utilities provider’s stock after buying an additional 4,278 shares during the period. Voya Investment Management LLC’s holdings in Pattern Energy Group were worth $751,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PEGI. Advisor Group Inc. increased its holdings in shares of Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after buying an additional 1,193 shares during the period. Turner Investments LLC purchased a new position in shares of Pattern Energy Group in the second quarter worth about $167,000. Winslow Evans & Crocker Inc. purchased a new position in shares of Pattern Energy Group in the second quarter worth about $177,000. US Bancorp DE increased its holdings in shares of Pattern Energy Group by 34.8% in the second quarter. US Bancorp DE now owns 8,456 shares of the utilities provider’s stock worth $202,000 after buying an additional 2,182 shares during the period. Finally, BSW Wealth Partners purchased a new position in shares of Pattern Energy Group in the second quarter worth about $207,000. Hedge funds and other institutional investors own 95.32% of the company’s stock.
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Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) opened at 23.07 on Wednesday. The company has a market capitalization of $2.02 billion, a PE ratio of 67.26 and a beta of 1.04. Pattern Energy Group Inc. has a 52-week low of $18.68 and a 52-week high of $26.56. The firm’s 50-day moving average price is $24.61 and its 200 day moving average price is $23.85.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.03. The business had revenue of $107.76 million for the quarter, compared to analyst estimates of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period last year, the company posted ($0.04) earnings per share. On average, equities analysts forecast that Pattern Energy Group Inc. will post $0.28 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th were given a dividend of $0.42 per share. The ex-dividend date was Thursday, September 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.28%. Pattern Energy Group’s dividend payout ratio (DPR) is 509.11%.
In other news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $23.99, for a total transaction of $57,576.00. Following the transaction, the insider now directly owns 145,811 shares of the company’s stock, valued at $3,498,005.89. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $25.10, for a total transaction of $30,120.00. Following the transaction, the insider now directly owns 148,211 shares in the company, valued at $3,720,096.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,700 shares of company stock worth $211,034. Corporate insiders own 1.60% of the company’s stock.
PEGI has been the topic of several analyst reports. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. BMO Capital Markets restated a “buy” rating and set a $28.00 price target on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Zacks Investment Research downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. BidaskClub downgraded Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 10th. Finally, National Bank Financial boosted their price target on Pattern Energy Group from $27.00 to $34.50 and gave the company an “outperform” rating in a report on Saturday, September 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $26.08.
Pattern Energy Group Company Profile
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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