Malaga Cove Capital LLC purchased a new stake in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) in the fourth quarter, HoldingsChannel reports. The firm purchased 30,394 shares of the utilities provider’s stock, valued at approximately $653,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new position in Pattern Energy Group in the 3rd quarter worth $107,000. IFP Advisors Inc raised its holdings in Pattern Energy Group by 139.6% in the 4th quarter. IFP Advisors Inc now owns 5,337 shares of the utilities provider’s stock worth $115,000 after purchasing an additional 3,110 shares in the last quarter. Advisor Group Inc. raised its holdings in Pattern Energy Group by 31.0% in the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after purchasing an additional 1,193 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Pattern Energy Group in the 3rd quarter worth $135,000. Finally, Ameritas Investment Partners Inc. raised its holdings in Pattern Energy Group by 7.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock worth $147,000 after purchasing an additional 451 shares in the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.
In other news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $21.59, for a total value of $51,816.00. Following the transaction, the insider now owns 134,528 shares in the company, valued at approximately $2,904,459.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Thursday, November 9th. The utilities provider reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.14). Pattern Energy Group had a net margin of 1.01% and a return on equity of 0.06%. analysts anticipate that Pattern Energy Group Inc will post 0.11 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be paid a $0.422 dividend. This represents a $1.69 annualized dividend and a dividend yield of 8.19%. The ex-dividend date of this dividend is Thursday, December 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio is 4,225.00%.
Several research analysts have commented on the stock. Williams Capital assumed coverage on shares of Pattern Energy Group in a report on Monday, October 16th. They issued a “buy” rating and a $28.00 price objective for the company. Zacks Investment Research lowered shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Bank of America reiterated an “underperform” rating and issued a $21.00 price target on shares of Pattern Energy Group in a research note on Tuesday, October 24th. BidaskClub lowered shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a research note on Saturday, January 13th. Finally, Morgan Stanley lowered shares of Pattern Energy Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $33.00 to $25.00 in a research note on Tuesday, December 12th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $25.61.
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Pattern Energy Group 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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