Xact Kapitalforvaltning AB Grows Position in Pattern Energy Group Inc (PEGI)

Xact Kapitalforvaltning AB lifted its position in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 28.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 16,846 shares of the utilities provider’s stock after acquiring an additional 3,700 shares during the period. Xact Kapitalforvaltning AB’s holdings in Pattern Energy Group were worth $316,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in Pattern Energy Group by 10.1% during the first quarter. Principal Financial Group Inc. now owns 57,207 shares of the utilities provider’s stock valued at $989,000 after acquiring an additional 5,246 shares during the last quarter. CIBC World Markets Inc. increased its position in Pattern Energy Group by 38.1% in the first quarter. CIBC World Markets Inc. now owns 19,605 shares of the utilities provider’s stock worth $339,000 after buying an additional 5,410 shares in the last quarter. Eventide Asset Management LLC increased its position in Pattern Energy Group by 1.0% in the first quarter. Eventide Asset Management LLC now owns 1,034,500 shares of the utilities provider’s stock worth $17,887,000 after buying an additional 10,000 shares in the last quarter. Robecosam AG increased its position in Pattern Energy Group by 155.6% in the first quarter. Robecosam AG now owns 1,150,000 shares of the utilities provider’s stock worth $19,884,000 after buying an additional 700,000 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its position in Pattern Energy Group by 29.5% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 201,607 shares of the utilities provider’s stock worth $3,485,000 after buying an additional 45,962 shares in the last quarter. Institutional investors own 92.98% of the company’s stock.

PEGI has been the subject of a number of analyst reports. BidaskClub upgraded Pattern Energy Group from a “strong sell” rating to a “sell” rating in a research report on Friday, April 27th. ValuEngine cut Pattern Energy Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 3rd. Royal Bank of Canada reduced their price target on Pattern Energy Group from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, June 19th. Bank of America cut Pattern Energy Group from a “neutral” rating to an “underperform” rating in a research report on Friday, July 13th. Finally, Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Monday, July 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $22.38.

Shares of PEGI opened at $18.30 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 13.85, a P/E/G ratio of 0.47 and a beta of 0.94. Pattern Energy Group Inc has a 52 week low of $16.58 and a 52 week high of $26.56.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Thursday, May 10th. The utilities provider reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $1.17. The firm had revenue of $111.66 million during the quarter, compared to analyst estimates of $137.25 million. Pattern Energy Group had a return on equity of 6.17% and a net margin of 26.62%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.06 earnings per share. research analysts anticipate that Pattern Energy Group Inc will post 1.32 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 31st. Stockholders of record on Friday, June 29th were paid a $0.422 dividend. This represents a $1.69 dividend on an annualized basis and a dividend yield of 9.22%. The ex-dividend date was Thursday, June 28th. Pattern Energy Group’s dividend payout ratio (DPR) is 889.47%.

Pattern Energy Group Profile

Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

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Institutional Ownership by Quarter for Pattern Energy Group (NASDAQ:PEGI)

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