Steward Partners Investment Advisory LLC cut its stake in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 15.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,158 shares of the utilities provider’s stock after selling 744 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Pattern Energy Group were worth $111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Strs Ohio purchased a new stake in Pattern Energy Group during the second quarter valued at approximately $27,000. FNY Investment Advisers LLC purchased a new stake in Pattern Energy Group during the second quarter valued at approximately $30,000. Point72 Asset Management L.P. purchased a new stake in Pattern Energy Group during the second quarter valued at approximately $32,000. Lenox Wealth Advisors LLC purchased a new stake in Pattern Energy Group during the third quarter valued at approximately $39,000. Finally, NEXT Financial Group Inc purchased a new stake in Pattern Energy Group during the second quarter valued at approximately $96,000. Institutional investors and hedge funds own 81.09% of the company’s stock.
A number of brokerages have issued reports on PEGI. Goldman Sachs Group downgraded Pattern Energy Group from a “buy” rating to a “neutral” rating and upped their price objective for the company from $24.00 to $25.00 in a research report on Wednesday, October 16th. Bank of America upped their price objective on Pattern Energy Group from $23.00 to $23.50 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. ValuEngine downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Royal Bank of Canada downgraded Pattern Energy Group from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $28.00 to $26.75 in a report on Tuesday, November 5th. Finally, BMO Capital Markets increased their price target on Pattern Energy Group from $26.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $25.16.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings results on Monday, November 4th. The utilities provider reported ($0.53) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.31). Pattern Energy Group had a negative return on equity of 4.92% and a negative net margin of 19.92%. The firm had revenue of $119.00 million for the quarter, compared to analyst estimates of $120.06 million. During the same period in the prior year, the firm posted ($0.13) EPS. The business’s revenue was up .8% compared to the same quarter last year. Sell-side analysts predict that Pattern Energy Group Inc will post -0.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.422 per share. The ex-dividend date is Monday, December 30th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 6.17%. Pattern Energy Group’s payout ratio is currently 116.55%.
Pattern Energy Group 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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