Point72 Asset Management L.P. raised its position in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 27.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 180,745 shares of the utilities provider’s stock after buying an additional 38,445 shares during the quarter. Point72 Asset Management L.P. owned about 0.18% of Pattern Energy Group worth $3,389,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Xact Kapitalforvaltning AB raised its position in shares of Pattern Energy Group by 28.1% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 16,846 shares of the utilities provider’s stock worth $316,000 after purchasing an additional 3,700 shares during the period. CIBC World Markets Inc. raised its position in shares of Pattern Energy Group by 38.1% during the 1st quarter. CIBC World Markets Inc. now owns 19,605 shares of the utilities provider’s stock worth $339,000 after purchasing an additional 5,410 shares during the period. Raymond James & Associates raised its position in shares of Pattern Energy Group by 29.0% during the 2nd quarter. Raymond James & Associates now owns 27,095 shares of the utilities provider’s stock worth $508,000 after purchasing an additional 6,094 shares during the period. Trexquant Investment LP acquired a new stake in shares of Pattern Energy Group during the 2nd quarter worth approximately $516,000. Finally, KBC Group NV raised its position in shares of Pattern Energy Group by 88.6% during the 1st quarter. KBC Group NV now owns 28,423 shares of the utilities provider’s stock worth $491,000 after purchasing an additional 13,349 shares during the period. Hedge funds and other institutional investors own 89.85% of the company’s stock.
NASDAQ PEGI traded up $0.53 on Friday, reaching $18.31. 1,382,652 shares of the stock traded hands, compared to its average volume of 1,054,859. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $1.95 billion, a P/E ratio of 96.37, a PEG ratio of 0.45 and a beta of 0.97. Pattern Energy Group Inc has a 12 month low of $16.58 and a 12 month high of $24.94.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings results on Thursday, August 9th. The utilities provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.26. The firm had revenue of $136.00 million during the quarter, compared to analyst estimates of $141.20 million. Pattern Energy Group had a return on equity of 6.91% and a net margin of 28.80%. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period last year, the company posted $0.16 EPS. On average, research analysts predict that Pattern Energy Group Inc will post 1.5 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Friday, September 28th will be paid a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a yield of 9.22%. The ex-dividend date is Thursday, September 27th. Pattern Energy Group’s payout ratio is currently 889.47%.
A number of brokerages recently issued reports on PEGI. BidaskClub raised Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Saturday, June 16th. Royal Bank of Canada decreased their price objective on Pattern Energy Group from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, June 19th. Bank of America lowered Pattern Energy Group from a “neutral” rating to an “underperform” rating in a report on Friday, July 13th. Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Monday, July 16th. Finally, National Bank Financial decreased their price objective on Pattern Energy Group from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. Pattern Energy Group currently has an average rating of “Hold” and a consensus target price of $22.21.
Pattern Energy Group Company 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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