Pattern Energy Group Inc. (PEGI) Releases Earnings Results, Beats Estimates By $0.03 EPS
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) posted its earnings results on Tuesday. The utilities provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03, Morningstar.com reports. The firm had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a return on equity of 0.37% and a net margin of 3.33%. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) EPS.
Shares of Pattern Energy Group (NASDAQ:PEGI) opened at 23.74 on Tuesday. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 169.57 and a beta of 1.05. The company’s 50-day moving average price is $24.31 and its 200 day moving average price is $21.82. Pattern Energy Group has a 12-month low of $18.68 and a 12-month high of $25.42.
The business also recently declared a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Friday, June 30th were issued a dividend of $0.418 per share. This represents a $1.67 annualized dividend and a yield of 6.75%. The ex-dividend date of this dividend was Wednesday, June 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.41. Pattern Energy Group’s dividend payout ratio is presently 1,284.71%.
In other news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the company’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $21.91, for a total value of $190,617,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $23.00, for a total value of $27,600.00. Following the completion of the transaction, the insider now directly owns 146,067 shares in the company, valued at approximately $3,359,541. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,707,300 shares of company stock worth $190,790,306. Corporate insiders own 1.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Paradigm Asset Management Co. LLC raised its position in shares of Pattern Energy Group by 7.1% in the second quarter. Paradigm Asset Management Co. LLC now owns 24,210 shares of the utilities provider’s stock valued at $577,000 after buying an additional 1,600 shares during the period. American Century Companies Inc. acquired a new position in shares of Pattern Energy Group during the second quarter valued at approximately $5,671,000. Oliver Luxxe Assets LLC raised its position in shares of Pattern Energy Group by 1.6% in the second quarter. Oliver Luxxe Assets LLC now owns 77,931 shares of the utilities provider’s stock valued at $1,858,000 after buying an additional 1,210 shares during the period. Symons Capital Management Inc. acquired a new position in shares of Pattern Energy Group during the second quarter valued at approximately $212,000. Finally, Turner Investments LLC acquired a new position in shares of Pattern Energy Group during the second quarter valued at approximately $167,000.
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PEGI has been the subject of a number of research reports. Desjardins increased their target price on Pattern Energy Group from $25.50 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, June 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $24.00 target price on shares of Pattern Energy Group in a research report on Tuesday, May 9th. BMO Capital Markets reiterated a “buy” rating and set a $28.00 target price on shares of Pattern Energy Group in a research report on Wednesday, August 2nd. Zacks Investment Research downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $25.40.
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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