Pattern Energy Group Inc. (PEGI) to Issue Quarterly Dividend of $0.42
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) declared a quarterly dividend on Tuesday, August 8th, Wall Street Journal reports. Investors of record on Friday, September 29th will be given a dividend of 0.42 per share by the utilities provider on Tuesday, October 31st. This represents a $1.68 dividend on an annualized basis and a yield of 6.99%. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42.
Pattern Energy Group (NASDAQ PEGI) traded down 3.09% on Tuesday, reaching $24.02. 2,065,513 shares of the company were exchanged. The stock has a market capitalization of $2.10 billion, a P/E ratio of 171.57 and a beta of 1.05. Pattern Energy Group has a 12-month low of $18.68 and a 12-month high of $25.42. The company’s 50-day moving average price is $24.31 and its 200-day moving average price is $21.82.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.03. The company had revenue of $107.76 million for the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a net margin of 3.33% and a return on equity of 0.37%. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) EPS. Equities research analysts anticipate that Pattern Energy Group will post $0.40 earnings per share for the current fiscal year.
PEGI has been the topic of several recent research reports. Royal Bank Of Canada upped their price objective on shares of Pattern Energy Group from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, June 20th. ValuEngine raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price target on the stock in a report on Wednesday, June 28th. Desjardins reissued a “buy” rating and issued a $25.50 price target on shares of Pattern Energy Group in a report on Thursday, April 27th. Finally, Raymond James Financial, Inc. increased their price target on shares of Pattern Energy Group from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, June 22nd. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.40.
In other news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $21.91, for a total transaction of $190,617,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the firm’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 transaction, the insider now owns 146,067 shares of the company’s stock, valued at $3,359,541. The disclosure for this sale can be found here. Insiders have sold 8,707,300 shares of company stock valued at $190,790,306 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.
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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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