Christopher M. Shugart Sells 500 Shares of Pattern Energy Group Inc. (PEGI) Stock
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) VP Christopher M. Shugart sold 500 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $23.09, for a total transaction of $11,545.00. Following the completion of the sale, the vice president now directly owns 60,518 shares in the company, valued at $1,397,360.62. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The company had revenue of $107.76 million for the quarter, compared to analyst estimates of $124.02 million. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 7.28%. The ex-dividend date was Thursday, September 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s payout ratio is 509.11%.
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A number of institutional investors and hedge funds have recently bought and sold shares of PEGI. Advisor Group Inc. grew its stake in Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 1,193 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in Pattern Energy Group by 7.9% in the second quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 451 shares during the last quarter. Turner Investments LLC purchased a new position in Pattern Energy Group in the second quarter valued at about $167,000. Winslow Evans & Crocker Inc. purchased a new position in Pattern Energy Group in the second quarter valued at about $177,000. Finally, US Bancorp DE grew its stake in Pattern Energy Group by 34.8% in the second quarter. US Bancorp DE now owns 8,456 shares of the utilities provider’s stock valued at $202,000 after purchasing an additional 2,182 shares during the last quarter. Institutional investors own 95.32% of the company’s stock.
PEGI has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Friday, August 25th. BMO Capital Markets reaffirmed a “buy” rating and issued a $28.50 target price on shares of Pattern Energy Group in a research report on Friday, September 8th. Bank of America Corporation reaffirmed an “underperform” rating and issued a $21.00 target price on shares of Pattern Energy Group in a research report on Tuesday, October 24th. Williams Capital initiated coverage on shares of Pattern Energy Group in a research report on Monday, October 16th. They issued a “buy” rating and a $28.00 target price on the stock. Finally, National Bank Financial upped their target price on shares of Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a research report on Saturday, September 23rd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $26.08.
About Pattern Energy Group
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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