Esben W. Pedersen Sells 2,400 Shares of Pattern Energy Group Inc. (PEGI) Stock
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) insider Esben W. Pedersen sold 2,400 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $23.01, for a total transaction of $55,224.00. Following the completion of the transaction, the insider now directly owns 143,411 shares of the company’s stock, valued at $3,299,887.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The business had revenue of $107.76 million during the quarter, compared to analyst estimates of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.04) EPS.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Friday, September 29th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis 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 dividend payout ratio (DPR) is 509.11%.
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PEGI has been the subject of a number of research analyst reports. Williams Capital initiated coverage on shares of Pattern Energy Group in a research note on Monday, October 16th. They issued a “buy” rating and a $28.00 target price for the company. BMO Capital Markets reaffirmed a “buy” rating and issued a $28.50 target price on shares of Pattern Energy Group in a research note on Friday, September 8th. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research note on Friday, August 25th. BidaskClub downgraded shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. Finally, ValuEngine raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Pattern Energy Group currently has an average rating of “Buy” and an average price target of $26.08.
A number of hedge funds and other institutional investors have recently modified their holdings of PEGI. Advisor Group Inc. raised its holdings in Pattern Energy Group by 31.0% in the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after buying an additional 1,193 shares during the last quarter. Ameritas Investment Partners Inc. raised its holdings in Pattern Energy Group by 7.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock valued at $147,000 after buying an additional 451 shares during the last quarter. Turner Investments LLC bought a new position in Pattern Energy Group in the 2nd quarter valued at approximately $167,000. Winslow Evans & Crocker Inc. bought a new position in Pattern Energy Group in the 2nd quarter valued at approximately $177,000. Finally, US Bancorp DE raised its holdings in Pattern Energy Group by 34.8% in the 2nd quarter. US Bancorp DE now owns 8,456 shares of the utilities provider’s stock valued at $202,000 after buying an additional 2,182 shares during the last quarter. Institutional investors and hedge funds own 95.32% of the company’s stock.
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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