Maple Rock Capital Partners Inc. boosted its position in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 24.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,284,900 shares of the utilities provider’s stock after acquiring an additional 255,000 shares during the period. Pattern Energy Group accounts for about 9.2% of Maple Rock Capital Partners Inc.’s holdings, making the stock its 4th biggest position. Maple Rock Capital Partners Inc. owned 1.31% of Pattern Energy Group worth $27,613,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. grew its stake in Pattern Energy Group by 14.5% during the fourth quarter. BlackRock Inc. now owns 6,043,227 shares of the utilities provider’s stock valued at $129,870,000 after acquiring an additional 766,256 shares in the last quarter. Rare Infrastructure Ltd grew its stake in Pattern Energy Group by 124.8% during the fourth quarter. Rare Infrastructure Ltd now owns 4,134,388 shares of the utilities provider’s stock valued at $88,848,000 after acquiring an additional 2,295,069 shares in the last quarter. CI Investments Inc. grew its stake in Pattern Energy Group by 15.9% during the fourth quarter. CI Investments Inc. now owns 3,320,400 shares of the utilities provider’s stock valued at $71,355,000 after acquiring an additional 456,300 shares in the last quarter. Cohen & Steers Inc. grew its stake in Pattern Energy Group by 25.5% during the third quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock valued at $58,224,000 after acquiring an additional 490,987 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Pattern Energy Group by 6.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,768,431 shares of the utilities provider’s stock valued at $42,621,000 after acquiring an additional 108,341 shares in the last quarter. 96.56% of the stock is owned by institutional investors.
Several equities analysts recently commented on the stock. BMO Capital Markets reduced their price objective on shares of Pattern Energy Group from $26.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, March 2nd. BidaskClub cut shares of Pattern Energy Group from a “sell” rating to a “strong sell” rating in a research note on Friday, February 9th. Williams Capital cut shares of Pattern Energy Group from a “buy” rating to a “hold” rating and cut their price target for the stock from $28.00 to $19.00 in a research note on Friday, March 2nd. UBS Group cut shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research note on Friday, March 2nd. Finally, National Bank Financial cut their price target on shares of Pattern Energy Group from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. Pattern Energy Group presently has an average rating of “Hold” and an average target price of $23.18.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings results on Thursday, March 1st. The utilities provider reported $0.11 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.06. The business had revenue of $110.70 million during the quarter, compared to analysts’ expectations of $126.11 million. Pattern Energy Group had a negative net margin of 4.35% and a positive return on equity of 0.34%. The business’s quarterly revenue was up 36.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 EPS. sell-side analysts expect that Pattern Energy Group Inc will post 0.44 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Friday, March 30th will be issued a $0.422 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 9.41%. Pattern Energy Group’s payout ratio is -844.96%.
In other news, insider Esben W. Pedersen sold 2,400 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $20.51, for a total value of $49,224.00. Following the completion of the sale, the insider now directly owns 132,128 shares in the company, valued at approximately $2,709,945.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas G. Hall acquired 5,000 shares of the stock in a transaction dated Tuesday, March 6th. The stock was acquired at an average price of $17.08 per share, with a total value of $85,400.00. Following the completion of the acquisition, the director now owns 39,982 shares in the company, valued at approximately $682,892.56. The disclosure for this purchase can be found here. Insiders own 1.60% of the company’s stock.
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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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