Kayne Anderson Capital Advisors LP boosted its stake in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 97.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,100 shares of the utilities provider’s stock after purchasing an additional 60,900 shares during the period. Kayne Anderson Capital Advisors LP owned about 0.13% of Pattern Energy Group worth $3,313,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in PEGI. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Pattern Energy Group by 1.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 47,955 shares of the utilities provider’s stock worth $1,291,000 after buying an additional 597 shares during the last quarter. Osborn Williams & Donohoe LLC grew its position in shares of Pattern Energy Group by 1.9% in the 3rd quarter. Osborn Williams & Donohoe LLC now owns 38,536 shares of the utilities provider’s stock worth $1,038,000 after buying an additional 700 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Pattern Energy Group by 1.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 68,535 shares of the utilities provider’s stock worth $1,846,000 after buying an additional 960 shares during the last quarter. Baystate Wealth Management LLC bought a new stake in shares of Pattern Energy Group in the 3rd quarter worth approximately $27,000. Finally, Strs Ohio bought a new stake in shares of Pattern Energy Group in the 2nd quarter worth approximately $27,000. 81.09% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on PEGI shares. ValuEngine lowered Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. lifted their price target on Pattern Energy Group from $22.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, September 3rd. Bank of America lifted their price target on Pattern Energy Group from $23.00 to $23.50 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. BidaskClub lowered Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Finally, Wells Fargo & Co lowered Pattern Energy Group from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $24.00 to $26.00 in a research report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $24.98.
Shares of NASDAQ PEGI traded up $0.11 during mid-day trading on Friday, hitting $27.37. 1,097,100 shares of the stock traded hands, compared to its average volume of 940,561. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.36 and a current ratio of 0.36. Pattern Energy Group Inc has a 52 week low of $17.52 and a 52 week high of $28.50. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 18.88 and a beta of 0.99. The stock has a fifty day moving average price of $27.04 and a 200-day moving average price of $24.51.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported ($0.53) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.31). The firm had revenue of $119.00 million for the quarter, compared to the consensus estimate of $120.06 million. Pattern Energy Group had a negative net margin of 19.92% and a negative return on equity of 4.92%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts predict that Pattern Energy Group Inc will post -0.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date is Monday, December 30th. Pattern Energy Group’s payout ratio is 116.55%.
Pattern Energy Group Company Profile
Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.
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