Alps Advisors Inc. increased its position in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 10.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 158,437 shares of the utilities provider’s stock after buying an additional 14,625 shares during the quarter. Alps Advisors Inc. owned about 0.16% of Pattern Energy Group worth $4,267,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PEGI. Nisa Investment Advisors LLC raised its stake in Pattern Energy Group by 2.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 67,575 shares of the utilities provider’s stock worth $1,560,000 after buying an additional 1,300 shares during the period. NEXT Financial Group Inc acquired a new position in Pattern Energy Group during the 2nd quarter worth approximately $96,000. Flagship Harbor Advisors LLC raised its stake in Pattern Energy Group by 142.3% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 4,602 shares of the utilities provider’s stock worth $106,000 after buying an additional 2,703 shares during the period. AE Wealth Management LLC acquired a new position in Pattern Energy Group during the 2nd quarter worth approximately $2,619,000. Finally, FNY Investment Advisers LLC acquired a new position in Pattern Energy Group during the 2nd quarter worth approximately $30,000. 81.09% of the stock is currently owned by institutional investors and hedge funds.
Shares of PEGI opened at $27.37 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a 50 day moving average price of $27.04 and a two-hundred day moving average price of $24.54. The firm has a market capitalization of $2.68 billion, a P/E ratio of 18.88 and a beta of 0.99. Pattern Energy Group Inc has a 52 week low of $17.52 and a 52 week high of $28.50.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.31). The company had revenue of $119.00 million for the quarter, compared to the consensus estimate of $120.06 million. Pattern Energy Group had a negative return on equity of 4.92% and a negative net margin of 19.92%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.13) earnings per share. On average, equities analysts forecast that Pattern Energy Group Inc will post -0.81 earnings per share for the current 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 issued 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 of this dividend is Monday, December 30th. Pattern Energy Group’s dividend payout ratio is currently 116.55%.
A number of research firms recently weighed in on PEGI. JPMorgan Chase & Co. upped their price target on Pattern Energy Group from $22.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 3rd. Wells Fargo & Co downgraded Pattern Energy Group from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $24.00 to $26.00 in a research note on Wednesday, August 14th. Goldman Sachs Group downgraded Pattern Energy Group from a “buy” rating to a “neutral” rating and upped their price target for the stock from $24.00 to $25.00 in a research note on Wednesday, October 16th. BidaskClub downgraded Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Finally, ValuEngine downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. 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 stock. The company currently has an average rating of “Hold” and an average target price of $24.98.
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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