JPMorgan Chase & Co. decreased its stake in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 9.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 711,092 shares of the utilities provider’s stock after selling 73,425 shares during the period. JPMorgan Chase & Co. owned approximately 0.74% of Pattern Energy Group worth $17,870,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Legal & General Group Plc raised its position in Pattern Energy Group by 15.8% during the third quarter. Legal & General Group Plc now owns 29,125 shares of the utilities provider’s stock worth $706,000 after acquiring an additional 3,974 shares during the last quarter. Robecosam AG raised its position in Pattern Energy Group by 96.0% during the third quarter. Robecosam AG now owns 147,000 shares of the utilities provider’s stock worth $3,694,000 after acquiring an additional 72,000 shares during the last quarter. American International Group Inc. raised its position in Pattern Energy Group by 8.1% during the third quarter. American International Group Inc. now owns 47,199 shares of the utilities provider’s stock worth $1,137,000 after acquiring an additional 3,529 shares during the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in Pattern Energy Group during the third quarter worth about $231,000. Finally, Cipher Capital LP acquired a new position in Pattern Energy Group during the third quarter worth about $759,000. Institutional investors own 75.44% of the company’s stock.
PEGI has been the subject of a number of research reports. Goldman Sachs Group upgraded shares of Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Tuesday, December 5th. Williams Capital initiated coverage on shares of Pattern Energy Group in a research report on Monday, October 16th. They set a “buy” rating and a $28.00 target price for the company. BMO Capital Markets restated a “buy” rating and set a $28.50 target price on shares of Pattern Energy Group in a research report on Friday, September 8th. Zacks Investment Research upgraded 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 report on Friday, August 25th. Finally, Morgan Stanley cut shares of Pattern Energy Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $33.00 to $25.00 in a research report on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $25.61.
Shares of Pattern Energy Group Inc (PEGI) opened at $21.56 on Monday. The company has a market cap of $2,110.85, a PE ratio of 2,156.00, a PEG ratio of 16.33 and a beta of 0.99. Pattern Energy Group Inc has a twelve month low of $18.68 and a twelve month high of $26.56. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be issued a dividend of $0.422 per share. The ex-dividend date of this dividend is Thursday, December 28th. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.69 dividend on an annualized basis and a dividend yield of 7.83%. Pattern Energy Group’s payout ratio is 4,201.05%.
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Pattern Energy Group Profile
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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