Teacher Retirement System of Texas bought a new position in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) during the fourth quarter, Holdings Channel reports. The fund bought 27,684 shares of the utilities provider’s stock, valued at approximately $595,000.
Several other institutional investors have also bought and sold shares of the company. CI Investments Inc. increased its holdings in shares of Pattern Energy Group by 15.9% in the 4th quarter. CI Investments Inc. now owns 3,320,400 shares of the utilities provider’s stock worth $71,355,000 after buying an additional 456,300 shares during the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Pattern Energy Group in the 4th quarter worth about $586,000. Aperio Group LLC increased its holdings in shares of Pattern Energy Group by 6.0% in the 4th quarter. Aperio Group LLC now owns 112,062 shares of the utilities provider’s stock worth $2,408,000 after buying an additional 6,318 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in shares of Pattern Energy Group in the 4th quarter worth about $1,272,000. Finally, Malaga Cove Capital LLC bought a new stake in shares of Pattern Energy Group in the 4th quarter worth about $653,000. Hedge funds and other institutional investors own 96.56% of the company’s stock.
Several equities analysts recently commented on PEGI shares. Zacks Investment Research upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, March 6th. Royal Bank of Canada cut their price target on shares of Pattern Energy Group from $25.00 to $23.00 and set an “outperform” rating on the stock in a report on Monday, March 5th. Guggenheim set a $25.00 price target on shares of Pattern Energy Group and gave the company a “buy” rating in a report on Friday, March 2nd. BMO Capital Markets cut their price target on shares of Pattern Energy Group from $26.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, March 2nd. Finally, Raymond James Financial reiterated a “market perform” rating and set a $20.00 price target (down from $23.00) on shares of Pattern Energy Group in a report on Friday, March 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $23.18.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Thursday, March 1st. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. The company 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 firm’s quarterly revenue was up 36.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.16 EPS. equities research analysts anticipate that Pattern Energy Group Inc will post 0.44 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Friday, March 30th will be given a $0.422 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $1.69 annualized dividend and a yield of 9.19%. Pattern Energy Group’s dividend payout ratio (DPR) is -844.96%.
In related news, Director Douglas G. Hall acquired 5,000 shares of the stock in a transaction on Tuesday, March 6th. The stock was bought at an average cost of $17.08 per share, with a total value of $85,400.00. Following the transaction, the director now directly owns 39,982 shares in the company, valued at $682,892.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Esben W. Pedersen sold 2,400 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $21.59, for a total transaction of $51,816.00. Following the completion of the sale, the insider now directly owns 134,528 shares of the company’s stock, valued at $2,904,459.52. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.
Pattern Energy Group Company 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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