American National Registered Investment Advisor Inc. held its position in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 23,380 shares of the utilities provider’s stock at the end of the second quarter. American National Registered Investment Advisor Inc.’s holdings in Pattern Energy Group were worth $557,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Winslow Evans & Crocker Inc. bought a new position in shares of Pattern Energy Group during the second quarter worth approximately $177,000. Narwhal Capital Management boosted its stake in Pattern Energy Group by 9.4% in the second quarter. Narwhal Capital Management now owns 64,575 shares of the utilities provider’s stock worth $1,539,000 after buying an additional 5,550 shares during the period. Bank of Montreal Can boosted its stake in Pattern Energy Group by 25.1% in the second quarter. Bank of Montreal Can now owns 30,921 shares of the utilities provider’s stock worth $737,000 after buying an additional 6,196 shares during the period. Atlantic Trust LLC boosted its stake in Pattern Energy Group by 1.2% in the first quarter. Atlantic Trust LLC now owns 61,190 shares of the utilities provider’s stock worth $1,257,000 after buying an additional 754 shares during the period. Finally, HighTower Advisors LLC boosted its stake in Pattern Energy Group by 9.0% in the first quarter. HighTower Advisors LLC now owns 11,466 shares of the utilities provider’s stock worth $229,000 after buying an additional 948 shares during the period.
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) traded up 1.19% during trading on Friday, hitting $23.86. 579,794 shares of the stock traded hands. Pattern Energy Group Inc. has a 52 week low of $18.68 and a 52 week high of $25.42. The company has a 50-day moving average of $24.43 and a 200-day moving average of $22.04. The firm has a market cap of $2.09 billion, a P/E ratio of 69.56 and a beta of 1.05.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.03. The business had revenue of $107.76 million during the quarter, compared to analysts’ expectations of $124.02 million. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The business’s revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) EPS. On average, analysts forecast that Pattern Energy Group Inc. will post $0.39 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.04%. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio (DPR) is presently 506.08%.
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PEGI has been the topic of several analyst reports. Desjardins boosted their price target on shares of Pattern Energy Group from $25.50 to $26.00 and gave the company a “buy” rating in a report on Tuesday, June 20th. BMO Capital Markets reissued a “buy” rating and issued a $28.00 price target on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a report on Wednesday, June 28th. ValuEngine raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Raymond James Financial, Inc. upped their price target on shares of Pattern Energy Group from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, June 22nd. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $25.40.
In other news, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $25.18, for a total value of $30,216.00. Following the completion of the transaction, the insider now owns 149,411 shares in the company, valued at approximately $3,762,168.98. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total value of $190,617,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,707,300 shares of company stock valued at $190,790,306. 1.60% of the stock is currently owned by company insiders.
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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