Creative Planning Makes New $214,000 Investment in Pattern Energy Group Inc (NASDAQ:PEGI)

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Creative Planning bought a new position in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 7,984 shares of the utilities provider’s stock, valued at approximately $214,000.

Several other hedge funds have also recently modified their holdings of the business. State Street Corp lifted its holdings in shares of Pattern Energy Group by 2.6% in the 3rd quarter. State Street Corp now owns 1,998,816 shares of the utilities provider’s stock worth $54,659,000 after buying an additional 51,442 shares during the period. Advisors Capital Management LLC lifted its holdings in shares of Pattern Energy Group by 1.8% in the 4th quarter. Advisors Capital Management LLC now owns 675,308 shares of the utilities provider’s stock worth $18,068,000 after buying an additional 11,823 shares during the period. Vertex One Asset Management Inc. purchased a new stake in shares of Pattern Energy Group in the 4th quarter worth $7,652,000. Phoenix Holdings Ltd. purchased a new stake in shares of Pattern Energy Group in the 3rd quarter worth $5,676,000. Finally, Dupont Capital Management Corp purchased a new stake in shares of Pattern Energy Group in the 4th quarter worth $5,054,000. Institutional investors and hedge funds own 80.55% of the company’s stock.

PEGI has been the subject of several research reports. Royal Bank of Canada cut Pattern Energy Group from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $28.00 to $26.75 in a report on Tuesday, November 5th. Raymond James restated a “market perform” rating and set a $26.75 price objective on shares of Pattern Energy Group in a research note on Tuesday, November 5th. Wells Fargo & Co cut Pattern Energy Group from an “equal weight” rating to an “underweight” rating and set a $26.75 price objective for the company. in a research note on Wednesday, January 8th. BidaskClub cut Pattern Energy Group from a “sell” rating to a “strong sell” rating in a research note on Friday, December 27th. Finally, National Bank Financial cut Pattern Energy Group from an “outperform” rating to a “tender” rating and decreased their price objective for the stock from $27.00 to $26.75 in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Pattern Energy Group presently has a consensus rating of “Hold” and an average price target of $25.94.

Shares of NASDAQ:PEGI opened at $27.58 on Friday. The business’s 50-day moving average is $26.88 and its 200 day moving average is $26.70. Pattern Energy Group Inc has a 1 year low of $19.19 and a 1 year high of $28.50. The firm has a market capitalization of $2.70 billion, a P/E ratio of -26.02, a P/E/G ratio of 12.91 and a beta of 1.10. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.34 and a quick ratio of 0.34.

Pattern Energy Group 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.

Read More: Differences Between Momentum Investing and Long Term Investing

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Institutional Ownership by Quarter for Pattern Energy Group (NASDAQ:PEGI)

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