First Trust Advisors LP Grows Stock Holdings in Pattern Energy Group Inc (NASDAQ:PEGI)

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First Trust Advisors LP raised its position in shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 401,029 shares of the utilities provider’s stock after buying an additional 14,829 shares during the quarter. First Trust Advisors LP owned about 0.41% of Pattern Energy Group worth $10,730,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Baystate Wealth Management LLC acquired a new position in shares of Pattern Energy Group during the third quarter valued at about $27,000. IFP Advisors Inc increased its holdings in shares of Pattern Energy Group by 73.1% during the fourth quarter. IFP Advisors Inc now owns 1,475 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 623 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Pattern Energy Group during the third quarter valued at about $71,000. Strs Ohio increased its holdings in shares of Pattern Energy Group by 241.7% during the third quarter. Strs Ohio now owns 4,100 shares of the utilities provider’s stock valued at $110,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its holdings in shares of Pattern Energy Group by 28.0% during the third quarter. Flagship Harbor Advisors LLC now owns 5,890 shares of the utilities provider’s stock valued at $158,000 after acquiring an additional 1,288 shares in the last quarter. 80.55% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:PEGI opened at $27.58 on Friday. Pattern Energy Group Inc has a twelve month low of $19.19 and a twelve month high of $28.50. The company’s 50 day moving average is $26.88 and its 200 day moving average is $26.70. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 1.20. The company has a market cap of $2.70 billion, a PE ratio of -26.02, a price-to-earnings-growth ratio of 12.91 and a beta of 1.10.

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

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

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