State Street Corp lifted its position in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,998,816 shares of the utilities provider’s stock after purchasing an additional 51,442 shares during the quarter. State Street Corp owned about 2.03% of Pattern Energy Group worth $54,659,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Pattern Energy Group by 1.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 47,955 shares of the utilities provider’s stock valued at $1,291,000 after acquiring an additional 597 shares during the last quarter. Osborn Williams & Donohoe LLC increased its stake in Pattern Energy Group by 1.9% in the third quarter. Osborn Williams & Donohoe LLC now owns 38,536 shares of the utilities provider’s stock valued at $1,038,000 after acquiring an additional 700 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Pattern Energy Group by 1.4% in the third quarter. Nisa Investment Advisors LLC now owns 68,535 shares of the utilities provider’s stock valued at $1,846,000 after acquiring an additional 960 shares during the last quarter. Baystate Wealth Management LLC bought a new position in Pattern Energy Group in the third quarter valued at $27,000. Finally, Strs Ohio bought a new position in Pattern Energy Group in the second quarter valued at $27,000. 80.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently commented on PEGI. National Bank Financial cut Pattern Energy Group from an “outperform” rating to a “tender” rating and reduced their target price for the company from $27.00 to $26.75 in a research note on Tuesday, November 5th. Raymond James reissued a “market perform” rating and issued a $26.75 target price on shares of Pattern Energy Group in a research note on Tuesday, November 5th. BMO Capital Markets increased their target price on Pattern Energy Group from $26.00 to $27.00 and gave the company a “market perform” rating in a research note on Monday, October 14th. BidaskClub cut Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 7th. Finally, Goldman Sachs Group cut Pattern Energy Group from a “buy” rating to a “neutral” rating and increased their target price for the company from $24.00 to $25.00 in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $25.31.
Shares of NASDAQ:PEGI opened at $27.22 on Friday. The stock’s 50-day moving average price is $27.48 and its 200-day moving average price is $25.40. Pattern Energy Group Inc has a 12-month low of $17.52 and a 12-month high of $28.50. The stock has a market capitalization of $2.68 billion, a P/E ratio of 18.77 and a beta of 1.00. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 1.20.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported ($0.53) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.31). Pattern Energy Group had a negative net margin of 19.92% and a negative return on equity of 5.06%. The company had revenue of $119.00 million for the quarter, compared to the consensus estimate of $120.06 million. During the same period last year, the business posted ($0.13) earnings per share. The firm’s quarterly revenue was up .8% compared to the same quarter last year. As a group, research analysts predict that Pattern Energy Group Inc will post -0.99 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.422 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 6.20%. Pattern Energy Group’s dividend payout ratio (DPR) is currently 116.55%.
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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