Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) had its price objective trimmed by Raymond James Financial, Inc. from $27.00 to $25.00 in a report released on Monday morning. The firm currently has an outperform rating on the utilities provider’s stock.
PEGI has been the topic of several other research reports. Williams Capital assumed coverage on Pattern Energy Group in a research report on Monday, October 16th. They issued a buy rating and a $28.00 price objective on the stock. Zacks Investment Research lowered Pattern Energy Group from a hold rating to a sell rating in a research report on Wednesday, October 11th. BidaskClub lowered Pattern Energy Group from a strong-buy rating to a buy rating in a research report on Thursday, August 10th. Wells Fargo & Company lowered their price objective on Pattern Energy Group from $27.00 to $25.00 and set an outperform rating on the stock in a research report on Friday. Finally, BMO Capital Markets restated a buy rating and issued a $28.50 price objective on shares of Pattern Energy Group in a research report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $25.65.
Pattern Energy Group (PEGI) traded down $0.11 during trading on Monday, reaching $20.80. The company’s stock had a trading volume of 1,204,400 shares, compared to its average volume of 784,282. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a 1-year low of $18.68 and a 1-year high of $26.56. The stock has a market cap of $1,999.77, a price-to-earnings ratio of 2,091.00, a PEG ratio of 6.92 and a beta of 1.02.
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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be given a dividend of $0.422 per share. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.69 dividend on an annualized basis and a dividend yield of 8.12%. Pattern Energy Group’s dividend payout ratio (DPR) is 4,201.05%.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $25.10, for a total value of $30,120.00. Following the transaction, the insider now owns 148,211 shares in the company, valued at approximately $3,720,096.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $23.99, for a total value of $57,576.00. Following the completion of the transaction, the insider now owns 145,811 shares in the company, valued at approximately $3,498,005.89. The disclosure for this sale can be found here. Insiders sold a total of 7,500 shares of company stock worth $179,075 in the last 90 days. 1.60% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Pattern Energy Group by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock valued at $139,961,000 after purchasing an additional 38,599 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Pattern Energy Group by 19.6% in the 2nd quarter. New York State Common Retirement Fund now owns 83,338 shares of the utilities provider’s stock valued at $1,987,000 after purchasing an additional 13,637 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Pattern Energy Group by 2.3% in the 1st quarter. California Public Employees Retirement System now owns 153,300 shares of the utilities provider’s stock worth $3,086,000 after acquiring an additional 3,500 shares during the last quarter. Advisor Group Inc. increased its stake in shares of Pattern Energy Group by 31.0% in the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after acquiring an additional 1,193 shares during the last quarter. Finally, Brookfield Asset Management Inc. increased its stake in shares of Pattern Energy Group by 10.0% in the 2nd quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock worth $58,787,000 after acquiring an additional 224,508 shares during the last quarter. Institutional investors own 86.11% of the company’s stock.
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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