Christopher M. Shugart Sells 6,000 Shares of Pattern Energy Group Inc (PEGI) Stock

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) SVP Christopher M. Shugart sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $22.00, for a total value of $132,000.00. Following the completion of the sale, the senior vice president now owns 64,584 shares of the company’s stock, valued at approximately $1,420,848. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of NASDAQ PEGI traded down $0.17 during mid-day trading on Thursday, hitting $21.70. 526,509 shares of the company traded hands, compared to its average volume of 949,848. Pattern Energy Group Inc has a 1 year low of $16.78 and a 1 year high of $22.09. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.67 and a beta of 1.04. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.94.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its earnings results on Friday, March 1st. The utilities provider reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.19 by ($0.34). Pattern Energy Group had a net margin of 29.62% and a return on equity of 6.45%. The company had revenue of $113.00 million for the quarter, compared to analysts’ expectations of $139.72 million. During the same period in the prior year, the company earned ($0.08) earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts expect that Pattern Energy Group Inc will post 0.48 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be issued a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a dividend yield of 7.78%. The ex-dividend date is Thursday, March 28th. Pattern Energy Group’s dividend payout ratio is 116.55%.

PEGI has been the subject of several research analyst reports. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Thursday, January 3rd. Desjardins lowered Pattern Energy Group from a “buy” rating to a “hold” rating and set a $22.00 price objective for the company. in a report on Tuesday, November 27th. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Raymond James upped their price objective on Pattern Energy Group from $22.50 to $23.50 and gave the company an “outperform” rating in a report on Monday, March 4th. Finally, BidaskClub upgraded Pattern Energy Group from a “hold” rating to a “buy” rating in a report on Thursday, March 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Pattern Energy Group by 5.8% during the third quarter. Vanguard Group Inc. now owns 8,397,976 shares of the utilities provider’s stock valued at $166,869,000 after buying an additional 460,066 shares during the period. MetLife Investment Advisors LLC raised its position in Pattern Energy Group by 53.9% during the third quarter. MetLife Investment Advisors LLC now owns 55,343 shares of the utilities provider’s stock valued at $1,100,000 after buying an additional 19,394 shares during the period. Trexquant Investment LP raised its position in Pattern Energy Group by 221.4% during the third quarter. Trexquant Investment LP now owns 88,393 shares of the utilities provider’s stock valued at $1,756,000 after buying an additional 60,888 shares during the period. Baird Financial Group Inc. raised its position in Pattern Energy Group by 2.3% during the third quarter. Baird Financial Group Inc. now owns 156,600 shares of the utilities provider’s stock valued at $3,082,000 after buying an additional 3,556 shares during the period. Finally, Teachers Advisors LLC raised its position in Pattern Energy Group by 0.4% during the third quarter. Teachers Advisors LLC now owns 943,852 shares of the utilities provider’s stock valued at $18,754,000 after buying an additional 3,830 shares during the period. 82.54% of the stock is currently owned by hedge funds and other institutional investors.

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About Pattern Energy Group

Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

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