Pattern Energy Group Inc. (NASDAQ:PEGI) Position Increased by Global X Management Co. LLC

Global X Management Co. LLC raised its stake in shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 6.5% during the second quarter, Holdings Channel reports. The institutional investor owned 460,247 shares of the utilities provider’s stock after buying an additional 27,943 shares during the period. Global X Management Co. LLC’s holdings in Pattern Energy Group were worth $10,972,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PEGI. Norges Bank acquired a new position in Pattern Energy Group during the fourth quarter valued at about $15,756,000. Quadrature Capital Ltd acquired a new position in Pattern Energy Group during the fourth quarter valued at about $244,000. Oliver Luxxe Assets LLC raised its position in Pattern Energy Group by 1.3% in the first quarter. Oliver Luxxe Assets LLC now owns 76,721 shares of the utilities provider’s stock valued at $1,544,000 after buying an additional 954 shares in the last quarter. Orinda Asset Management LLC raised its position in Pattern Energy Group by 25.2% in the first quarter. Orinda Asset Management LLC now owns 100,000 shares of the utilities provider’s stock valued at $2,013,000 after buying an additional 20,126 shares in the last quarter. Finally, A. D. Beadell Investment Counsel Inc. raised its position in Pattern Energy Group by 24.1% in the first quarter. A. D. Beadell Investment Counsel Inc. now owns 75,460 shares of the utilities provider’s stock valued at $1,519,000 after buying an additional 14,635 shares in the last quarter.

Shares of Pattern Energy Group Inc. (PEGI) opened at 23.41 on Thursday. The firm’s 50 day moving average price is $24.48 and its 200 day moving average price is $22.00. The stock has a market cap of $2.05 billion, a P/E ratio of 167.21 and a beta of 1.05. Pattern Energy Group Inc. has a 52-week low of $18.68 and a 52-week high of $25.42.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.09%. The firm had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The company’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, analysts expect that Pattern Energy Group Inc. will post $0.38 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a dividend of $0.42 per share. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 7.18%. Pattern Energy Group’s payout ratio is 506.08%.

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Several equities analysts recently commented on PEGI shares. Desjardins reiterated a “buy” rating and issued a $25.50 price objective on shares of Pattern Energy Group in a research note on Thursday, April 27th. Royal Bank Of Canada reiterated a “buy” rating and issued a $24.00 price objective on shares of Pattern Energy Group in a research note on Tuesday, May 9th. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $24.00 price objective (up previously from $23.00) on shares of Pattern Energy Group in a research note on Tuesday, June 20th. Finally, Raymond James Financial, Inc. upped their price objective on Pattern Energy Group from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, June 22nd. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.40.

In related news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of Pattern Energy Group stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total transaction of $190,617,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total transaction of $30,216.00. Following the transaction, the insider now owns 149,411 shares in the company, valued at approximately $3,762,168.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,707,300 shares of company stock worth $190,790,306. 1.60% of the stock is owned by corporate insiders.

Pattern Energy Group Company Profile

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.

Want to see what other hedge funds are holding PEGI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG).

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

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