Riverstone Holdings LLC continued to hold its position in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) during the second quarter, Holdings Channel reports. The firm owned 16,962,546 shares of the utilities provider’s stock at the end of the second quarter. Pattern Energy Group accounts for 14.3% of Riverstone Holdings LLC’s investment portfolio, making the stock its 2nd largest position. Riverstone Holdings LLC owned about 0.19% of Pattern Energy Group worth $404,387,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new position in shares of Pattern Energy Group during the first quarter valued at $115,000. US Bancorp DE raised its position in shares of Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock valued at $126,000 after buying an additional 1,231 shares in the last quarter. Winslow Evans & Crocker Inc. bought a new position in shares of Pattern Energy Group during the second quarter valued at $177,000. HighTower Advisors LLC raised its position in shares of Pattern Energy Group by 9.0% in the first quarter. HighTower Advisors LLC now owns 11,466 shares of the utilities provider’s stock valued at $229,000 after buying an additional 948 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Pattern Energy Group during the fourth quarter valued at $244,000.
Shares of Pattern Energy Group Inc. (PEGI) opened at 23.41 on Thursday. The company has a market capitalization of $2.05 billion, a P/E ratio of 167.21 and a beta of 1.05. The stock’s 50 day moving average is $24.48 and its 200 day moving average is $22.00. 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 posted its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $124.02 million. During the same period last year, the company posted ($0.04) EPS. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. Equities analysts expect that Pattern Energy Group Inc. will post $0.36 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 7.18%. 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. Pattern Energy Group’s dividend payout ratio (DPR) is currently 506.08%.
PEGI has been the topic of several research reports. Desjardins upped their price objective on shares of Pattern Energy Group from $25.50 to $26.00 and gave the company a “buy” rating in a report on Tuesday, June 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $24.00 price objective on shares of Pattern Energy Group in a report on Tuesday, May 9th. BMO Capital Markets reiterated a “buy” rating and set a $28.00 price objective on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Zacks Investment Research lowered shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, ValuEngine upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Pattern Energy Group currently has a consensus rating of “Buy” and a consensus price target of $25.40.
In other news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total value of $190,617,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $25.18, for a total transaction of $30,216.00. Following the completion of the sale, the insider now directly owns 149,411 shares of the company’s stock, valued at $3,762,168.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,707,300 shares of company stock valued at $190,790,306. Corporate insiders own 1.60% of the company’s stock.
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.
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