Beach Investment Counsel Inc. PA maintained its stake in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,974,586 shares of the utilities provider’s stock at the end of the second quarter. Pattern Energy Group comprises about 4.8% of Beach Investment Counsel Inc. PA’s holdings, making the stock its 5th largest position. Beach Investment Counsel Inc. PA owned 2.25% of Pattern Energy Group worth $47,074,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Pattern Energy Group by 5,997.7% in the first quarter. BlackRock Inc. now owns 5,027,184 shares of the utilities provider’s stock valued at $101,195,000 after buying an additional 4,944,740 shares during the period. Brookfield Asset Management Inc. increased its stake in Pattern Energy Group by 887.8% in the first quarter. Brookfield Asset Management Inc. now owns 2,241,400 shares of the utilities provider’s stock valued at $45,119,000 after buying an additional 2,014,500 shares during the period. Norges Bank acquired a new stake in Pattern Energy Group during the fourth quarter valued at approximately $15,756,000. Reaves W H & Co. Inc. increased its stake in Pattern Energy Group by 209.2% in the first quarter. Reaves W H & Co. Inc. now owns 662,338 shares of the utilities provider’s stock valued at $13,332,000 after buying an additional 448,112 shares during the period. Finally, Atlantic Trust Group LLC acquired a new stake in Pattern Energy Group during the first quarter valued at approximately $7,549,000.
Pattern Energy Group Inc. (NASDAQ:PEGI) opened at 25.20 on Friday. The firm has a market capitalization of $2.21 billion, a PE ratio of 180.00 and a beta of 1.05. The firm has a 50-day moving average of $24.31 and a 200 day moving average of $21.82. 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, May 9th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $100.80 million for the quarter, compared to analysts’ expectations of $114.35 million. Pattern Energy Group had a return on equity of 0.37% and a net margin of 3.33%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the business posted ($0.32) earnings per share. Analysts predict that Pattern Energy Group Inc. will post $0.40 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Friday, June 30th were paid a $0.418 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 6.63%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Wednesday, June 28th. Pattern Energy Group’s dividend payout ratio (DPR) is presently 1,284.71%.
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Several analysts recently commented on PEGI shares. Zacks Investment Research upgraded shares of Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price target for the company in a research report on Wednesday, June 28th. Royal Bank Of Canada reiterated a “buy” rating and issued a $24.00 price target on shares of Pattern Energy Group in a research report on Tuesday, May 9th. Desjardins reiterated a “buy” rating and issued a $25.50 price target on shares of Pattern Energy Group in a research report on Thursday, April 27th. ValuEngine upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $24.00 price target (up previously from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, June 20th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price 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 dated Wednesday, June 21st. The shares were sold at an average price of $21.91, for a total transaction of $190,617,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total transaction of $30,216.00. Following the sale, the insider now owns 149,411 shares in the company, valued at $3,762,168.98. The disclosure for this sale can be found here. Insiders sold 8,707,300 shares of company stock worth $190,790,306 over the last quarter. 1.60% of the stock is currently owned by company 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.
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