Tealwood Asset Management Inc. increased its position in Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 93,670 shares of the utilities provider’s stock after buying an additional 165 shares during the period. Tealwood Asset Management Inc. owned 0.11% of Pattern Energy Group worth $2,233,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in PEGI. Vanguard Group Inc. increased its position in shares of Pattern Energy Group by 5.8% in the first quarter. Vanguard Group Inc. now owns 5,832,235 shares of the utilities provider’s stock worth $117,403,000 after buying an additional 321,163 shares during the last quarter. BlackRock Inc. increased its position in shares of 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 worth $101,195,000 after buying an additional 4,944,740 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Pattern Energy Group by 13.5% in the first quarter. Wellington Management Group LLP now owns 2,475,915 shares of the utilities provider’s stock worth $49,841,000 after buying an additional 293,671 shares during the last quarter. FMR LLC increased its position in shares of Pattern Energy Group by 6.8% in the first quarter. FMR LLC now owns 2,442,853 shares of the utilities provider’s stock worth $49,175,000 after buying an additional 155,900 shares during the last quarter. Finally, Brookfield Asset Management Inc. increased its position in shares of 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 worth $45,119,000 after buying an additional 2,014,500 shares during the last quarter.
Shares of Pattern Energy Group Inc. (NASDAQ PEGI) traded up 1.19% during mid-day trading on Friday, reaching $23.86. The company’s stock had a trading volume of 579,794 shares. The firm has a market capitalization of $2.09 billion, a PE ratio of 69.56 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. The firm has a 50-day moving average of $24.43 and a 200-day moving average of $22.04.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The firm had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. During the same period in the prior year, the firm earned ($0.04) EPS. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. Equities research analysts forecast that Pattern Energy Group Inc. will post $0.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 annualized dividend and a dividend yield of 7.04%. Pattern Energy Group’s dividend payout ratio (DPR) is currently 506.08%.
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PEGI has been the subject of several recent analyst reports. Desjardins raised their target price on Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, June 20th. BMO Capital Markets reissued a “buy” rating and set a $28.00 target price on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective for the company in a research note on Wednesday, June 28th. ValuEngine raised Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Raymond James Financial, Inc. boosted their target price on Pattern Energy Group from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, June 22nd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average 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 stock was sold at an average price of $21.91, for a total transaction of $190,617,000.00. The sale was disclosed in a 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 Thursday, May 25th. The shares were sold at an average price of $23.00, for a total value of $27,600.00. Following the sale, the insider now owns 146,067 shares of the company’s stock, valued at $3,359,541. The disclosure for this sale can be found here. Insiders have sold 8,707,300 shares of company stock valued at $190,790,306 over the last 90 days. 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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