State Board of Administration of Florida Retirement System increased its stake in shares of Pattern Energy Group Inc. (NASDAQ:PEGI) by 0.5% during the second quarter, Holdings Channel reports. The institutional investor owned 15,059 shares of the company’s stock after buying an additional 74 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Pattern Energy Group were worth $346,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PEGI. Moody National Bank Trust Division bought a new position in Pattern Energy Group during the second quarter valued at $474,000. Picton Mahoney Asset Management bought a new position in Pattern Energy Group during the first quarter valued at $507,000. Narwhal Capital Management bought a new position in Pattern Energy Group during the second quarter valued at $649,000. AGF Investments Inc. boosted its position in Pattern Energy Group by 4.0% in the second quarter. AGF Investments Inc. now owns 32,312 shares of the company’s stock valued at $742,000 after buying an additional 1,229 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its position in Pattern Energy Group by 1,919.6% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 41,320 shares of the company’s stock valued at $788,000 after buying an additional 39,274 shares in the last quarter.
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) traded down 0.59% during mid-day trading on Wednesday, reaching $21.81. 105,074 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $23.31 and a 200 day moving average price of $22.17. The firm’s market cap is $1.66 billion. Pattern Energy Group Inc. has a 52-week low of $14.56 and a 52-week high of $25.13.
Pattern Energy Group (NASDAQ:PEGI) last released its earnings results on Friday, August 5th. The company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.08. The company earned $93.40 million during the quarter, compared to analysts’ expectations of $103 million. Pattern Energy Group had a negative net margin of 14.90% and a negative return on equity of 0.21%. The firm’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Analysts forecast that Pattern Energy Group Inc. will post ($0.36) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 7.29%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Wednesday, September 28th. Pattern Energy Group’s payout ratio is presently -219.18%.
Several research analysts have weighed in on PEGI shares. Wells Fargo & Co. reissued a “buy” rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Wednesday, July 13th. RBC Capital Markets reaffirmed an “outperform” rating on shares of Pattern Energy Group in a report on Sunday, September 25th. Oppenheimer Holdings Inc. assumed coverage on shares of Pattern Energy Group in a report on Thursday, September 8th. They set an “outperform” rating and a $36.00 target price on the stock. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $25.00 target price (up from $23.00) on shares of Pattern Energy Group in a report on Tuesday, July 5th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $27.20.
In other news, VP Eric S. Lillybeck sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $23.84, for a total value of $95,360.00. Following the sale, the vice president now owns 18,235 shares of the company’s stock, valued at $434,722.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $24.30, for a total transaction of $29,160.00. Following the completion of the sale, the insider now directly owns 130,902 shares in the company, valued at approximately $3,180,918.60. The disclosure for this sale can be found here. 1.79% of the stock is currently owned by company insiders.
Pattern Energy Group Company Profile
Pattern Energy Group Inc (Pattern Energy) is an independent power company focused on owning and operating power projects. The Company holds interests in over 16 wind power projects located in the United States, Canada and Chile with total capacity of over 2,280 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.