Alan R. Batkin Acquires 5,000 Shares of Pattern Energy Group Inc. (PEGI) Stock
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) Director Alan R. Batkin acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 21st. The shares were bought at an average price of $19.02 per share, for a total transaction of $95,100.00. Following the completion of the acquisition, the director now owns 26,277 shares of the company’s stock, valued at $499,788.54. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) traded up 1.05% on Monday, hitting $19.18. 1,058,393 shares of the stock were exchanged. The stock’s 50-day moving average is $21.38 and its 200-day moving average is $22.42. Pattern Energy Group Inc. has a 1-year low of $14.56 and a 1-year high of $25.13. The stock’s market cap is $1.68 billion.
Pattern Energy Group (NASDAQ:PEGI) last released its earnings results on Monday, November 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.01. Pattern Energy Group had a negative net margin of 7.83% and a positive return on equity of 0.16%. The company had revenue of $91.90 million for the quarter, compared to the consensus estimate of $98.36 million. During the same quarter in the previous year, the company earned ($0.40) EPS. Pattern Energy Group’s quarterly revenue was up 2.5% compared to the same quarter last year. Analysts forecast that Pattern Energy Group Inc. will post ($0.38) earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be given a dividend of $0.408 per share. This represents a $1.63 dividend on an annualized basis and a dividend yield of 8.51%. The ex-dividend date is Wednesday, December 28th. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.40. Pattern Energy Group’s payout ratio is presently -421.05%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors Inc. increased its position in Pattern Energy Group by 1.7% in the first quarter. Teachers Advisors Inc. now owns 82,204 shares of the company’s stock worth $1,568,000 after buying an additional 1,373 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Pattern Energy Group by 6.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,520,164 shares of the company’s stock worth $28,990,000 after buying an additional 96,092 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased 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 worth $788,000 after buying an additional 39,274 shares during the last quarter. Robecosam AG increased its position in Pattern Energy Group by 38.3% in the first quarter. Robecosam AG now owns 159,000 shares of the company’s stock worth $3,070,000 after buying an additional 44,000 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in Pattern Energy Group during the second quarter worth about $2,910,000.
PEGI has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Saturday, November 12th. Wells Fargo & Co. restated a “buy” rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Credit Suisse Group AG began coverage on shares of Pattern Energy Group in a report on Thursday. They set an “outperform” rating and a $22.00 price objective on the stock. RBC Capital Markets reaffirmed an “outperform” rating and issued a $35.00 target price on shares of Pattern Energy Group in a research report on Tuesday, November 8th. Finally, Oppenheimer Holdings Inc. began coverage on shares of Pattern Energy Group in a research report on Thursday, September 8th. They issued an “outperform” rating and a $36.00 target price for the company. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $26.89.
About Pattern Energy Group
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.
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