Stevens Capital Management LP purchased a new stake in shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 10,126 shares of the utilities provider’s stock, valued at approximately $241,000.

A number of other hedge funds also recently made changes to their positions in PEGI. Legal & General Group Plc raised its position in shares of Pattern Energy Group by 2.4% in the second quarter. Legal & General Group Plc now owns 25,151 shares of the utilities provider’s stock valued at $601,000 after purchasing an additional 584 shares during the period. Atlantic Trust LLC lifted its stake in shares of Pattern Energy Group by 1.2% in the first quarter. Atlantic Trust LLC now owns 61,190 shares of the utilities provider’s stock worth $1,257,000 after buying an additional 754 shares during the last quarter. HighTower Advisors LLC lifted its stake 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 worth $229,000 after buying an additional 948 shares during the last quarter. Oliver Luxxe Assets LLC lifted its stake in shares of Pattern Energy Group by 1.6% in the second quarter. Oliver Luxxe Assets LLC now owns 77,931 shares of the utilities provider’s stock worth $1,858,000 after buying an additional 1,210 shares during the last quarter. Finally, US Bancorp DE lifted its stake 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 worth $126,000 after buying an additional 1,231 shares during the last quarter. Institutional investors own 95.36% of the company’s stock.

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Shares of Pattern Energy Group Inc. (PEGI) opened at 24.10 on Monday. The company has a market capitalization of $2.11 billion, a P/E ratio of 70.26 and a beta of 1.04. The firm has a 50-day moving average of $24.94 and a 200-day moving average of $23.00. Pattern Energy Group Inc. has a one year low of $18.68 and a one year high of $26.56.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The business had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. Pattern Energy Group’s revenue was up 15.4% compared to the same quarter last year. Equities research analysts expect that Pattern Energy Group Inc. will post $0.35 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.42 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 annualized dividend and a yield of 6.97%. The ex-dividend date is Thursday, September 28th. Pattern Energy Group’s dividend payout ratio is currently 509.11%.

In other news, VP Daniel M. Elkort sold 4,100 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $24.08, for a total value of $98,728.00. Following the transaction, the vice president now owns 75,173 shares of the company’s stock, valued at $1,810,165.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $25.10, for a total value of $30,120.00. Following the completion of the transaction, the insider now directly owns 148,211 shares in the company, valued at approximately $3,720,096.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,500 shares of company stock worth $184,204. Insiders own 1.60% of the company’s stock.

PEGI has been the subject of several recent analyst reports. Desjardins upped their price objective on shares of Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 20th. BMO Capital Markets reiterated a “buy” rating and issued a $28.00 target price on shares of Pattern Energy Group in a report on Wednesday, August 2nd. National Bank Financial boosted their target price on shares of Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a research report on Saturday, September 23rd. Zacks Investment Research raised shares of Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 target price for the company in a research report on Wednesday, June 28th. Finally, BidaskClub raised shares of Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $26.40.

About Pattern Energy Group

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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Institutional Ownership by Quarter for Pattern Energy Group (NASDAQ:PEGI)

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