Convergence Investment Partners LLC cut its position in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 70.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,150 shares of the utilities provider’s stock after selling 161,166 shares during the quarter. Convergence Investment Partners LLC’s holdings in Pattern Energy Group were worth $1,486,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PEGI. JPMorgan Chase & Co. boosted its stake in shares of Pattern Energy Group by 21,212.6% in the second quarter. JPMorgan Chase & Co. now owns 784,517 shares of the utilities provider’s stock valued at $18,702,000 after purchasing an additional 780,836 shares during the period. Teachers Advisors LLC raised its holdings in Pattern Energy Group by 432.8% in the second quarter. Teachers Advisors LLC now owns 676,343 shares of the utilities provider’s stock valued at $16,124,000 after acquiring an additional 549,399 shares in the last quarter. Cohen & Steers Inc. raised its holdings in Pattern Energy Group by 25.5% in the third quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock valued at $58,224,000 after acquiring an additional 490,987 shares in the last quarter. AHL Partners LLP raised its holdings in Pattern Energy Group by 254.1% in the second quarter. AHL Partners LLP now owns 372,591 shares of the utilities provider’s stock valued at $8,883,000 after acquiring an additional 267,365 shares in the last quarter. Finally, Brookfield Asset Management Inc. raised its holdings in Pattern Energy Group by 10.0% in the second quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock valued at $58,787,000 after acquiring an additional 224,508 shares in the last quarter. Institutional investors and hedge funds own 75.44% of the company’s stock.

Several analysts recently issued reports on the stock. Williams Capital assumed coverage on shares of Pattern Energy Group in a report on Monday, October 16th. They issued a “buy” rating and a $28.00 price target on the stock. Zacks Investment Research cut shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Goldman Sachs Group raised shares of Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Tuesday, December 5th. Wells Fargo & Co cut their price target on shares of Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday, November 10th. Finally, Raymond James Financial cut their price target on shares of Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, November 13th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $25.61.

In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $23.01, for a total transaction of $55,224.00. Following the sale, the insider now directly owns 143,411 shares of the company’s stock, valued at $3,299,887.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 7,700 shares of company stock worth $172,657 over the last three months. 1.60% of the stock is owned by corporate insiders.

Shares of Pattern Energy Group Inc (NASDAQ PEGI) opened at $21.17 on Friday. The firm has a market cap of $2,070.00, a price-to-earnings ratio of 529.25, a price-to-earnings-growth ratio of 3.82 and a beta of 0.99. Pattern Energy Group Inc has a twelve month low of $19.26 and a twelve month high of $26.56. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Thursday, November 9th. The utilities provider reported ($0.26) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.14). Pattern Energy Group had a return on equity of 0.06% and a net margin of 1.01%. sell-side analysts anticipate that Pattern Energy Group Inc will post 0.11 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be issued a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a dividend yield of 7.97%. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date is Thursday, December 28th. Pattern Energy Group’s dividend payout ratio is 4,225.00%.

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

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