Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) was the target of a significant drop in short interest in the month of November. As of November 29th, there was short interest totalling 2,960,000 shares, a drop of 17.1% from the November 14th total of 3,570,000 shares. Currently, 3.1% of the company’s shares are short sold. Based on an average daily trading volume, of 1,250,000 shares, the short-interest ratio is currently 2.4 days.

Institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio acquired a new stake in shares of Pattern Energy Group during the second quarter worth about $27,000. Baystate Wealth Management LLC acquired a new position in Pattern Energy Group in the 3rd quarter valued at about $27,000. Point72 Asset Management L.P. acquired a new position in Pattern Energy Group in the 2nd quarter valued at about $32,000. Lenox Wealth Advisors LLC acquired a new position in Pattern Energy Group in the 3rd quarter valued at about $39,000. Finally, Penserra Capital Management LLC acquired a new position in Pattern Energy Group in the 3rd quarter valued at about $71,000. Institutional investors and hedge funds own 80.51% of the company’s stock.

PEGI has been the subject of a number of recent research reports. Raymond James reiterated a “market perform” rating and issued a $26.75 target price on shares of Pattern Energy Group in a report on Tuesday, November 5th. BidaskClub lowered Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada lowered Pattern Energy Group from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $28.00 to $26.75 in a report on Tuesday, November 5th. ValuEngine lowered Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, National Bank Financial downgraded Pattern Energy Group from an “outperform” rating to a “tender” rating and decreased their price target for the stock from $27.00 to $26.75 in a report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. Pattern Energy Group presently has an average rating of “Hold” and a consensus target price of $25.31.

NASDAQ PEGI remained flat at $$27.22 during trading on Friday. The company’s stock had a trading volume of 770,881 shares, compared to its average volume of 688,709. The firm has a market cap of $2.68 billion, a PE ratio of 18.77 and a beta of 1.00. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.34 and a current ratio of 0.34. The stock has a 50-day simple moving average of $27.47 and a 200 day simple moving average of $25.42. Pattern Energy Group has a 12 month low of $17.52 and a 12 month high of $28.50.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its quarterly earnings results on Monday, November 4th. The utilities provider reported ($0.53) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.31). The business had revenue of $119.00 million for the quarter, compared to analysts’ expectations of $120.06 million. Pattern Energy Group had a negative return on equity of 5.06% and a negative net margin of 19.92%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. As a group, research analysts anticipate that Pattern Energy Group will post -0.99 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.422 per share. This represents a $1.69 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date is Monday, December 30th. Pattern Energy Group’s dividend payout ratio (DPR) is currently 116.55%.

About Pattern Energy Group

Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.

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