Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 7,180,603 shares, a growth of 27.5% from the November 30th total of 5,630,759 shares. Currently, 8.0% of the shares of the company are sold short. Based on an average daily volume of 1,295,168 shares, the short-interest ratio is presently 5.5 days.
A number of research analysts recently commented on PEGI shares. Goldman Sachs Group upgraded 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 research note on Tuesday, December 5th. Williams Capital started coverage on shares of Pattern Energy Group in a report on Monday, October 16th. They issued a “buy” rating and a $28.00 price objective for the company. Morgan Stanley downgraded shares of Pattern Energy Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $33.00 to $25.00 in a report on Tuesday, December 12th. Zacks Investment Research downgraded shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Finally, BMO Capital Markets cut their price objective on shares of Pattern Energy Group from $28.50 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 10th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $25.61.
Pattern Energy Group (PEGI) opened at $21.50 on Friday. 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 has a 12-month low of $19.26 and a 12-month high of $26.56. The stock has a market cap of $2,100.00, a P/E ratio of 537.50, a P/E/G ratio of 3.86 and a beta of 0.99.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be given a $0.422 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.69 annualized dividend and a yield of 7.85%. The ex-dividend date of this dividend is Thursday, December 28th. Pattern Energy Group’s dividend payout ratio is 4,225.00%.
In other news, insider Esben W. Pedersen sold 2,400 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $22.53, for a total transaction of $54,072.00. Following the transaction, the insider now directly owns 141,011 shares in the company, valued at approximately $3,176,977.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 7,700 shares of company stock worth $172,657 over the last 90 days. 1.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC acquired a new position in Pattern Energy Group in the 3rd quarter valued at approximately $107,000. Advisor Group Inc. increased its position in shares of Pattern Energy Group by 31.0% during the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after buying an additional 1,193 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Pattern Energy Group during the third quarter worth $135,000. Ameritas Investment Partners Inc. increased its position in shares of Pattern Energy Group by 7.9% during the second quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock worth $147,000 after buying an additional 451 shares during the period. Finally, Private Advisor Group LLC acquired a new stake in shares of Pattern Energy Group during the third quarter worth $203,000. Hedge funds and other institutional investors own 75.44% of the company’s stock.
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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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