Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) was the recipient of a large growth in short interest in the month of December. As of December 29th, there was short interest totalling 7,943,227 shares, a growth of 10.6% from the December 15th total of 7,180,603 shares. Based on an average daily trading volume, of 940,820 shares, the short-interest ratio is presently 8.4 days. Currently, 8.9% of the shares of the company are short sold.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $22.53, for a total transaction of $54,072.00. Following the transaction, the insider now 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 this link. Insiders have sold a total of 7,700 shares of company stock worth $172,657 in the last quarter. Company insiders own 1.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new stake in Pattern Energy Group in the third quarter valued at about $107,000. Advisor Group Inc. boosted its stake in Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after buying an additional 1,193 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Pattern Energy Group in the third quarter valued at about $135,000. Ameritas Investment Partners Inc. boosted its stake in Pattern Energy Group by 7.9% in the second quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock valued at $147,000 after buying an additional 451 shares in the last quarter. Finally, Private Advisor Group LLC acquired a new stake in Pattern Energy Group in the third quarter valued at about $203,000. 75.44% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pattern Energy Group (PEGI) opened at $21.50 on Monday. The firm has a market capitalization of $2,104.98, a PE ratio of 537.63, a P/E/G ratio of 3.88 and a beta of 0.99. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.51 and a quick ratio of 0.51. Pattern Energy Group has a 12 month low of $19.26 and a 12 month high of $26.56.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings data on Thursday, November 9th. The utilities provider reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.14). Pattern Energy Group had a net margin of 1.01% and a return on equity of 0.06%. equities analysts predict that Pattern Energy Group will post 0.11 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be paid a $0.422 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.69 annualized dividend and a yield of 7.85%. Pattern Energy Group’s dividend payout ratio (DPR) is 4,226.06%.
A number of research analysts recently commented on PEGI shares. BMO Capital Markets decreased their price target on Pattern Energy Group from $28.50 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 10th. Bank of America restated an “underperform” rating and issued a $21.00 price target on shares of Pattern Energy Group in a research report on Tuesday, October 24th. National Bank Financial raised their price target on Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a research report on Saturday, September 23rd. Morgan Stanley cut Pattern Energy Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $33.00 to $25.00 in a research report on Tuesday, December 12th. Finally, Zacks Investment Research cut Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 10th. Three 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’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $25.61.
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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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