Pattern Energy Group Inc. (PEGI) Shares Bought by Investec Asset Management LTD

Investec Asset Management LTD lifted its holdings in shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 46.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,147 shares of the utilities provider’s stock after purchasing an additional 21,564 shares during the quarter. Investec Asset Management LTD owned 0.08% of Pattern Energy Group worth $1,625,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PEGI. BlackRock Inc. raised its position in shares of Pattern Energy Group by 5,997.7% during the first quarter. BlackRock Inc. now owns 5,027,184 shares of the utilities provider’s stock worth $101,195,000 after purchasing an additional 4,944,740 shares during the period. Brookfield Asset Management Inc. raised its position in shares of Pattern Energy Group by 887.8% during the first quarter. Brookfield Asset Management Inc. now owns 2,241,400 shares of the utilities provider’s stock worth $45,119,000 after purchasing an additional 2,014,500 shares during the period. Beach Investment Management LLC. raised its position in shares of Pattern Energy Group by 1,098.2% during the second quarter. Beach Investment Management LLC. now owns 1,974,586 shares of the utilities provider’s stock worth $47,074,000 after purchasing an additional 1,809,792 shares during the period. JPMorgan Chase & Co. raised its position in shares of Pattern Energy Group by 21,212.6% during the second quarter. JPMorgan Chase & Co. now owns 784,517 shares of the utilities provider’s stock worth $18,702,000 after purchasing an additional 780,836 shares during the period. Finally, Teachers Advisors LLC raised its position in shares of Pattern Energy Group by 432.8% during the second quarter. Teachers Advisors LLC now owns 676,343 shares of the utilities provider’s stock worth $16,124,000 after purchasing an additional 549,399 shares during the period. 94.66% of the stock is currently owned by institutional investors.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The business had revenue of $107.76 million for the quarter, compared to the consensus estimate of $124.02 million. During the same period in the prior year, the business earned ($0.04) EPS. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 annualized dividend and a dividend yield of 6.39%. Pattern Energy Group’s dividend payout ratio is 506.08%.

A number of equities research analysts have recently commented on PEGI shares. Royal Bank Of Canada raised their price target on Pattern Energy Group from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 20th. BMO Capital Markets reaffirmed a “buy” rating and set a $28.50 price target on shares of Pattern Energy Group in a research report on Friday, September 8th. ValuEngine raised Pattern Energy Group from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub raised Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Finally, Zacks Investment Research raised Pattern Energy Group from a “hold” rating to a “strong-buy” rating and set a $29.00 price target on the stock in a research report on Wednesday, June 28th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Pattern Energy Group currently has a consensus rating of “Buy” and an average target price of $25.35.

TRADEMARK VIOLATION WARNING: This story was posted by Chaffey Breeze and is owned by of Chaffey Breeze. If you are reading this story on another publication, it was copied illegally and reposted in violation of US and international copyright legislation. The legal version of this story can be read at https://www.chaffeybreeze.com/2017/09/21/pattern-energy-group-inc-pegi-shares-bought-by-investec-asset-management-ltd.html.

In other Pattern Energy Group news, VP Daniel M. Elkort sold 4,100 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $24.08, for a total transaction of $98,728.00. Following the completion of the transaction, the vice president now directly owns 75,173 shares of the company’s stock, valued at $1,810,165.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total value of $30,216.00. Following the transaction, the insider now directly owns 149,411 shares of the company’s stock, valued at $3,762,168.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,200 shares of company stock valued at $225,004. Company insiders own 1.60% of the company’s stock.

Pattern Energy Group 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.

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

Receive News & Ratings for Pattern Energy Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pattern Energy Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply