Traders Buy Large Volume of Put Options on Pattern Energy Group (NASDAQ:PEGI)

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) saw unusually large options trading on Wednesday. Investors purchased 832 put options on the company. This represents an increase of approximately 1,310% compared to the average volume of 59 put options.

PEGI opened at $23.50 on Friday. Pattern Energy Group has a 1-year low of $16.81 and a 1-year high of $23.88. The firm has a fifty day simple moving average of $22.65. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 1.01. The company has a market cap of $2.30 billion, a PE ratio of 16.21 and a beta of 1.06.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings results on Friday, May 10th. The utilities provider reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.43). Pattern Energy Group had a negative net margin of 4.52% and a negative return on equity of 1.06%. The business had revenue of $135.00 million during the quarter, compared to the consensus estimate of $143.38 million. During the same quarter last year, the company posted $1.32 EPS. The firm’s revenue was up 20.5% on a year-over-year basis. Analysts predict that Pattern Energy Group will post -0.01 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be issued a $0.422 dividend. This represents a $1.69 dividend on an annualized basis and a yield of 7.18%. The ex-dividend date is Thursday, June 27th. Pattern Energy Group’s dividend payout ratio is 116.55%.

Hedge funds and other institutional investors have recently modified their holdings of the business. First Trust Advisors LP raised its position in Pattern Energy Group by 49.3% in the first quarter. First Trust Advisors LP now owns 302,137 shares of the utilities provider’s stock valued at $6,647,000 after purchasing an additional 99,799 shares during the last quarter. Redhawk Wealth Advisors Inc. bought a new position in Pattern Energy Group in the first quarter valued at about $203,000. Princeton Global Asset Management LLC bought a new position in Pattern Energy Group in the first quarter valued at about $44,000. Marshall Wace LLP bought a new position in Pattern Energy Group in the first quarter valued at about $774,000. Finally, Jackson Hole Capital Partners LLC bought a new position in Pattern Energy Group in the first quarter valued at about $213,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have recently issued reports on PEGI. BidaskClub upgraded Waterstone Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, March 27th. Raymond James restated a “neutral” rating and issued a $35.00 price target on shares of Stantec in a research note on Monday, May 13th. Royal Bank of Canada restated an “underperform” rating and issued a GBX 215 ($2.81) price target on shares of in a research note on Wednesday, June 26th. Finally, TheStreet upgraded Third Point Reinsurance from a “d+” rating to a “c-” rating in a research note on Tuesday, May 14th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $22.29.

Pattern Energy Group Company Profile

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.

See Also: Quiet Period

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