Shares of Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) saw an uptick in trading volume on Tuesday . 166,028 shares changed hands during mid-day trading, a decline of 77% from the previous session’s volume of 710,447 shares.The stock last traded at $25.72 and had previously closed at $25.15.
Several brokerages recently commented on PEGI. Bank of America reissued a “neutral” rating and issued a $23.50 price objective (up previously from $23.00) on shares of Pattern Energy Group in a research note on Tuesday. Royal Bank of Canada reissued a “buy” rating and issued a $24.00 price objective on shares of Pattern Energy Group in a research note on Thursday, August 8th. Raymond James downgraded shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Finally, TheStreet downgraded shares of Pattern Energy Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 14th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Pattern Energy Group presently has an average rating of “Hold” and an average target price of $23.36.
The firm’s 50 day simple moving average is $23.33. The firm has a market capitalization of $2.29 billion, a PE ratio of 17.80 and a beta of 1.05. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.36 and a current ratio of 0.36.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a dividend yield of 6.54%. The ex-dividend date of this dividend is Thursday, September 26th. Pattern Energy Group’s payout ratio is currently 116.55%.
Hedge funds have recently added to or reduced their stakes in the company. Investors Research Corp bought a new position in shares of Pattern Energy Group during the first quarter valued at $26,000. Strs Ohio acquired a new stake in shares of Pattern Energy Group during the second quarter worth $27,000. FNY Investment Advisers LLC acquired a new stake in shares of Pattern Energy Group during the second quarter worth $30,000. Manchester Capital Management LLC acquired a new stake in shares of Pattern Energy Group during the first quarter worth $31,000. Finally, Reilly Financial Advisors LLC acquired a new stake in shares of Pattern Energy Group during the first quarter worth $33,000. 81.61% of the stock is owned by hedge funds and other institutional investors.
About Pattern Energy Group (NASDAQ:PEGI)
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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