Pattern Energy Group Sees Unusually Large Options Volume (NASDAQ:PEGI)

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) was the target of unusually large options trading activity on Wednesday. Investors purchased 5,027 put options on the company. This represents an increase of approximately 1,285% compared to the typical volume of 363 put options.

Institutional investors have recently bought and sold shares of the stock. Advisors Capital Management LLC lifted its position in shares of Pattern Energy Group by 9.1% during the 2nd quarter. Advisors Capital Management LLC now owns 639,919 shares of the utilities provider’s stock worth $14,776,000 after purchasing an additional 53,524 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Pattern Energy Group during the 2nd quarter worth $11,549,000. OneAscent Financial Services LLC purchased a new stake in shares of Pattern Energy Group during the 2nd quarter worth $233,000. UBS Asset Management Americas Inc. lifted its position in shares of Pattern Energy Group by 11.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 84,030 shares of the utilities provider’s stock worth $1,940,000 after purchasing an additional 8,724 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. lifted its position in shares of Pattern Energy Group by 15,110.9% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 181,314 shares of the utilities provider’s stock worth $4,187,000 after purchasing an additional 180,122 shares during the last quarter. Hedge funds and other institutional investors own 81.61% of the company’s stock.

A number of analysts have recently issued reports on the stock. TheStreet downgraded shares of Pattern Energy Group from a “b-” rating to a “c” rating in a report on Tuesday, May 14th. Wells Fargo & Co downgraded shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $24.00 to $26.00 in a report on Wednesday. Bank of America raised their price target on shares of Pattern Energy Group from $23.00 to $23.50 and gave the stock a “neutral” rating in a report on Tuesday. Royal Bank of Canada restated a “buy” rating and set a $24.00 price target on shares of Pattern Energy Group in a report on Thursday, August 8th. Finally, Raymond James downgraded shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Pattern Energy Group presently has an average rating of “Hold” and a consensus target price of $23.93.

Pattern Energy Group stock opened at $25.67 on Friday. Pattern Energy Group has a fifty-two week low of $17.23 and a fifty-two week high of $26.09. 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 has a 50 day moving average price of $23.44 and a 200 day moving average price of $22.28. The company has a market capitalization of $2.53 billion, a PE ratio of 17.70 and a beta of 1.05.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.11). Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. The company had revenue of $135.00 million during the quarter, compared to analyst estimates of $137.90 million. During the same quarter last year, the business posted $0.34 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities research analysts forecast that Pattern Energy Group will post -0.15 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a $0.422 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.69 annualized dividend and a yield of 6.58%. Pattern Energy Group’s dividend payout ratio (DPR) is presently 116.55%.

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.

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