First Trust Advisors LP Increases Stake in Pattern Energy Group Inc (NASDAQ:PEGI)

First Trust Advisors LP raised its position in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) by 3.8% during the fourth quarter, HoldingsChannel reports. The firm owned 401,029 shares of the utilities provider’s stock after purchasing an additional 14,829 shares during the period. First Trust Advisors LP’s holdings in Pattern Energy Group were worth $10,730,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PEGI. Vertex One Asset Management Inc. purchased a new position in Pattern Energy Group in the 4th quarter valued at $7,652,000. Phoenix Holdings Ltd. purchased a new position in Pattern Energy Group in the 3rd quarter valued at $5,676,000. Dupont Capital Management Corp purchased a new position in Pattern Energy Group in the 4th quarter valued at $5,054,000. State of New Jersey Common Pension Fund D purchased a new position in Pattern Energy Group in the 3rd quarter valued at $2,682,000. Finally, California Public Employees Retirement System lifted its holdings in Pattern Energy Group by 68.3% in the 4th quarter. California Public Employees Retirement System now owns 164,881 shares of the utilities provider’s stock valued at $4,411,000 after purchasing an additional 66,935 shares in the last quarter. Institutional investors own 80.55% of the company’s stock.

A number of research analysts have weighed in on the company. Raymond James restated a “market perform” rating and issued a $26.75 price objective on shares of Pattern Energy Group in a report on Tuesday, November 5th. Royal Bank of Canada lowered Pattern Energy Group from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $28.00 to $26.75 in a report on Tuesday, November 5th. BidaskClub lowered Pattern Energy Group from a “sell” rating to a “strong sell” rating in a report on Friday, December 27th. Wells Fargo & Co lowered Pattern Energy Group from an “equal weight” rating to an “underweight” rating and set a $26.75 price objective on the stock. in a report on Wednesday, January 8th. Finally, National Bank Financial lowered Pattern Energy Group from an “outperform” rating to a “tender” rating and decreased their price objective for the company from $27.00 to $26.75 in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Pattern Energy Group has a consensus rating of “Hold” and an average target price of $25.94.

Shares of PEGI opened at $27.58 on Friday. Pattern Energy Group Inc has a 52-week low of $19.19 and a 52-week high of $28.50. The company has a market capitalization of $2.70 billion, a PE ratio of -26.02, a price-to-earnings-growth ratio of 12.91 and a beta of 1.10. The stock has a fifty day simple moving average of $26.88 and a two-hundred day simple moving average of $26.70. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 1.20.

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

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