Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) was the target of unusually large options trading on Friday. Stock investors bought 422 put options on the stock. This is an increase of approximately 374% compared to the average daily volume of 89 put options.
PEGI has been the subject of several recent analyst reports. Williams Capital initiated coverage on Pattern Energy Group in a research report on Monday, October 16th. They issued a “buy” rating and a $28.00 target price for the company. BMO Capital Markets reaffirmed a “buy” rating and issued a $28.50 target price on shares of Pattern Energy Group in a research report on Friday, September 8th. Zacks Investment Research raised Pattern Energy Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 15th. National Bank Financial raised their target price on Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a research report on Saturday, September 23rd. Finally, BidaskClub raised Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $25.65.
Pattern Energy Group (NASDAQ PEGI) opened at $21.14 on Wednesday. Pattern Energy Group has a 1-year low of $18.68 and a 1-year high of $26.56. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $2,066.80, a PE ratio of 2,111.00, a price-to-earnings-growth ratio of 9.38 and a beta of 0.99.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be issued a dividend of $0.422 per share. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.69 annualized dividend and a yield of 7.98%. The ex-dividend date is Thursday, December 28th. Pattern Energy Group’s dividend payout ratio (DPR) is 4,201.05%.
In other news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $23.99, for a total value of $57,576.00. Following the completion of the sale, the insider now owns 145,811 shares of the company’s stock, valued at $3,498,005.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 8,200 shares of company stock valued at $190,477. 1.60% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Pattern Energy Group by 0.7% during the second quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock valued at $139,961,000 after buying an additional 38,599 shares in the last quarter. BlackRock Inc. raised its holdings in Pattern Energy Group by 2.6% during the second quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock valued at $122,951,000 after buying an additional 130,085 shares in the last quarter. CI Investments Inc. raised its holdings in Pattern Energy Group by 0.3% during the second quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock valued at $68,345,000 after buying an additional 7,700 shares in the last quarter. Brookfield Asset Management Inc. raised its holdings in Pattern Energy Group by 10.0% during the second quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock valued at $58,787,000 after buying an additional 224,508 shares in the last quarter. Finally, Cohen & Steers Inc. raised its holdings in Pattern Energy Group by 25.5% during the third quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock valued at $58,224,000 after buying an additional 490,987 shares in the last quarter. Institutional investors own 75.45% of the company’s stock.
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About Pattern Energy Group
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.
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