Short Interest in Pattern Energy Group Inc (PEGI) Increases By 10.6%
Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) was the target of a significant growth in short interest in December. As of December 29th, there was short interest totalling 7,943,227 shares, a growth of 10.6% from the December 15th total of 7,180,603 shares. Based on an average daily volume of 940,820 shares, the short-interest ratio is currently 8.4 days. Approximately 8.9% of the shares of the stock are sold short.
Shares of Pattern Energy Group (NASDAQ PEGI) opened at $21.15 on Wednesday. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $2,070.00, a PE ratio of 528.75, a P/E/G ratio of 3.88 and a beta of 0.99. Pattern Energy Group has a 12 month low of $19.26 and a 12 month high of $26.56.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Thursday, November 9th. The utilities provider reported ($0.26) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.14). Pattern Energy Group had a return on equity of 0.06% and a net margin of 1.01%. analysts predict that Pattern Energy Group will post 0.11 EPS for the current fiscal year.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $22.53, for a total transaction of $54,072.00. Following the sale, the insider now owns 141,011 shares in the company, valued at $3,176,977.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 7,700 shares of company stock worth $172,657 in the last 90 days. Company insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Pattern Energy Group by 0.7% in the second quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock worth $139,961,000 after purchasing an additional 38,599 shares during the last quarter. BlackRock Inc. grew its stake in shares of Pattern Energy Group by 2.6% in the second quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock worth $122,951,000 after purchasing an additional 130,085 shares during the last quarter. Brookfield Asset Management Inc. grew its stake in shares of Pattern Energy Group by 10.0% in the second quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock worth $58,787,000 after purchasing an additional 224,508 shares during the last quarter. Cohen & Steers Inc. grew its stake in shares of Pattern Energy Group by 25.5% in the third quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock worth $58,224,000 after purchasing an additional 490,987 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Pattern Energy Group by 6.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,768,431 shares of the utilities provider’s stock worth $42,621,000 after purchasing an additional 108,341 shares during the last quarter. 75.44% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on PEGI shares. Williams Capital started coverage on Pattern Energy Group in a report on Monday, October 16th. They issued a “buy” rating and a $28.00 price objective on the stock. Goldman Sachs Group upgraded Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Tuesday, December 5th. Zacks Investment Research upgraded Pattern Energy Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 15th. National Bank Financial lifted their price objective on Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a report on Saturday, September 23rd. Finally, Bank of America decreased their price objective on Pattern Energy Group from $21.00 to $19.00 and set an “underperform” rating on the stock in a report on Friday, November 10th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $25.61.
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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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