Investors Buy Large Volume of Put Options on Pattern Energy Group (PEGI)

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Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) saw some unusual options trading on Monday. Stock traders purchased 30,248 put options on the company. This represents an increase of approximately 4,802% compared to the average daily volume of 617 put options.

Shares of NASDAQ:PEGI opened at $19.65 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.86. Pattern Energy Group has a 1 year low of $16.58 and a 1 year high of $23.03. The firm has a market cap of $1.82 billion, a P/E ratio of 103.42, a PEG ratio of 0.40 and a beta of 1.07.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Monday, November 5th. The utilities provider reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.09). The business had revenue of $118.39 million for the quarter, compared to analyst estimates of $117.22 million. Pattern Energy Group had a return on equity of 6.91% and a net margin of 28.80%. The company’s quarterly revenue was up 28.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.34) earnings per share. Analysts anticipate that Pattern Energy Group will post 1.56 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 31st. Shareholders of record on Friday, September 28th were given a dividend of $0.422 per share. This represents a $1.69 annualized dividend and a yield of 8.59%. The ex-dividend date of this dividend was Thursday, September 27th. Pattern Energy Group’s payout ratio is 889.47%.

A number of institutional investors have recently bought and sold shares of PEGI. Chicago Partners Investment Group LLC increased its position in Pattern Energy Group by 116.0% during the second quarter. Chicago Partners Investment Group LLC now owns 5,677 shares of the utilities provider’s stock worth $106,000 after buying an additional 3,049 shares during the last quarter. Macquarie Group Ltd. acquired a new position in Pattern Energy Group during the second quarter worth $124,000. CAPROCK Group Inc. acquired a new position in Pattern Energy Group during the third quarter worth $204,000. Xact Kapitalforvaltning AB increased its position in Pattern Energy Group by 28.1% during the second quarter. Xact Kapitalforvaltning AB now owns 16,846 shares of the utilities provider’s stock worth $316,000 after buying an additional 3,700 shares during the last quarter. Finally, Raymond James & Associates increased its position in Pattern Energy Group by 29.0% during the second quarter. Raymond James & Associates now owns 27,095 shares of the utilities provider’s stock worth $508,000 after buying an additional 6,094 shares during the last quarter. 90.18% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently issued reports on PEGI shares. TheStreet upgraded Pattern Energy Group from a “c+” rating to a “b-” rating in a report on Thursday, August 23rd. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Wednesday, October 10th. BidaskClub upgraded Pattern Energy Group from a “hold” rating to a “buy” rating in a report on Tuesday, October 23rd. National Bank Financial cut their price objective on Pattern Energy Group from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, July 27th. Finally, ValuEngine upgraded Pattern Energy Group from a “strong sell” rating to a “sell” rating in a report on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. Pattern Energy Group currently has a consensus rating of “Hold” and a consensus price target of $22.42.

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Pattern Energy Group Company Profile

Pattern Energy Group Inc, an independent power company, focuses on the construction, ownership, and operation of various power projects in the United States, Canada, and Chile. It holds interests in various wind and solar power projects. The company sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

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