Pattern Energy Group Inc. (NASDAQ:PEGI) Stock Closed 5.5% Above Its 50 Day Moving Average


The stock last traded at $26.30 slightly over $24.94, the stock’s 50 day moving average and which is quite a bit above the 200 day moving average of $23.00. The 50 day moving average was up $1.36 or +5.44% and the 200 day average moved up $3.30. 528K shares changed hands in the last trading session. Trading volume was down 20.57% under the stocks average daily volume.

Traders are feeling more bullish on the company lately at least if you consider the decrease in short interest. The firm experienced a fall in short interest of -1.91% between August 15, 2017 and August 31, 2017. Short shares decreased from 4,795,636 to 4,704,271 over that period. With short interest at 4,704,271 and short average daily volume at 589,815, the short-interest ratio is 8.0 and the short interest percentage is 0.05% as of August 31.

Pattern Energy Group Inc. (NASDAQ:PEGI) has been the object of insider selling activity recently. Christopher M. Shugart, Sr VP sold $12,590 worth of shares at an average price of $25.18 on Tue the 1st. Shugart now owns $1,561,613 of stock as recorded in a recent Form 4 SEC filing. CIO Esben W. Pedersen sold 1,200 shares at an average price of $25.18 on Tue the 1st. That brings Pedersen’s holdings to $3,762,169 per an SEC filing yesterday.

A few notable investment firms have updated their holdings. Perigon Wealth Management, LLC expanded its stake by buying 1,702 shares an increase of 183.2% in the quarter. Perigon Wealth Management, LLC claims 2,631 shares with a value of $64,000. The total value of its holdings increased 236.8%. As of quarter end Ahl Partners Llp had bought 267,365 shares growing its position 254.1%. The value of the investment in Pattern Energy Group Inc. went from $2,118,000 to $8,883,000 increasing 319.4% quarter to quarter.

Baird Financial Group, Inc. reduced its holdings by selling 11,704 shares a decrease of 7.0%. Baird Financial Group, Inc. now holds 155,221 shares worth $3,700,000. The value of the position overall is up by 10.1%. As of the end of the quarter Credit Capital Investments LLC had disposed of a total of 19,840 shares trimming its stake by 11.7%. The value in dollars increased from $3,419,000 to $3,576,000 a change of 4.6% for the reporting period.

In the market the company is trading up from yesterday’s close of 26.29. Pattern Energy Group Inc. also announced a dividend for shareholders that was paid on Monday the 31st of July 2017. The dividend was $0.420 per share for the quarter or $1.68 on an annualized basis. This dividend amount represented a yield of $6.39. The ex-dividend date was set for Wednesday the 28th of June 2017.

The P/E ratio is currently 76.68 and market cap is 2.30B. As of the latest earnings report the EPS was $0.34 and is estimated to be $0.36 for the current year with 87,637,000 shares presently outstanding. Next quarter’s EPS is forecasted to be $0.13 and the next full year EPS is projected to be $0.71.

Pattern Energy Group Inc. (Pattern Energy), launched on October 2, 2012, 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. The Company sells its electricity and environmental attributes, including renewable energy credits (RECs), to local utilities under long-term and fixed-price power purchase agreements (PPAs). The Business’s operating projects are Gulf Wind, Texas; Hatchet Ridge, California; St. Joseph, Manitoba; Spring Valley, Nevada; Santa Isabel, Puerto Rico; Ocotillo, California; South Kent, Ontario; El Arrayan, Chile; Panhandle 1, Texas; Panhandle 2, Texas; Grand, Ontario; Post Rock, Kansas; Lost Creek, Missouri; K2, Ontario; Logan’s Gap, Texas, Amazon Wind Farm Fowler Ridge, Indiana, and Armow Wind power facility in Ontario, Canada..