Board Member of Independent Power Company Snaps Up New Stake
One Board member of Pattern Energy Group Inc. (NASDAQ:PEGI) acquired a new stake in the company this past week. The Lord Browne of Madingley, member of the company’s Board of Directors since October 2013, purchased a new stake of 10,000 Class A shares on Wednesday at a price tag of $23.89 each.
The shares of the independent power company have gained 17% thus far in 2016. As of the end of the second quarter, Pattern Energy Group Inc. (NASDAQ:PEGI) holds interests in 17 wind power projects located in the United States, Canada and Chile, which collectively have an owned capacity of 2,554 megawatt (MW). In mid-August, the company announced it was discussing to acquire a 90 MW-interest in the 180 MW Armow Wind power facility in Ontario. Pattern Energy plans to fund the acquisition with capital raised from a recent equity offering. Adage Capital Management, founded by Phillip Gross and Robert Atchinson, acquired a 216,941-share stake in Pattern Energy Group Inc. (NASDAQ:PEGI) during the June quarter.
Director at Developer and Operator of Seawater Desalination Plants Purchases Shares
A member of Consolidated Water Co. Ltd. (NASDAQ:CWCO)’s boardroom also boosted his ownership in the company last week. Board member Richard L. Finlay snatched up 10,000 units of common stock on Wednesday at prices varying from $12.64 to $12.75 per unit. After the recent transaction, Mr. Finlay currently holds an ownership stake of 33,493 shares. The stake includes 402 shares acquired under the company’s dividend reinvestment plan.
Consolidated Water Co. Ltd. (NASDAQ:CWCO), which uses reverse osmosis technology to produce potable water from seawater, has seen its market capitalization jump by 5% since the start of the year. The company’s total revenues for the June quarter grew to $15.40 million from $14.49 million recorded in the same period of the prior year. In late August, Consolidated Water’s Board of Directors approved a cash dividend of $0.075 per share, which yields 2.33% annually. There were a mere three hedge fund firms followed by Insider Monkey invested in the designer and operator of seawater reverse osmosis desalination plans at the end of the April-to-June quarter. Jim Simons’ Renaissance Technologies LLC owns 382,800 shares of Consolidated Water Co. Ltd. (NASDAQ:CWCO) as of the end of June.
The final page of this insider trading article will discuss fresh insider selling recorded at two other companies.