US Bancorp DE grew its stake in shares of PG&E Co. (NYSE:PCG – Free Report) by 8.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,948 shares of the utilities provider’s stock after acquiring an additional 10,614 shares during the period. US Bancorp DE’s holdings in PG&E were worth $2,433,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. grew its holdings in PG&E by 36.6% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 79,017 shares of the utilities provider’s stock worth $1,425,000 after acquiring an additional 21,165 shares in the last quarter. Tidemark LLC acquired a new position in shares of PG&E in the 4th quarter valued at about $54,000. Dai ichi Life Insurance Company Ltd boosted its holdings in shares of PG&E by 379.0% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 76,494 shares of the utilities provider’s stock valued at $1,379,000 after buying an additional 60,525 shares during the period. BNP Paribas Asset Management Holding S.A. acquired a new position in shares of PG&E in the 4th quarter valued at about $224,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of PG&E by 19.1% in the 4th quarter. Wells Fargo & Company MN now owns 1,136,587 shares of the utilities provider’s stock valued at $20,493,000 after buying an additional 182,279 shares during the period. 78.56% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on PCG. Morgan Stanley lifted their price target on shares of PG&E from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday. Barclays boosted their target price on shares of PG&E from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. boosted their target price on shares of PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, April 23rd. Mizuho boosted their target price on shares of PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Finally, The Goldman Sachs Group initiated coverage on shares of PG&E in a research note on Wednesday, April 10th. They set a “buy” rating and a $21.00 target price for the company. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.75.
Read Our Latest Research Report on PCG
PG&E Stock Up 1.0 %
PCG stock opened at $18.28 on Friday. PG&E Co. has a 52 week low of $14.71 and a 52 week high of $18.95. The company has a market capitalization of $52.63 billion, a price-to-earnings ratio of 16.32 and a beta of 1.26. The firm’s 50-day moving average is $17.33 and its two-hundred day moving average is $17.19. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 2.08.
PG&E (NYSE:PCG – Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. PG&E had a net margin of 10.05% and a return on equity of 11.32%. The company had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $6.60 billion. During the same period in the previous year, the firm earned $0.29 EPS. PG&E’s revenue was down 5.6% on a year-over-year basis. On average, analysts forecast that PG&E Co. will post 1.35 earnings per share for the current fiscal year.
PG&E Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.22%. PG&E’s payout ratio is currently 3.57%.
Insider Buying and Selling
In related news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the sale, the chief executive officer now directly owns 1,515,777 shares in the company, valued at approximately $25,889,471.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.15% of the company’s stock.
PG&E Company Profile
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.
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Source: defenseworld.net
