MUFG Securities EMEA plc acquired a new position in PG&E Co. (NYSE:PCG) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 250,000 shares of the utilities provider’s stock, valued at approximately $5,730,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Abrams Capital Management L.P. acquired a new position in PG&E in the 1st quarter worth approximately $445,000,000. Gallagher Fiduciary Advisors LLC purchased a new position in shares of PG&E during the first quarter worth $394,618,000. Geode Capital Management LLC raised its holdings in shares of PG&E by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 6,960,585 shares of the utilities provider’s stock worth $165,035,000 after purchasing an additional 563,036 shares during the last quarter. First Pacific Advisors LP lifted its position in PG&E by 6.9% during the first quarter. First Pacific Advisors LP now owns 5,329,333 shares of the utilities provider’s stock valued at $94,862,000 after purchasing an additional 345,105 shares during the period. Finally, MFN Partners Management LP lifted its position in PG&E by 281.0% during the first quarter. MFN Partners Management LP now owns 4,000,000 shares of the utilities provider’s stock valued at $71,200,000 after purchasing an additional 2,950,000 shares during the period. 90.59% of the stock is owned by hedge funds and other institutional investors.
Shares of PG&E stock traded down $0.27 on Wednesday, hitting $10.63. The company’s stock had a trading volume of 429,804 shares, compared to its average volume of 9,425,111. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 2.68, a price-to-earnings-growth ratio of 1.27 and a beta of 0.42. PG&E Co. has a 1 year low of $5.07 and a 1 year high of $49.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.92 and a current ratio of 2.03. The firm has a fifty day moving average price of $14.48 and a 200-day moving average price of $18.44.
PG&E (NYSE:PCG) last issued its quarterly earnings results on Friday, August 9th. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.11. The company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $4.30 billion. PG&E had a positive return on equity of 15.16% and a negative net margin of 53.07%. During the same quarter in the prior year, the business posted $1.16 earnings per share. As a group, analysts forecast that PG&E Co. will post 3.9 EPS for the current year.
Several research firms have commented on PCG. Wells Fargo & Co reaffirmed a “hold” rating on shares of PG&E in a report on Monday, September 2nd. Morgan Stanley set a $23.00 price objective on PG&E and gave the company a “hold” rating in a research note on Monday, August 26th. Citigroup cut PG&E from a “buy” rating to a “sell” rating and decreased their price objective for the company from $33.00 to $4.00 in a report on Monday, August 19th. Barclays set a $14.00 target price on PG&E and gave the stock a “hold” rating in a research note on Thursday, August 22nd. Finally, Evercore ISI set a $25.00 target price on PG&E and gave the stock a “hold” rating in a report on Monday, August 12th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $20.59.
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.
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