PG&E (NYSE:PCG) Upgraded to “Neutral” at Citigroup

Citigroup upgraded shares of PG&E (NYSE:PCG) from a sell rating to a neutral rating in a report released on Monday, BenzingaRatingsTable reports. Citigroup currently has $12.00 price target on the utilities provider’s stock, up from their previous price target of $4.00.

Other equities research analysts also recently issued research reports about the company. Barclays set a $14.00 price target on PG&E and gave the stock a hold rating in a report on Thursday, August 22nd. UBS Group lowered their price target on PG&E from $24.00 to $13.00 and set a neutral rating for the company in a report on Tuesday, August 20th. Morgan Stanley set a $23.00 price target on PG&E and gave the stock a hold rating in a report on Monday, August 26th. Zacks Investment Research raised PG&E from a sell rating to a hold rating and set a $19.00 price target for the company in a report on Tuesday, July 23rd. Finally, Wells Fargo & Co reissued a hold rating on shares of PG&E in a report on Monday, September 2nd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $18.20.

Shares of PCG stock opened at $11.75 on Monday. PG&E has a 1-year low of $5.07 and a 1-year high of $49.42. The stock’s 50-day moving average is $13.45 and its 200 day moving average is $18.18. The company has a market cap of $5.92 billion, a P/E ratio of 2.94, a PEG ratio of 1.28 and a beta of 0.43. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.03 and a quick ratio of 1.92.

PG&E (NYSE:PCG) last issued its quarterly earnings data on Friday, August 9th. The utilities provider reported $1.10 earnings per share for the quarter, beating 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 last year, the company earned $1.16 earnings per share. On average, analysts anticipate that PG&E will post 3.88 EPS for the current year.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of PG&E by 3.4% in the second quarter. Vanguard Group Inc. now owns 38,864,982 shares of the utilities provider’s stock worth $890,785,000 after purchasing an additional 1,270,818 shares during the last quarter. Abrams Capital Management L.P. purchased a new position in shares of PG&E in the first quarter worth about $445,000,000. Gallagher Fiduciary Advisors LLC purchased a new position in shares of PG&E in the first quarter worth about $394,618,000. Attestor Capital LLP raised its stake in shares of PG&E by 3.0% in the second quarter. Attestor Capital LLP now owns 8,518,514 shares of the utilities provider’s stock worth $195,244,000 after purchasing an additional 250,000 shares during the last quarter. Finally, Eminence Capital LP raised its stake in shares of PG&E by 38.8% in the second quarter. Eminence Capital LP now owns 7,971,802 shares of the utilities provider’s stock worth $182,714,000 after purchasing an additional 2,229,983 shares during the last quarter. Hedge funds and other institutional investors own 90.55% of the company’s stock.

About PG&E

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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Analyst Recommendations for PG&E (NYSE:PCG)

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