Metropolitan Life Insurance Co NY Acquires New Holdings in PG&E Co. (NYSE:PCG)

Metropolitan Life Insurance Co NY acquired a new stake in PG&E Co. (NYSE:PCG) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 31,248 shares of the utilities provider’s stock, valued at approximately $318,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PCG. JPMorgan Chase & Co. raised its holdings in PG&E by 381.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 17,251,691 shares of the utilities provider’s stock valued at $175,450,000 after buying an additional 13,668,108 shares during the period. Credit Suisse AG increased its stake in PG&E by 81.0% during the second quarter. Credit Suisse AG now owns 25,307,106 shares of the utilities provider’s stock worth $255,601,000 after purchasing an additional 11,326,089 shares during the period. Franklin Resources Inc. increased its stake in PG&E by 160.7% during the second quarter. Franklin Resources Inc. now owns 17,024,861 shares of the utilities provider’s stock worth $173,143,000 after purchasing an additional 10,494,530 shares during the period. Massachusetts Financial Services Co. MA increased its stake in PG&E by 15.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 37,673,052 shares of the utilities provider’s stock worth $383,134,000 after purchasing an additional 5,149,547 shares during the period. Finally, State Street Corp increased its stake in PG&E by 14.1% during the second quarter. State Street Corp now owns 31,821,051 shares of the utilities provider’s stock worth $323,620,000 after purchasing an additional 3,940,290 shares during the period. Hedge funds and other institutional investors own 78.34% of the company’s stock.

Shares of PG&E stock opened at $12.46 on Thursday. PG&E Co. has a one year low of $8.24 and a one year high of $12.91. The company has a market cap of $30.69 billion, a PE ratio of -56.64, a P/E/G ratio of 4.88 and a beta of 1.40. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.62 and a current ratio of 0.65. The business has a 50-day simple moving average of $11.07 and a 200-day simple moving average of $10.23.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Sunday, October 31st. The utilities provider reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.26 by ($0.02). PG&E had a positive return on equity of 9.34% and a negative net margin of 1.81%. The company had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period in the prior year, the firm posted $0.22 earnings per share. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, sell-side analysts predict that PG&E Co. will post 1.01 earnings per share for the current fiscal year.

In other PG&E news, Director Arno Lockheart Harris purchased 8,475 shares of the stock in a transaction that occurred on Friday, November 5th. The stock was purchased at an average cost of $11.81 per share, with a total value of $100,089.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert C. Flexon purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, September 1st. The stock was acquired at an average cost of $9.28 per share, with a total value of $92,800.00. Following the completion of the acquisition, the director now directly owns 51,299 shares of the company’s stock, valued at $476,054.72. The disclosure for this purchase can be found here. Insiders own 0.14% of the company’s stock.

A number of analysts have issued reports on PCG shares. Royal Bank of Canada upgraded shares of PG&E from a “sector perform” rating to an “outperform” rating and set a $14.00 price target on the stock in a research note on Monday, August 16th. Morgan Stanley cut their price target on shares of PG&E from $10.50 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, September 17th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $13.42.

PG&E Company Profile

PG&E Corp. is a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in San Francisco, CA.

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Institutional Ownership by Quarter for PG&E (NYSE:PCG)

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