1832 Asset Management L.P. Purchases 7,831 Shares of PG&E Co. (NYSE:PCG)

1832 Asset Management L.P. lifted its position in PG&E Co. (NYSE:PCG) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,378 shares of the utilities provider’s stock after acquiring an additional 7,831 shares during the quarter. 1832 Asset Management L.P.’s holdings in PG&E were worth $2,068,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of PG&E by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 282,332,215 shares of the utilities provider’s stock valued at $4,731,888,000 after purchasing an additional 5,635,693 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in PG&E by 1.8% during the first quarter. JPMorgan Chase & Co. now owns 126,126,581 shares of the utilities provider’s stock worth $2,113,882,000 after buying an additional 2,176,931 shares during the period. Capital International Investors lifted its holdings in PG&E by 4.4% during the first quarter. Capital International Investors now owns 121,159,974 shares of the utilities provider’s stock worth $2,030,641,000 after buying an additional 5,066,183 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in PG&E by 1.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 84,516,243 shares of the utilities provider’s stock worth $1,523,828,000 after buying an additional 993,923 shares during the period. Finally, Third Point LLC boosted its position in PG&E by 1.8% during the 4th quarter. Third Point LLC now owns 57,860,000 shares of the utilities provider’s stock valued at $1,043,216,000 after acquiring an additional 1,000,000 shares in the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PG&E

In related news, CEO Patricia K. Poppe sold 59,000 shares of PG&E stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $17.08, for a total transaction of $1,007,720.00. Following the completion of the transaction, the chief executive officer now directly owns 1,515,777 shares in the company, valued at $25,889,471.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.15% of the company’s stock.

PG&E Stock Performance

NYSE PCG traded up $0.01 during trading hours on Friday, reaching $18.03. The stock had a trading volume of 10,979,021 shares, compared to its average volume of 11,910,385. PG&E Co. has a 52-week low of $14.71 and a 52-week high of $18.95. The stock has a fifty day moving average of $17.96 and a 200 day moving average of $17.24. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.93 and a current ratio of 0.99. The stock has a market cap of $51.91 billion, a P/E ratio of 16.10 and a beta of 1.08.

PG&E (NYSE:PCG) last released its quarterly earnings data on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.91%. The business had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the prior year, the firm earned $0.23 EPS. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. Sell-side analysts predict that PG&E Co. will post 1.35 earnings per share for the current year.

PG&E Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was 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%.

Analysts Set New Price Targets

Several equities analysts have issued reports on PCG shares. Morgan Stanley cut their target price on PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Mizuho lifted their price objective on shares of PG&E from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Barclays raised their target price on shares of PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. raised PG&E from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $19.00 to $22.00 in a research report on Monday, June 10th. Finally, The Goldman Sachs Group initiated coverage on PG&E in a research report on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.

PG&E 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.