Investors Purchase High Volume of PG&E Put Options (NYSE:PCG)

PG&E Co. (NYSE:PCG) was the recipient of unusually large options trading on Wednesday. Traders acquired 37,894 put options on the stock. This represents an increase of approximately 87% compared to the typical volume of 20,282 put options.

Insider Transactions at PG&E

In related news, CEO Patricia K. Poppe sold 55,555 shares of PG&E stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.66, for a total value of $1,147,766.30. Following the completion of the sale, the chief executive officer now directly owns 1,460,222 shares in the company, valued at approximately $30,168,186.52. This trade represents a 3.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On PG&E

Hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in PG&E in the 4th quarter worth approximately $591,625,000. FMR LLC lifted its holdings in shares of PG&E by 5.1% in the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock worth $3,496,115,000 after buying an additional 8,604,396 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of PG&E by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 254,358,968 shares of the utilities provider’s stock worth $5,132,964,000 after acquiring an additional 6,151,233 shares during the last quarter. State Street Corp grew its stake in PG&E by 5.0% during the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after acquiring an additional 5,191,463 shares in the last quarter. Finally, Brookfield Corp ON increased its holdings in PG&E by 45.6% in the 3rd quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider’s stock valued at $249,954,000 after acquiring an additional 3,958,495 shares during the last quarter. 78.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. restated an “overweight” rating and set a $22.00 price objective on shares of PG&E in a research report on Wednesday. UBS Group dropped their price target on PG&E from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Barclays cut their price objective on PG&E from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, January 27th. BMO Capital Markets started coverage on PG&E in a report on Monday, January 13th. They issued an “outperform” rating and a $21.00 target price on the stock. Finally, Mizuho boosted their price target on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, PG&E has an average rating of “Moderate Buy” and an average target price of $22.36.

PG&E Trading Up 1.5 %

Shares of NYSE:PCG opened at $16.02 on Thursday. The stock has a 50 day moving average of $18.21 and a 200 day moving average of $19.26. The company has a market cap of $41.90 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. PG&E has a 12-month low of $14.99 and a 12-month high of $21.72. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02.

PG&E Company Profile

PG&E Corp. operates as 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 Oakland, CA.