Pacific Gas & Electric Co. (PCG) Stock Rating Lowered by Zacks Investment Research
Pacific Gas & Electric Co. (NYSE:PCG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
According to Zacks, “Cost of compliance to new and stringent regulations remains a major concern for PG&E Corporation. Moreover, penalties worth $1.6 billion levied for the 2010 San Bruno case and changes in environmental mandates could impact the company’s financial performance. Further, the operation and decommissioning of the utility’s nuclear power plants expose it to potentially significant liabilities. On a brighter note, PG&E Corporation’s systematic investments in infrastructure projects, backed by a stable financial position, will allow it to improve service reliability and meet increasing customer demand. The company’s stable financial position allows it to pay regular dividends, which in turn, help it to retain investor interest.”
A number of other research firms have also recently weighed in on PCG. Argus reissued a “buy” rating and issued a $79.00 price objective (up previously from $74.00) on shares of Pacific Gas & Electric Co. in a research report on Monday, July 25th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Pacific Gas & Electric Co. in a research report on Wednesday, July 6th. Citigroup Inc. reaffirmed a “hold” rating and set a $64.00 price target (up previously from $54.00) on shares of Pacific Gas & Electric Co. in a research report on Wednesday, July 20th. Royal Bank Of Canada raised Pacific Gas & Electric Co. from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $60.00 to $71.00 in a research report on Friday, July 15th. Finally, Jefferies Group lifted their price target on Pacific Gas & Electric Co. from $66.50 to $71.50 and gave the stock a “buy” rating in a research report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $65.75.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/13/pacific-gas-electric-co-pcg-stock-rating-lowered-by-zacks-investment-research-2.html
Shares of Pacific Gas & Electric Co. (NYSE:PCG) traded up 0.35% during mid-day trading on Thursday, reaching $59.52. The company’s stock had a trading volume of 220,004 shares. Pacific Gas & Electric Co. has a 12-month low of $50.65 and a 12-month high of $65.43. The firm has a market cap of $29.67 billion, a P/E ratio of 39.18 and a beta of 0.22. The firm’s 50-day moving average price is $61.72 and its 200 day moving average price is $61.48.
Pacific Gas & Electric Co. (NYSE:PCG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.66 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.92 by $0.26. The business earned $4.17 billion during the quarter, compared to analyst estimates of $4.59 billion. Pacific Gas & Electric Co. had a return on equity of 8.27% and a net margin of 4.51%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. On average, analysts expect that Pacific Gas & Electric Co. will post $3.72 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Friday, September 30th will be paid a $0.49 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.96 annualized dividend and a dividend yield of 3.30%. Pacific Gas & Electric Co.’s dividend payout ratio is presently 128.11%.
Institutional investors have recently made changes to their positions in the stock. NN Investment Partners Holdings N.V. acquired a new position in shares of Pacific Gas & Electric Co. during the first quarter valued at $4,230,000. Bessemer Group Inc. raised its stake in Pacific Gas & Electric Co. by 40.6% in the first quarter. Bessemer Group Inc. now owns 3,445 shares of the company’s stock valued at $206,000 after buying an additional 995 shares during the period. M&T Bank Corp raised its stake in Pacific Gas & Electric Co. by 32.5% in the first quarter. M&T Bank Corp now owns 36,788 shares of the company’s stock valued at $2,198,000 after buying an additional 9,031 shares during the period. Aviva PLC raised its stake in Pacific Gas & Electric Co. by 3.1% in the first quarter. Aviva PLC now owns 249,829 shares of the company’s stock valued at $14,920,000 after buying an additional 7,586 shares during the period. Finally, Credit Agricole S A raised its stake in Pacific Gas & Electric Co. by 21.9% in the first quarter. Credit Agricole S A now owns 158,798 shares of the company’s stock valued at $9,483,000 after buying an additional 28,570 shares during the period. Hedge funds and other institutional investors own 79.33% of the company’s stock.
About Pacific Gas & Electric Co.
PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility). The Utility’s operations include sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial and agricultural customers.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pacific Gas & Electric Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Gas & Electric Co. and related companies with MarketBeat.com's FREE daily email newsletter.