Southpoint Capital Advisors LP purchased a new position in shares of PG&E Co. (NYSE:PCG) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,500,000 shares of the utilities provider’s stock, valued at approximately $112,075,000. PG&E makes up 5.3% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its 4th biggest position. Southpoint Capital Advisors LP owned approximately 0.49% of PG&E as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Focused Wealth Management Inc purchased a new stake in PG&E in the 4th quarter valued at $108,000. Ford Financial Group Inc. purchased a new stake in PG&E in the 4th quarter valued at $110,000. Bronfman E.L. Rothschild L.P. grew its holdings in PG&E by 122.1% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 2,463 shares of the utilities provider’s stock valued at $110,000 after buying an additional 1,354 shares in the last quarter. Bank of Stockton purchased a new stake in PG&E in the 3rd quarter valued at $224,000. Finally, Wolverine Asset Management LLC purchased a new stake in PG&E in the 4th quarter valued at $154,000. Hedge funds and other institutional investors own 81.19% of the company’s stock.
PG&E Co. (NYSE:PCG) opened at $42.03 on Monday. PG&E Co. has a 12 month low of $37.30 and a 12 month high of $71.57. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $21,644.15, a PE ratio of 11.45, a P/E/G ratio of 2.67 and a beta of 0.07.
Several brokerages have issued reports on PCG. Zacks Investment Research cut PG&E from a “buy” rating to a “hold” rating in a report on Monday, November 13th. Mizuho cut PG&E from a “buy” rating to a “neutral” rating and upped their target price for the company from $54.24 to $55.00 in a report on Friday, December 1st. Citigroup restated a “neutral” rating on shares of PG&E in a report on Monday, December 18th. Wells Fargo & Co cut PG&E from an “outperform” rating to a “market perform” rating in a report on Monday, December 18th. Finally, Royal Bank of Canada cut PG&E from an “outperform” rating to a “sector perform” rating in a report on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $57.71.
In related news, EVP John R. Simon sold 3,211 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $41.93, for a total transaction of $134,637.23. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Nickolas Stavropoulos sold 4,728 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $41.93, for a total value of $198,245.04. Following the transaction, the chief operating officer now directly owns 82,830 shares in the company, valued at approximately $3,473,061.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,875 shares of company stock worth $372,129. 0.15% of the stock is owned by corporate insiders.
PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the 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.
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