Assenagon Asset Management S.A. grew its position in PG&E Co. (NYSE:PCG) by 103.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,181 shares of the utilities provider’s stock after buying an additional 14,858 shares during the period. Assenagon Asset Management S.A.’s holdings in PG&E were worth $1,343,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. NEXT Financial Group Inc purchased a new stake in shares of PG&E in the 3rd quarter valued at approximately $104,000. Gradient Investments LLC purchased a new stake in shares of PG&E in the 2nd quarter valued at approximately $146,000. Alpine Woods Capital Investors LLC purchased a new stake in shares of PG&E in the 2nd quarter valued at approximately $204,000. CAPROCK Group Inc. purchased a new position in shares of PG&E during the 3rd quarter worth approximately $205,000. Finally, Usca Ria LLC purchased a new position in shares of PG&E during the 2nd quarter worth approximately $212,000. 81.50% of the stock is owned by institutional investors and hedge funds.
PCG has been the subject of a number of research analyst reports. Bank of America reaffirmed a “buy” rating and set a $63.00 price objective (up previously from $57.00) on shares of PG&E in a research report on Tuesday. Morgan Stanley lowered their price objective on shares of PG&E from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, September 21st. ValuEngine raised shares of PG&E from a “strong sell” rating to a “sell” rating in a research report on Friday, October 12th. Wells Fargo & Co increased their price objective on shares of PG&E from $46.00 to $48.00 and gave the stock a “market perform” rating in a research report on Friday, July 27th. Finally, Zacks Investment Research cut shares of PG&E from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $52.05.
In other PG&E news, COO Nickolas Stavropoulos sold 1,161 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $44.79, for a total transaction of $52,001.19. Following the sale, the chief operating officer now directly owns 78,223 shares in the company, valued at approximately $3,503,608.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.15% of the stock is owned by corporate insiders.
PG&E stock opened at $39.92 on Friday. The company has a market cap of $25.20 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 3.65 and a beta of -0.09. PG&E Co. has a 52-week low of $37.30 and a 52-week high of $57.11. The company has a current ratio of 0.67, a quick ratio of 0.60 and a debt-to-equity ratio of 0.93.
PG&E (NYSE:PCG) last released its earnings results on Monday, November 5th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.01). The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.77 billion. PG&E had a return on equity of 10.17% and a net margin of 0.89%. PG&E’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.12 earnings per share. Equities analysts expect that PG&E Co. will post 3.8 earnings per share for the current fiscal year.
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PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.
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