Verition Fund Management LLC Decreases Position in PG&E Co. (NYSE:PCG)

Verition Fund Management LLC lowered its stake in shares of PG&E Co. (NYSE:PCGFree Report) by 35.0% during the fourth quarter, Holdings Channel reports. The fund owned 472,409 shares of the utilities provider’s stock after selling 254,604 shares during the period. Verition Fund Management LLC’s holdings in PG&E were worth $8,518,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in PG&E by 8.8% in the 3rd quarter. Vanguard Group Inc. now owns 268,407,694 shares of the utilities provider’s stock valued at $4,329,416,000 after purchasing an additional 21,731,911 shares in the last quarter. FMR LLC raised its position in PG&E by 2.4% in the 3rd quarter. FMR LLC now owns 176,029,931 shares of the utilities provider’s stock valued at $2,839,363,000 after purchasing an additional 4,044,631 shares in the last quarter. Capital International Investors raised its position in PG&E by 7.1% in the 4th quarter. Capital International Investors now owns 116,093,791 shares of the utilities provider’s stock valued at $2,093,198,000 after purchasing an additional 7,681,566 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in PG&E by 1.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 84,516,243 shares of the utilities provider’s stock valued at $1,523,828,000 after purchasing an additional 993,923 shares in the last quarter. Finally, Third Point LLC raised its position in PG&E by 5.3% in the 3rd quarter. Third Point LLC now owns 56,860,000 shares of the utilities provider’s stock valued at $917,152,000 after purchasing an additional 2,860,000 shares in the last quarter. 78.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other PG&E news, CEO Patricia K. Poppe sold 59,000 shares of the 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 sale, the chief executive officer now directly owns 1,515,777 shares of the company’s stock, valued at approximately $25,889,471.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.15% of the stock is currently owned by company insiders.

PG&E Trading Up 2.2 %

NYSE:PCG opened at $18.44 on Tuesday. The stock’s 50 day moving average price is $17.58 and its 200 day moving average price is $17.21. The company has a market capitalization of $53.09 billion, a PE ratio of 16.46 and a beta of 1.19. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08. PG&E Co. has a 52-week low of $14.71 and a 52-week high of $18.95.

PG&E (NYSE:PCGGet Free Report) last released its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $6.60 billion. PG&E had a return on equity of 11.32% and a net margin of 10.05%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 EPS. On average, research analysts anticipate that PG&E Co. will post 1.35 EPS for the current year.

PG&E Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. PG&E’s dividend payout ratio is presently 3.57%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on PG&E in a research report on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price target on the stock. Morgan Stanley increased their price objective on PG&E from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, May 28th. JPMorgan Chase & Co. upgraded PG&E from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $19.00 to $22.00 in a report on Monday. Barclays increased their price objective on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, June 5th. Finally, Mizuho increased their price objective on PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

Get Our Latest Stock Analysis on PG&E

PG&E Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding PCG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PG&E Co. (NYSE:PCGFree Report).

Institutional Ownership by Quarter for PG&E (NYSE:PCG)

Receive News & Ratings for PG&E Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PG&E and related companies with MarketBeat.com's FREE daily email newsletter.