JPMorgan Chase & Co. Issues Pessimistic Forecast for Pacific Gas & Electric (NYSE:PCG) Stock Price

Pacific Gas & Electric (NYSE:PCG) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $22.00 to $21.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 38.48% from the stock’s current price.

A number of other equities research analysts have also issued reports on PCG. TD Cowen started coverage on Pacific Gas & Electric in a research note on Thursday, October 16th. They issued a “buy” rating and a $21.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Pacific Gas & Electric in a research note on Monday, December 8th. Morgan Stanley set a $21.00 price target on shares of Pacific Gas & Electric and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Jefferies Financial Group upped their price objective on Pacific Gas & Electric from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Finally, BMO Capital Markets lifted their price target on Pacific Gas & Electric from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Pacific Gas & Electric presently has an average rating of “Moderate Buy” and an average price target of $20.55.

Pacific Gas & Electric Stock Performance

Shares of PCG stock opened at $15.17 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.89 and a current ratio of 0.94. The firm has a market capitalization of $33.33 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 0.64 and a beta of 0.37. Pacific Gas & Electric has a one year low of $12.97 and a one year high of $20.43. The company has a 50 day moving average price of $16.03 and a 200 day moving average price of $15.16.

Pacific Gas & Electric (NYSE:PCG) last announced its quarterly earnings results on Monday, May 15th. The utilities provider reported $0.30 earnings per share for the quarter. Pacific Gas & Electric had a net margin of 10.93% and a return on equity of 11.10%. The company had revenue of $5.80 billion for the quarter. Sell-side analysts anticipate that Pacific Gas & Electric will post 1.49 EPS for the current year.

Insiders Place Their Bets

In other news, Director John O. Larsen bought 7,500 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were purchased at an average cost of $15.96 per share, with a total value of $119,700.00. Following the completion of the acquisition, the director directly owned 18,111 shares in the company, valued at approximately $289,051.56. The trade was a 70.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pacific Gas & Electric

Several large investors have recently made changes to their positions in the business. Root Financial Partners LLC acquired a new position in shares of Pacific Gas & Electric in the 3rd quarter worth approximately $27,000. Versant Capital Management Inc boosted its holdings in Pacific Gas & Electric by 826.2% during the third quarter. Versant Capital Management Inc now owns 1,945 shares of the utilities provider’s stock worth $29,000 after buying an additional 1,735 shares in the last quarter. Cornerstone Planning Group LLC grew its position in Pacific Gas & Electric by 3,240.8% in the third quarter. Cornerstone Planning Group LLC now owns 2,372 shares of the utilities provider’s stock worth $36,000 after buying an additional 2,301 shares during the last quarter. Safe Harbor Fiduciary LLC acquired a new position in Pacific Gas & Electric in the first quarter worth approximately $39,000. Finally, Quent Capital LLC bought a new position in shares of Pacific Gas & Electric in the third quarter valued at $44,000. Institutional investors own 78.56% of the company’s stock.

About Pacific Gas & Electric

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.