Sixth Street Partners Management Company L.P. Sells 2,000,000 Shares of PG&E Co. (NYSE:PCG)

Sixth Street Partners Management Company L.P. cut its position in PG&E Co. (NYSE:PCG) by 10.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,809,288 shares of the utilities provider’s stock after selling 2,000,000 shares during the quarter. PG&E accounts for 39.6% of Sixth Street Partners Management Company L.P.’s portfolio, making the stock its largest position. Sixth Street Partners Management Company L.P. owned 0.64% of PG&E worth $293,490,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new stake in PG&E during the 2nd quarter worth approximately $30,000. UMB Bank n.a. grew its position in shares of PG&E by 84.7% during the second quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock worth $38,000 after buying an additional 1,011 shares in the last quarter. Blue Trust Inc. increased its stake in shares of PG&E by 77.0% in the second quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock worth $40,000 after buying an additional 1,027 shares during the last quarter. Vima LLC acquired a new stake in PG&E in the fourth quarter valued at $41,000. Finally, Plato Investment Management Ltd bought a new position in PG&E during the 2nd quarter valued at $44,000. 78.56% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Stephanie N. Williams sold 38,601 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $18.32, for a total value of $707,170.32. Following the sale, the vice president now directly owns 19,114 shares in the company, valued at approximately $350,168.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. upgraded PG&E from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $19.00 to $22.00 in a research note on Monday, June 10th. Barclays increased their target price on PG&E from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Citigroup boosted their price target on PG&E from $19.00 to $21.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, Morgan Stanley raised their price objective on PG&E from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.45.

PG&E Price Performance

Shares of NYSE PCG opened at $19.86 on Wednesday. PG&E Co. has a 1-year low of $14.71 and a 1-year high of $20.65. The firm has a market capitalization of $51.94 billion, a PE ratio of 17.73 and a beta of 1.01. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86. The business’s fifty day moving average price is $18.72 and its two-hundred day moving average price is $17.82.

PG&E (NYSE:PCG) last released its quarterly earnings data on Thursday, July 25th. The utilities provider reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The business had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter last year, the company earned $0.23 EPS. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. On average, research analysts expect that PG&E Co. will post 1.35 EPS for the current year.

PG&E Company Profile

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.