CIBC Asset Management Inc Buys 24,047 Shares of PG&E Co. (NYSE:PCG)

CIBC Asset Management Inc raised its holdings in shares of PG&E Co. (NYSE:PCG) by 8.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 311,439 shares of the utilities provider’s stock after acquiring an additional 24,047 shares during the quarter. CIBC Asset Management Inc’s holdings in PG&E were worth $6,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bayesian Capital Management LP bought a new stake in PG&E during the 1st quarter valued at $2,377,000. Scientech Research LLC bought a new stake in PG&E during the 2nd quarter valued at $1,122,000. Allspring Global Investments Holdings LLC raised its holdings in PG&E by 808.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock valued at $21,703,000 after acquiring an additional 1,106,200 shares during the period. Van ECK Associates Corp raised its holdings in PG&E by 23.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,387,786 shares of the utilities provider’s stock valued at $24,230,000 after acquiring an additional 265,694 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. raised its holdings in PG&E by 259.6% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 61,850 shares of the utilities provider’s stock valued at $1,223,000 after acquiring an additional 44,650 shares during the period. Institutional investors own 78.56% of the company’s stock.

PG&E Trading Up 0.2 %

Shares of PG&E stock opened at $21.04 on Monday. The company’s fifty day simple moving average is $20.12 and its 200-day simple moving average is $18.89. The stock has a market capitalization of $55.03 billion, a PE ratio of 16.44, a P/E/G ratio of 1.62 and a beta of 1.03. PG&E Co. has a 1-year low of $15.94 and a 1-year high of $21.51. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99.

PG&E (NYSE:PCG) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 EPS. As a group, equities analysts anticipate that PG&E Co. will post 1.36 earnings per share for the current year.

PG&E Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.04 annualized dividend and a dividend yield of 0.19%. PG&E’s payout ratio is 3.13%.

Analyst Upgrades and Downgrades

PCG has been the topic of several research analyst reports. Morgan Stanley upped their price target on shares of PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. UBS Group upped their price target on shares of PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Wells Fargo & Company upped their target price on shares of PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Barclays upped their target price on shares of PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, Jefferies Financial Group began coverage on shares of PG&E in a research report on Monday, October 14th. They set a “buy” rating and a $24.00 price target for the company. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, PG&E presently has an average rating of “Moderate Buy” and an average price target of $22.80.

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.