Point72 Asset Management L.P. Boosts Stock Position in PG&E Co. (NYSE:PCG)

Point72 Asset Management L.P. lifted its position in PG&E Co. (NYSE:PCG) by 180.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,631,345 shares of the utilities provider’s stock after acquiring an additional 2,335,400 shares during the period. Point72 Asset Management L.P. owned 0.18% of PG&E worth $42,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the company. Jabodon PT Co. acquired a new position in shares of PG&E in the 1st quarter valued at $1,365,000. Price T Rowe Associates Inc. MD raised its holdings in shares of PG&E by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,713,903 shares of the utilities provider’s stock valued at $418,210,000 after buying an additional 2,477,563 shares during the period. Putnam Investments LLC raised its holdings in shares of PG&E by 12.3% in the 1st quarter. Putnam Investments LLC now owns 2,357,223 shares of the utilities provider’s stock valued at $27,603,000 after buying an additional 258,338 shares during the period. Panagora Asset Management Inc. increased its holdings in PG&E by 92.6% during the 1st quarter. Panagora Asset Management Inc. now owns 145,724 shares of the utilities provider’s stock worth $1,706,000 after purchasing an additional 70,044 shares during the period. Finally, Walleye Capital LLC acquired a new position in shares of PG&E during the 1st quarter worth about $1,785,000. 70.59% of the stock is currently owned by hedge funds and other institutional investors.

PCG has been the subject of several analyst reports. Mizuho upped their price objective on PG&E from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, May 14th. Zacks Investment Research raised PG&E from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research report on Monday, June 21st. Barclays lowered their price objective on PG&E from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 25th. Wells Fargo & Company raised PG&E from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $12.00 to $15.50 in a research report on Monday, May 3rd. Finally, Morgan Stanley upped their target price on PG&E from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 20th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $13.94.

PG&E stock opened at $9.52 on Thursday. PG&E Co. has a twelve month low of $8.74 and a twelve month high of $12.91. The stock’s 50 day moving average is $10.23. The company has a quick ratio of 0.70, a current ratio of 0.74 and a debt-to-equity ratio of 1.77. The firm has a market cap of $18.90 billion, a PE ratio of -2.68, a price-to-earnings-growth ratio of 3.72 and a beta of 1.39.

PG&E (NYSE:PCG) last issued its earnings results on Thursday, April 29th. The utilities provider reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.05). The business had revenue of $4.72 billion for the quarter, compared to analysts’ expectations of $4.76 billion. PG&E had a positive return on equity of 11.48% and a negative net margin of 8.26%. As a group, equities analysts predict that PG&E Co. will post 1.01 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.

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

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