Townsquare Capital LLC Trims Stock Position in PG&E Co. (NYSE:PCG)

Townsquare Capital LLC lessened its position in PG&E Co. (NYSE:PCG) by 15.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,342 shares of the utilities provider’s stock after selling 72,377 shares during the period. Townsquare Capital LLC’s holdings in PG&E were worth $7,875,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. FMR LLC raised its position in shares of PG&E by 5.1% in the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock valued at $3,496,115,000 after buying an additional 8,604,396 shares during the last quarter. King Street Capital Management L.P. acquired a new position in shares of PG&E in the second quarter valued at approximately $1,964,250,000. Massachusetts Financial Services Co. MA raised its position in shares of PG&E by 2.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider’s stock valued at $2,072,824,000 after buying an additional 2,936,763 shares during the last quarter. Bank of Montreal Can raised its position in shares of PG&E by 1.8% in the third quarter. Bank of Montreal Can now owns 13,566,330 shares of the utilities provider’s stock valued at $268,885,000 after buying an additional 246,164 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of PG&E by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 11,559,875 shares of the utilities provider’s stock valued at $228,539,000 after buying an additional 119,866 shares during the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

PG&E Price Performance

Shares of PCG stock opened at $21.63 on Thursday. The company has a market capitalization of $56.57 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 1.63 and a beta of 1.03. The firm has a fifty day simple moving average of $20.37 and a 200-day simple moving average of $19.09. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02. PG&E Co. has a twelve month low of $15.94 and a twelve month high of $21.72.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. Equities research analysts anticipate that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.01 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.04 annualized dividend and a dividend yield of 0.18%. PG&E’s dividend payout ratio (DPR) is presently 3.13%.

Analyst Upgrades and Downgrades

PCG has been the subject of a number of analyst reports. Mizuho boosted their price objective on shares of PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday. 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 research 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 research report on Tuesday, September 3rd. Jefferies Financial Group initiated 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. Finally, Barclays upped their price target 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. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.10.

About PG&E

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.