PG&E (NYSE:PCG) Price Target Cut to $24.00 by Analysts at UBS Group

PG&E (NYSE:PCG) had its target price decreased by UBS Group from $26.00 to $24.00 in a report released on Thursday morning,Benzinga reports. UBS Group currently has a buy rating on the utilities provider’s stock.

Several other equities analysts also recently commented on the stock. Jefferies Financial Group initiated coverage on shares of PG&E in a report on Monday, October 14th. They issued a “buy” rating and a $24.00 target price on the stock. Bank of America initiated coverage on shares of PG&E in a research note on Thursday, September 12th. They issued a “buy” rating and a $24.00 price target on the stock. Barclays dropped their price objective on shares of PG&E from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Tuesday. Mizuho lifted their target price on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. Finally, Morgan Stanley increased their price target on PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.80.

PG&E Trading Up 0.1 %

Shares of PCG stock opened at $19.43 on Thursday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.99 and a current ratio of 1.04. The stock has a fifty day simple moving average of $20.51 and a two-hundred day simple moving average of $19.28. The firm has a market capitalization of $50.82 billion, a PE ratio of 15.18, a PEG ratio of 1.51 and a beta of 1.01. PG&E has a 52-week low of $15.94 and a 52-week high of $21.72.

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

PG&E Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.025 dividend. The ex-dividend date is Tuesday, December 31st. This is an increase from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 dividend on an annualized basis and a yield of 0.51%. PG&E’s dividend payout ratio (DPR) is currently 7.81%.

Insider Buying and Selling at PG&E

In other news, CEO Patricia K. Poppe sold 55,555 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.66, for a total transaction of $1,147,766.30. Following the transaction, the chief executive officer now owns 1,460,222 shares of the company’s stock, valued at approximately $30,168,186.52. This represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On PG&E

Large investors have recently bought and sold shares of the business. State Street Corp lifted its position in shares of PG&E by 5.0% during the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock worth $2,155,093,000 after purchasing an additional 5,191,463 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in PG&E by 259.6% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 61,850 shares of the utilities provider’s stock worth $1,223,000 after buying an additional 44,650 shares during the period. Scientech Research LLC bought a new stake in PG&E during the 2nd quarter valued at about $1,122,000. Allspring Global Investments Holdings LLC grew its stake in PG&E by 808.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock worth $21,703,000 after acquiring an additional 1,106,200 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in shares of PG&E by 23.7% during the second quarter. Van ECK Associates Corp now owns 1,387,786 shares of the utilities provider’s stock worth $24,230,000 after acquiring an additional 265,694 shares during the period. Hedge funds and other institutional investors own 78.56% of the company’s stock.

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.