Zacks Investment Research Lowers Pacific Gas & Electric Co. (PCG) to Hold

Zacks Investment Research lowered shares of Pacific Gas & Electric Co. (NYSE:PCG) from a buy rating to a hold rating in a report published on Monday morning.

According to Zacks, “PG&E Corp. posted mixed third-quarter results. The company’s bottom-line figure surpassed the Zacks Consensus Estimate, while the top line failed to meet the mark. Year-over-year results were also mixed wherein while earnings improved, revenues declined. The company’s systematic investments in infrastructure projects are expected to improve service reliability and meet demand. This, in turn, will enable it to serve a wider customer base. On the flip side, the recent North California wildfire is expected to incur notable cost for the company, which in turn may impact earnings.”

Other analysts also recently issued research reports about the company. Evercore ISI dropped their price target on Pacific Gas & Electric Co. from $66.00 to $61.00 in a research report on Monday, October 16th. Mizuho reiterated a buy rating and set a $78.00 price target on shares of Pacific Gas & Electric Co. in a research report on Monday, October 9th. Goldman Sachs Group, Inc. (The) downgraded Pacific Gas & Electric Co. from a conviction-buy rating to a buy rating and set a $65.00 price target for the company. in a research report on Monday, October 16th. J P Morgan Chase & Co set a $66.00 price target on Pacific Gas & Electric Co. and gave the company a buy rating in a research report on Monday, October 16th. Finally, Royal Bank Of Canada reiterated a buy rating and set a $70.00 price target on shares of Pacific Gas & Electric Co. in a research report on Monday, September 18th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Pacific Gas & Electric Co. currently has an average rating of Buy and a consensus target price of $67.77.

Shares of Pacific Gas & Electric Co. (NYSE:PCG) traded down $0.98 on Monday, hitting $55.63. The stock had a trading volume of 5,129,200 shares, compared to its average volume of 3,011,175. The company has a market cap of $28,620.00, a P/E ratio of 12.95, a PEG ratio of 3.66 and a beta of 0.17. The company has a current ratio of 0.85, a quick ratio of 0.79 and a debt-to-equity ratio of 0.86. Pacific Gas & Electric Co. has a 12-month low of $49.83 and a 12-month high of $71.57.

Pacific Gas & Electric Co. (NYSE:PCG) last issued its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.18. The firm had revenue of $4.52 billion during the quarter, compared to the consensus estimate of $4.82 billion. Pacific Gas & Electric Co. had a return on equity of 11.94% and a net margin of 12.59%. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter last year, the company posted $0.94 EPS. equities research analysts expect that Pacific Gas & Electric Co. will post 3.69 EPS for the current year.

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In other Pacific Gas & Electric Co. news, VP David S. Thomason sold 700 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $69.62, for a total value of $48,734.00. Following the completion of the sale, the vice president now owns 7,357 shares in the company, valued at $512,194.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Nickolas Stavropoulos sold 1,101 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $69.43, for a total value of $76,442.43. Following the completion of the sale, the chief operating officer now owns 63,661 shares of the company’s stock, valued at approximately $4,419,983.23. The disclosure for this sale can be found here. Insiders sold 2,682 shares of company stock valued at $186,344 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. purchased a new position in shares of Pacific Gas & Electric Co. during the first quarter valued at approximately $118,000. James Investment Research Inc. increased its stake in shares of Pacific Gas & Electric Co. by 330.8% during the second quarter. James Investment Research Inc. now owns 43,960 shares of the utilities provider’s stock valued at $2,918,000 after buying an additional 33,756 shares during the period. LS Investment Advisors LLC increased its stake in shares of Pacific Gas & Electric Co. by 1.1% during the second quarter. LS Investment Advisors LLC now owns 38,086 shares of the utilities provider’s stock valued at $2,528,000 after buying an additional 407 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Pacific Gas & Electric Co. by 33.2% during the second quarter. Nisa Investment Advisors LLC now owns 97,795 shares of the utilities provider’s stock valued at $6,542,000 after buying an additional 24,365 shares during the period. Finally, Aperio Group LLC increased its stake in shares of Pacific Gas & Electric Co. by 7.0% during the second quarter. Aperio Group LLC now owns 343,548 shares of the utilities provider’s stock valued at $22,801,000 after buying an additional 22,524 shares during the period. Hedge funds and other institutional investors own 80.76% of the company’s stock.

Pacific Gas & Electric Co. Company Profile

PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers.

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