PG&E (PCG) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of PG&E (NYSE:PCG) from a sell rating to a hold rating in a research note published on Friday, January 19th.

According to Zacks, “PG&E Corp has a solid portfolio of regulated utility assets that offer a stable earnings base and substantial long-term growth potential. It also maintains a stable liquidity position along with a strong cash generating capacity through operating activities. The company’s systematic investments in infrastructure projects are expected to improve service reliability and meet market demand, which in turn will enable the company to serve a wider customer base. Nevertheless, PG&E Corp. recently suspended its dividend on account of potential liabilities for October's Northern California wildfires. Earlier also a handful of such unwanted events hampered the company’s operations. Going ahead, similar incidents may cause the utility to incur higher fines and other penalties, which in turn, will affect its financial performance. These reasons may have led the company to underperform its broader industry in past one year.”

Other analysts have also recently issued research reports about the company. Mizuho cut PG&E from a buy rating to a neutral rating and raised their price objective for the stock from $54.24 to $55.00 in a research report on Friday, December 1st. Bank of America assumed coverage on PG&E in a research report on Tuesday, October 24th. They issued a neutral rating and a $59.00 price objective for the company. Argus restated a hold rating and issued a $41.61 target price (down previously from $44.68) on shares of PG&E in a research note on Thursday, December 28th. Goldman Sachs Group lowered PG&E from a buy rating to a neutral rating and set a $50.00 target price for the company. in a research note on Tuesday, January 2nd. Finally, Barclays raised their target price on PG&E from $69.00 to $72.00 and gave the stock an overweight rating in a research note on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. PG&E has a consensus rating of Hold and a consensus target price of $58.77.

Shares of PG&E (NYSE:PCG) traded down $0.75 during midday trading on Friday, reaching $39.08. The company’s stock had a trading volume of 4,740,968 shares, compared to its average volume of 6,440,000. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.85 and a quick ratio of 0.79. The company has a market cap of $20,100.00, a PE ratio of 12.17, a PEG ratio of 2.43 and a beta of 0.03. PG&E has a 1-year low of $37.30 and a 1-year high of $71.57.

PG&E (NYSE:PCG) last announced its earnings results on Friday, February 9th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.06). The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.83 billion. PG&E had a net margin of 9.69% and a return on equity of 10.00%. During the same period last year, the business posted $1.33 EPS. analysts forecast that PG&E will post 3.81 EPS for the current year.

Institutional investors have recently made changes to their positions in the stock. Focused Wealth Management Inc purchased a new position in shares of PG&E in the 4th quarter valued at about $108,000. Ford Financial Group Inc. purchased a new position in shares of PG&E in the 4th quarter valued at about $110,000. Bronfman E.L. Rothschild L.P. increased its stake in shares of PG&E by 122.1% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 2,463 shares of the utilities provider’s stock valued at $110,000 after purchasing an additional 1,354 shares in the last quarter. Bank of Stockton purchased a new position in shares of PG&E in the 3rd quarter valued at about $224,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of PG&E in the 4th quarter valued at about $154,000. Hedge funds and other institutional investors own 78.45% of the company’s stock.

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About PG&E

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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