Goldman Sachs Group set a $49.00 price objective on PG&E (NYSE:PCG) in a report issued on Friday morning. The firm currently has a hold rating on the utilities provider’s stock.
PCG has been the subject of several other reports. Guggenheim upgraded shares of PG&E from a sell rating to a neutral rating in a report on Wednesday, August 29th. Morgan Stanley raised their target price on shares of PG&E from $63.00 to $67.00 and gave the company a buy rating in a report on Tuesday, September 11th. UBS Group raised their target price on shares of PG&E from $45.00 to $47.00 and gave the company a neutral rating in a report on Tuesday, May 29th. Evercore ISI upgraded shares of PG&E from an in-line rating to an outperform rating and raised their target price for the company from $50.00 to $52.00 in a report on Tuesday, September 4th. Finally, JPMorgan Chase & Co. raised their target price on shares of PG&E from $50.00 to $52.00 and gave the company an overweight rating in a report on Friday, June 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $52.69.
Shares of PCG opened at $46.82 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.65 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $23.74 billion, a PE ratio of 12.72, a P/E/G ratio of 2.91 and a beta of -0.07. PG&E has a 52-week low of $37.30 and a 52-week high of $70.33.
PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, July 26th. The utilities provider reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.22. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.32 billion. PG&E had a net margin of 0.80% and a return on equity of 10.20%. The business’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 EPS. equities research analysts forecast that PG&E will post 3.79 EPS for the current fiscal year.
In other PG&E news, COO Nickolas Stavropoulos sold 1,161 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $44.79, for a total transaction of $52,001.19. Following the completion of the transaction, the chief operating officer now directly owns 78,223 shares in the company, valued at approximately $3,503,608.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.15% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of PG&E by 6.6% during the 2nd quarter. BlackRock Inc. now owns 47,850,122 shares of the utilities provider’s stock worth $2,036,500,000 after purchasing an additional 2,951,423 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in shares of PG&E by 2.3% during the 1st quarter. OppenheimerFunds Inc. now owns 5,367,501 shares of the utilities provider’s stock worth $235,794,000 after purchasing an additional 120,566 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of PG&E by 11.2% during the 2nd quarter. Wells Fargo & Company MN now owns 5,260,065 shares of the utilities provider’s stock worth $223,868,000 after purchasing an additional 527,892 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of PG&E by 0.8% during the 2nd quarter. Legal & General Group Plc now owns 4,799,269 shares of the utilities provider’s stock worth $204,254,000 after purchasing an additional 37,271 shares during the last quarter. Finally, Abrams Capital Management L.P. boosted its stake in shares of PG&E by 20.3% during the 1st quarter. Abrams Capital Management L.P. now owns 3,911,357 shares of the utilities provider’s stock worth $171,826,000 after purchasing an additional 661,357 shares during the last quarter. 81.43% of the stock is currently owned by institutional investors.
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.
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