PG&E’s (PCG) Buy Rating Reiterated at Bank of America

PG&E (NYSE:PCG)‘s stock had its “buy” rating restated by Bank of America in a research note issued to investors on Tuesday. They presently have a $63.00 target price on the utilities provider’s stock. Bank of America’s price objective would suggest a potential upside of 29.34% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Co upgraded PG&E from a “market perform” rating to an “outperform” rating in a research report on Monday, August 6th. Morgan Stanley increased their price objective on PG&E from $63.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, September 11th. Evercore ISI upgraded PG&E from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $50.00 to $52.00 in a research report on Tuesday, September 4th. Argus upgraded PG&E from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Finally, ValuEngine upgraded PG&E from a “strong sell” rating to a “sell” rating in a research report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $52.05.

NYSE:PCG opened at $48.71 on Tuesday. The firm has a market capitalization of $24.53 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 3.57 and a beta of -0.09. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.65 and a quick ratio of 0.60. PG&E has a 1 year low of $37.30 and a 1 year high of $57.11.

PG&E (NYSE:PCG) last released its quarterly earnings data on Monday, November 5th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.01). The business had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.77 billion. PG&E had a return on equity of 10.20% and a net margin of 0.80%. The company’s revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 EPS. As a group, sell-side analysts anticipate that PG&E will post 3.8 EPS for the current year.

In other PG&E news, COO Nickolas Stavropoulos sold 1,161 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $44.79, for a total value of $52,001.19. Following the sale, the chief operating officer now owns 78,223 shares of the company’s stock, valued at $3,503,608.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in shares of PG&E by 1.1% during the first quarter. Principal Financial Group Inc. now owns 743,966 shares of the utilities provider’s stock valued at $32,683,000 after acquiring an additional 7,873 shares during the last quarter. DnB Asset Management AS boosted its stake in shares of PG&E by 7.8% during the second quarter. DnB Asset Management AS now owns 77,482 shares of the utilities provider’s stock valued at $3,298,000 after acquiring an additional 5,600 shares during the last quarter. IFM Investors Pty Ltd boosted its stake in shares of PG&E by 45.7% during the second quarter. IFM Investors Pty Ltd now owns 23,372 shares of the utilities provider’s stock valued at $995,000 after acquiring an additional 7,331 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of PG&E by 20.6% during the second quarter. State of Alaska Department of Revenue now owns 99,982 shares of the utilities provider’s stock valued at $4,253,000 after acquiring an additional 17,049 shares during the last quarter. Finally, Sanders Morris Harris LLC boosted its stake in shares of PG&E by 53.5% during the second quarter. Sanders Morris Harris LLC now owns 290,200 shares of the utilities provider’s stock valued at $12,350,000 after acquiring an additional 101,200 shares during the last quarter. 81.50% of the stock is currently owned by institutional investors.

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 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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