PG&E (PCG) Shares Down 16.5%

PG&E Co. (NYSE:PCG) shares fell 16.5% during trading on Friday . The company traded as low as $39.79 and last traded at $39.92. 23,574,764 shares traded hands during mid-day trading, an increase of 322% from the average session volume of 5,584,692 shares. The stock had previously closed at $47.80.

A number of brokerages have commented on PCG. Bank of America reaffirmed a “buy” rating and issued a $63.00 price objective (up from $57.00) on shares of PG&E in a report on Tuesday. Citigroup set a $48.00 price objective on PG&E and gave the company a “hold” rating in a report on Monday, October 8th. Goldman Sachs Group set a $49.00 price objective on PG&E and gave the company a “hold” rating in a report on Friday, September 14th. Guggenheim raised PG&E from a “sell” rating to a “neutral” rating in a report on Wednesday, August 29th. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of PG&E in a report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $52.05.

The stock has a market cap of $25.20 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 3.65 and a beta of -0.09. The company has a quick ratio of 0.60, a current ratio of 0.67 and a debt-to-equity ratio of 0.93.

PG&E (NYSE:PCG) last released its earnings results on Monday, November 5th. The utilities provider reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.01). The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.77 billion. PG&E had a net margin of 0.89% and a return on equity of 10.17%. The business’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 earnings per share. As a group, equities analysts expect that PG&E Co. will post 3.8 EPS for the current year.

In other 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 transaction of $52,001.19. Following the completion of the sale, 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 filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.15% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. NEXT Financial Group Inc bought a new stake in shares of PG&E during the 3rd quarter valued at $104,000. FNY Investment Advisers LLC lifted its position in shares of PG&E by 35,614.3% during the 3rd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the utilities provider’s stock valued at $115,000 after acquiring an additional 2,493 shares during the period. Bessemer Group Inc. lifted its position in shares of PG&E by 67.1% during the 3rd quarter. Bessemer Group Inc. now owns 2,893 shares of the utilities provider’s stock valued at $133,000 after acquiring an additional 1,162 shares during the period. Gradient Investments LLC bought a new stake in shares of PG&E during the 2nd quarter valued at $146,000. Finally, Destination Wealth Management lifted its position in shares of PG&E by 78.2% during the 3rd quarter. Destination Wealth Management now owns 3,624 shares of the utilities provider’s stock valued at $167,000 after acquiring an additional 1,590 shares during the period. Hedge funds and other institutional investors own 81.50% of the company’s stock.

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About PG&E (NYSE:PCG)

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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