Pictet Asset Management Ltd. grew its stake in PG&E Co. (NYSE:PCG) by 19.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 311,461 shares of the utilities provider’s stock after purchasing an additional 50,700 shares during the period. Pictet Asset Management Ltd.’s holdings in PG&E were worth $14,330,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of PCG. Korea Investment CORP raised its holdings in shares of PG&E by 46.8% during the third quarter. Korea Investment CORP now owns 272,152 shares of the utilities provider’s stock valued at $12,522,000 after acquiring an additional 86,742 shares during the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in shares of PG&E during the third quarter valued at approximately $193,000. Trexquant Investment LP acquired a new position in shares of PG&E during the third quarter valued at approximately $6,311,000. DekaBank Deutsche Girozentrale raised its holdings in shares of PG&E by 2.4% during the third quarter. DekaBank Deutsche Girozentrale now owns 77,765 shares of the utilities provider’s stock valued at $3,703,000 after acquiring an additional 1,799 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of PG&E by 57.1% during the third quarter. FMR LLC now owns 12,270,405 shares of the utilities provider’s stock valued at $564,561,000 after acquiring an additional 4,459,321 shares during the last quarter. 82.76% of the stock is owned by institutional investors and hedge funds.
PCG stock opened at $26.75 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.67 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $13.87 billion, a PE ratio of 7.27, a P/E/G ratio of 2.00 and a beta of -0.17. PG&E Co. has a 1 year low of $17.26 and a 1 year high of $53.89.
PG&E (NYSE:PCG) last posted its quarterly earnings results on Monday, November 5th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.01). The company had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.77 billion. PG&E had a net margin of 0.89% and a return on equity of 10.17%. PG&E’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the company earned $1.12 earnings per share. Equities research analysts predict that PG&E Co. will post 3.82 EPS for the current fiscal year.
PCG has been the subject of a number of research analyst reports. Morgan Stanley cut PG&E from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $67.00 to $31.00 in a report on Thursday, November 15th. Argus increased their target price on PG&E to $36.00 and gave the company a “buy” rating in a report on Friday, November 16th. Bank of America reissued a “buy” rating and set a $63.00 target price (up previously from $57.00) on shares of PG&E in a report on Tuesday, November 6th. Evercore ISI raised PG&E from an “in-line” rating to an “outperform” rating and increased their target price for the company from $50.00 to $52.00 in a report on Tuesday, September 4th. Finally, Edward Jones cut PG&E from a “hold” rating to a “sell” rating in a report on Tuesday, November 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. PG&E presently has a consensus rating of “Hold” and a consensus target price of $46.07.
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PG&E Company Profile
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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