PG&E (NYSE:PCG) Given New $23.00 Price Target at Barclays

PG&E (NYSE:PCG) had its price objective reduced by Barclays from $24.00 to $23.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

A number of other analysts have also weighed in on PCG. BMO Capital Markets began coverage on PG&E in a research report on Monday, January 13th. They set an “outperform” rating and a $21.00 price objective on the stock. UBS Group cut their price target on PG&E from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Mizuho lifted their price objective on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Finally, Jefferies Financial Group initiated coverage on shares of PG&E in a research note on Monday, October 14th. They set a “buy” rating and a $24.00 target price on the stock. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.55.

PG&E Stock Performance

Shares of PG&E stock opened at $15.79 on Monday. The stock has a market capitalization of $41.30 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 1.15 and a beta of 0.98. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99. The business has a 50-day moving average of $19.24 and a 200 day moving average of $19.41. PG&E has a 12 month low of $15.74 and a 12 month high of $21.72.

PG&E (NYSE:PCG) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same quarter last year, the firm posted $0.24 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, sell-side analysts forecast that PG&E will post 1.36 earnings per share for the current year.

PG&E Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.025 dividend. This is a boost from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 annualized dividend and a dividend yield of 0.63%. The ex-dividend date was Tuesday, December 31st. PG&E’s dividend payout ratio (DPR) is currently 7.81%.

Insider Buying and Selling

In related news, CEO Patricia K. Poppe sold 55,555 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $20.66, for a total value of $1,147,766.30. Following the sale, the chief executive officer now directly owns 1,460,222 shares in the company, valued at $30,168,186.52. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.15% of the stock is owned by insiders.

Hedge Funds Weigh In On PG&E

Institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC acquired a new stake in PG&E during the second quarter worth approximately $2,565,000. The Manufacturers Life Insurance Company boosted its holdings in shares of PG&E by 12.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,420,464 shares of the utilities provider’s stock worth $24,801,000 after purchasing an additional 160,465 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of PG&E by 93.2% during the second quarter. Mackenzie Financial Corp now owns 1,249,037 shares of the utilities provider’s stock worth $21,808,000 after purchasing an additional 602,601 shares during the last quarter. Algert Global LLC purchased a new stake in shares of PG&E in the second quarter valued at $400,000. Finally, Creative Planning increased its stake in PG&E by 39.6% in the second quarter. Creative Planning now owns 111,358 shares of the utilities provider’s stock valued at $1,944,000 after purchasing an additional 31,573 shares during the last quarter. 78.56% of the stock is owned by institutional investors and hedge funds.

PG&E Company Profile

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.