abrdn plc Sells 45,516 Shares of PG&E Co. (NYSE:PCG)

abrdn plc cut its position in PG&E Co. (NYSE:PCG) by 2.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,622,004 shares of the utilities provider’s stock after selling 45,516 shares during the quarter. abrdn plc owned about 0.06% of PG&E worth $32,513,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. FMR LLC grew its position in shares of PG&E by 5.1% in the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock valued at $3,496,115,000 after purchasing an additional 8,604,396 shares in the last quarter. State Street Corp grew its position in shares of PG&E by 5.0% in the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after purchasing an additional 5,191,463 shares in the last quarter. Brookfield Corp ON grew its position in shares of PG&E by 45.6% in the third quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider’s stock valued at $249,954,000 after purchasing an additional 3,958,495 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of PG&E by 2.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider’s stock valued at $2,072,824,000 after purchasing an additional 2,936,763 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. grew its position in shares of PG&E by 91.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 4,027,434 shares of the utilities provider’s stock valued at $79,622,000 after purchasing an additional 1,920,734 shares in the last quarter. 78.56% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Patricia K. Poppe sold 55,555 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.66, for a total value of $1,147,766.30. Following the completion of the sale, the chief executive officer now owns 1,460,222 shares of the company’s stock, valued at approximately $30,168,186.52. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.15% of the stock is currently owned by corporate insiders.

PG&E Price Performance

PCG opened at $15.75 on Thursday. The stock has a 50-day moving average price of $18.65 and a 200-day moving average price of $19.32. PG&E Co. has a 12-month low of $14.99 and a 12-month high of $21.72. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02. The stock has a market capitalization of $41.18 billion, a P/E ratio of 12.30, a PEG ratio of 1.09 and a beta of 0.99.

PG&E (NYSE:PCG) last released its earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. PG&E had a return on equity of 12.51% and a net margin of 11.11%. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same quarter in the previous year, the company posted $0.24 EPS. PG&E’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts predict that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays reduced their price target on PG&E from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, January 27th. Mizuho lifted their price target on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. UBS Group reduced their target price on PG&E from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Jefferies Financial Group initiated coverage on PG&E in a research report on Monday, October 14th. They set a “buy” rating and a $24.00 target price for the company. Finally, BMO Capital Markets initiated coverage on PG&E in a research report on Monday, January 13th. They set an “outperform” rating and a $21.00 target price for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, PG&E has a consensus rating of “Moderate Buy” and a consensus price target of $22.36.

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.