DnB Asset Management AS Sells 2,522 Shares of PG&E Co. (NYSE:PCG)

DnB Asset Management AS decreased its position in shares of PG&E Co. (NYSE:PCGGet Rating) by 0.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 271,920 shares of the utilities provider’s stock after selling 2,522 shares during the quarter. DnB Asset Management AS’s holdings in PG&E were worth $2,714,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PCG. Amalgamated Bank lifted its holdings in PG&E by 25.5% during the 1st quarter. Amalgamated Bank now owns 197,973 shares of the utilities provider’s stock worth $2,364,000 after purchasing an additional 40,242 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of PG&E by 40.5% during the 1st quarter. Bank of America Corp DE now owns 2,626,364 shares of the utilities provider’s stock valued at $31,359,000 after buying an additional 756,684 shares in the last quarter. Taconic Capital Advisors LP raised its holdings in shares of PG&E by 0.3% during the 1st quarter. Taconic Capital Advisors LP now owns 1,605,000 shares of the utilities provider’s stock valued at $19,164,000 after buying an additional 5,000 shares in the last quarter. Toroso Investments LLC grew its position in PG&E by 10.2% during the 1st quarter. Toroso Investments LLC now owns 24,177 shares of the utilities provider’s stock worth $289,000 after acquiring an additional 2,244 shares during the last quarter. Finally, Capital Research Global Investors grew its position in PG&E by 7.2% during the 1st quarter. Capital Research Global Investors now owns 172,689,006 shares of the utilities provider’s stock worth $2,061,911,000 after acquiring an additional 11,607,143 shares during the last quarter. Institutional investors own 79.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Seaport Res Ptn reiterated a “neutral” rating on shares of PG&E in a research report on Monday, June 13th. Barclays lowered their price objective on PG&E from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday, July 18th. Morgan Stanley lifted their price objective on PG&E from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 23rd. Credit Suisse Group decreased their price target on PG&E from $17.00 to $15.00 and set an “outperform” rating for the company in a research note on Thursday, July 14th. Finally, UBS Group boosted their price target on PG&E to $18.00 in a research note on Friday, June 3rd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.20.

Insider Buying and Selling at PG&E

In other news, CEO Patricia K. Poppe sold 83,330 shares of the firm’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $13.00, for a total value of $1,083,290.00. Following the completion of the sale, the chief executive officer now owns 704,187 shares of the company’s stock, valued at approximately $9,154,431. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.06% of the company’s stock.

PG&E Trading Down 1.2 %

Shares of PCG stock opened at $13.30 on Wednesday. PG&E Co. has a 1 year low of $9.46 and a 1 year high of $13.53. The company has a debt-to-equity ratio of 2.01, a current ratio of 0.78 and a quick ratio of 0.73. The stock’s 50 day simple moving average is $11.80 and its two-hundred day simple moving average is $11.64. The company has a market cap of $32.79 billion, a PE ratio of 221.67, a price-to-earnings-growth ratio of 4.91 and a beta of 1.15.

PG&E (NYSE:PCGGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The utilities provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.03). PG&E had a return on equity of 10.56% and a net margin of 1.03%. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.63 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. Research analysts predict that PG&E Co. will post 1.09 earnings per share for the current year.

About PG&E

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PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.

Further Reading

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Institutional Ownership by Quarter for PG&E (NYSE:PCG)

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