Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stake in PG&E Co. (NYSE:PCG)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in PG&E Co. (NYSE:PCG) by 1.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,947 shares of the utilities provider’s stock after purchasing an additional 2,547 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in PG&E were worth $3,335,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Signaturefd LLC increased its stake in PG&E by 20.2% in the 4th quarter. Signaturefd LLC now owns 9,694 shares of the utilities provider’s stock worth $175,000 after buying an additional 1,627 shares in the last quarter. Lindbrook Capital LLC increased its stake in PG&E by 6.7% in the 4th quarter. Lindbrook Capital LLC now owns 16,431 shares of the utilities provider’s stock worth $296,000 after buying an additional 1,038 shares in the last quarter. abrdn plc increased its stake in PG&E by 78.1% in the 4th quarter. abrdn plc now owns 899,387 shares of the utilities provider’s stock worth $16,216,000 after buying an additional 394,414 shares in the last quarter. Greenleaf Trust increased its stake in PG&E by 15.2% in the 4th quarter. Greenleaf Trust now owns 15,014 shares of the utilities provider’s stock worth $271,000 after buying an additional 1,977 shares in the last quarter. Finally, Xponance Inc. increased its stake in PG&E by 26.9% in the 4th quarter. Xponance Inc. now owns 439,694 shares of the utilities provider’s stock worth $7,928,000 after buying an additional 93,296 shares in the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PCG shares. Barclays cut their price target on PG&E from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, January 22nd. StockNews.com raised shares of PG&E from a “sell” rating to a “hold” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. increased their price objective on shares of PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, The Goldman Sachs Group started coverage on shares of PG&E in a report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.89.

PG&E Stock Up 0.1 %

Shares of NYSE:PCG opened at $16.96 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 2.04. PG&E Co. has a 12 month low of $14.71 and a 12 month high of $18.32. The company has a 50-day moving average price of $16.55 and a 200 day moving average price of $16.88. The company has a market cap of $36.24 billion, a price-to-earnings ratio of 16.15 and a beta of 1.32.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. PG&E had a net margin of 9.24% and a return on equity of 10.84%. The firm had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.43 billion. During the same quarter last year, the firm earned $0.26 EPS. As a group, equities research analysts predict that PG&E Co. will post 1.35 earnings per share for the current year.

PG&E Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.01 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.04 annualized dividend and a dividend yield of 0.24%. PG&E’s dividend payout ratio (DPR) is presently 3.81%.

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 customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.