Verition Fund Management LLC Sells 254,604 Shares of PG&E Co. (NYSE:PCG)

Verition Fund Management LLC lessened its holdings in PG&E Co. (NYSE:PCGFree Report) by 35.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 472,409 shares of the utilities provider’s stock after selling 254,604 shares during the period. Verition Fund Management LLC’s holdings in PG&E were worth $8,518,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Planned Solutions Inc. purchased a new position in PG&E during the fourth quarter worth $37,000. CVA Family Office LLC purchased a new position in PG&E during the fourth quarter worth $43,000. Catalyst Capital Advisors LLC purchased a new position in PG&E during the third quarter worth $44,000. Headlands Technologies LLC purchased a new position in PG&E during the third quarter worth $47,000. Finally, Pacific Capital Wealth Advisors Inc. purchased a new position in PG&E during the fourth quarter worth $47,000. 78.56% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other PG&E news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the completion of the transaction, the chief executive officer now directly owns 1,515,777 shares in the company, valued at $25,889,471.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.15% of the stock is currently owned by corporate insiders.

PG&E Stock Up 2.2 %

NYSE:PCG opened at $18.44 on Tuesday. PG&E Co. has a 1-year low of $14.71 and a 1-year high of $18.95. The company has a 50-day moving average of $17.58 and a 200 day moving average of $17.21. The firm has a market cap of $53.09 billion, a PE ratio of 16.46 and a beta of 1.19. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.99 and a quick ratio of 0.93.

PG&E (NYSE:PCGGet Free Report) last released its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. PG&E had a net margin of 10.05% and a return on equity of 11.32%. The company had revenue of $5.86 billion during the quarter, compared to analyst estimates of $6.60 billion. During the same period in the prior year, the firm earned $0.29 earnings per share. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, research analysts anticipate that PG&E Co. will post 1.35 EPS for the current fiscal year.

PG&E Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend is Friday, June 28th. PG&E’s dividend payout ratio (DPR) is presently 3.57%.

Analyst Upgrades and Downgrades

PCG has been the subject of several recent analyst reports. The Goldman Sachs Group initiated coverage on shares of PG&E in a research note on Wednesday, April 10th. They set a “buy” rating and a $21.00 price objective for the company. JPMorgan Chase & Co. raised shares of PG&E from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $19.00 to $22.00 in a research note on Monday. Barclays boosted their target price on shares of PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, June 5th. Morgan Stanley boosted their target price on shares of PG&E from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 28th. Finally, Mizuho boosted their target price on shares of PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.25.

Read Our Latest Stock Analysis on PG&E

About PG&E

(Free Report)

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.

See Also

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

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