California Public Employees Retirement System Purchases 136,825 Shares of PG&E Co. (NYSE:PCG)

by · The Markets Daily

California Public Employees Retirement System raised its position in PG&E Co. (NYSE:PCG – Free Report) by 2.0% 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 6,843,477 shares of the utilities provider’s stock after buying an additional 136,825 shares during the quarter. California Public Employees Retirement System owned about 0.26% of PG&E worth $138,101,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PCG. Czech National Bank raised its stake in PG&E by 8.9% in the 4th quarter. Czech National Bank now owns 474,013 shares of the utilities provider’s stock valued at $9,566,000 after acquiring an additional 38,590 shares during the period. New York State Teachers Retirement System increased its stake in shares of PG&E by 8.2% in the fourth quarter. New York State Teachers Retirement System now owns 1,974,070 shares of the utilities provider’s stock worth $39,837,000 after purchasing an additional 148,860 shares in the last quarter. State Street Corp raised 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 during the period. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of PG&E during the 4th quarter valued at approximately $514,000. Finally, Atria Wealth Solutions Inc. bought a new position in PG&E in the 4th quarter worth approximately $466,000. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Analyst Upgrades and Downgrades

PCG has been the topic of several recent research reports. Morgan Stanley increased their target price on PG&E from $16.50 to $17.50 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. UBS Group downgraded PG&E from a “buy” rating to a “neutral” rating and cut their target price for the stock from $22.00 to $19.00 in a research note on Wednesday, March 19th. BMO Capital Markets lifted their target price on PG&E from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Guggenheim downgraded shares of PG&E from a “buy” rating to a “neutral” rating in a report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $22.00 price objective on shares of PG&E in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $22.05.

Read Our Latest Report on PCG

Insider Buying and Selling at PG&E

In other PG&E news, Director Arno Lockheart Harris purchased 6,389 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was acquired at an average cost of $15.66 per share, for a total transaction of $100,051.74. Following the completion of the transaction, the director now directly owns 14,864 shares in the company, valued at approximately $232,770.24. This represents a 75.39 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Carla J. Peterman sold 32,521 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $16.37, for a total value of $532,368.77. Following the transaction, the executive vice president now directly owns 183,635 shares in the company, valued at $3,006,104.95. This trade represents a 15.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.15% of the company’s stock.

PG&E Stock Performance

PG&E stock opened at $16.98 on Monday. PG&E Co. has a fifty-two week low of $14.99 and a fifty-two week high of $21.72. The company has a debt-to-equity ratio of 1.86, a quick ratio of 1.00 and a current ratio of 1.05. The stock has a market cap of $45.35 billion, a P/E ratio of 14.76, a price-to-earnings-growth ratio of 1.09 and a beta of 1.04. The firm’s fifty day moving average price is $16.21 and its 200-day moving average price is $18.67.

PG&E (NYSE:PCG – Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The utilities provider reported $0.31 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.31. PG&E had a return on equity of 10.94% and a net margin of 10.27%. The business had revenue of $6.63 billion for the quarter, compared to the consensus estimate of $7.29 billion. During the same quarter last year, the business posted $0.47 earnings per share. On average, equities research analysts expect that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

PG&E Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.59%. The ex-dividend date is Monday, March 31st. PG&E’s dividend payout ratio is currently 8.70%.

PG&E Company Profile

(Free Report)

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.

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