Treasurer of the State of North Carolina Has $14.01 Million Stock Holdings in PG&E Co. (NYSE:PCG)

08 Dec 2023, 13:50 by Kim Johansen · The Markets Daily

Treasurer of the State of North Carolina raised its holdings in PG&E Co. (NYSE:PCG – Free Report) by 12.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 810,686 shares of the utilities provider’s stock after acquiring an additional 90,690 shares during the quarter. Treasurer of the State of North Carolina’s holdings in PG&E were worth $14,009,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Ballentine Partners LLC lifted its stake in PG&E by 5.2% in the second quarter. Ballentine Partners LLC now owns 11,818 shares of the utilities provider’s stock valued at $204,000 after acquiring an additional 584 shares during the last quarter. IFP Advisors Inc lifted its stake in PG&E by 725.8% in the second quarter. IFP Advisors Inc now owns 768 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 675 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in PG&E by 1.2% in the first quarter. Vanguard Personalized Indexing Management LLC now owns 60,311 shares of the utilities provider’s stock valued at $975,000 after acquiring an additional 704 shares during the last quarter. Kentucky Retirement Systems lifted its stake in PG&E by 0.6% in the first quarter. Kentucky Retirement Systems now owns 127,301 shares of the utilities provider’s stock valued at $2,058,000 after acquiring an additional 720 shares during the last quarter. Finally, Wetherby Asset Management Inc. lifted its stake in PG&E by 5.5% in the first quarter. Wetherby Asset Management Inc. now owns 14,490 shares of the utilities provider’s stock valued at $234,000 after acquiring an additional 752 shares during the last quarter. 74.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PCG shares. JPMorgan Chase & Co. reduced their target price on shares of PG&E from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, October 17th. Evercore ISI restated an “in-line” rating and issued a $16.00 price objective on shares of PG&E in a research note on Monday, October 23rd. Barclays boosted their price objective on shares of PG&E from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday. Mizuho boosted their price objective on shares of PG&E from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 17th. Finally, StockNews.com cut shares of PG&E from a “hold” rating to a “sell” rating in a research note on Tuesday, November 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.79.

View Our Latest Analysis on PCG

PG&E Stock Up 0.7 %

PCG opened at $17.36 on Friday. The firm’s 50-day simple moving average is $16.64 and its 200-day simple moving average is $16.94. The firm has a market cap of $45.33 billion, a price-to-earnings ratio of 20.19 and a beta of 1.15. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.79 and a current ratio of 0.84. PG&E Co. has a twelve month low of $14.71 and a twelve month high of $18.19.

PG&E (NYSE:PCG – Get Free Report) last issued its quarterly earnings results on Thursday, October 26th. The utilities provider reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.04). The company had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.48 billion. PG&E had a return on equity of 9.21% and a net margin of 8.13%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the company earned $0.29 EPS. Equities research analysts anticipate that PG&E Co. will post 1.21 EPS for the current fiscal year.

PG&E Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.04 dividend on an annualized basis and a yield of 0.23%. PG&E’s payout ratio is presently 4.65%.

Insider Buying and Selling at PG&E

In other PG&E news, Director Cheryl F. Campbell sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $16.90, for a total transaction of $169,000.00. Following the transaction, the director now directly owns 54,153 shares in the company, valued at approximately $915,185.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.10% of the company’s stock.

PG&E Profile

(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.