Allworth Financial LP lifted its stake in PG&E Co. (NYSE:PCG – Get Rating) by 5.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,762 shares of the utilities provider’s stock after buying an additional 6,995 shares during the quarter. Allworth Financial LP’s holdings in PG&E were worth $1,325,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in PCG. Capital International Investors raised its stake in shares of PG&E by 51.6% in the fourth quarter. Capital International Investors now owns 41,766,386 shares of the utilities provider’s stock worth $507,044,000 after buying an additional 14,215,581 shares during the period. Capital Research Global Investors raised its stake in shares of PG&E by 7.2% in the first quarter. Capital Research Global Investors now owns 172,689,006 shares of the utilities provider’s stock worth $2,061,911,000 after buying an additional 11,607,143 shares during the period. State Street Corp raised its stake in PG&E by 33.4% during the 1st quarter. State Street Corp now owns 44,236,290 shares of the utilities provider’s stock valued at $528,181,000 after purchasing an additional 11,067,137 shares during the period. Artemis Investment Management LLP bought a new stake in PG&E during the 1st quarter valued at approximately $96,237,000. Finally, Point72 Asset Management L.P. bought a new stake in PG&E during the 4th quarter valued at approximately $63,803,000. Institutional investors own 79.59% of the company’s stock.
Insider Transactions at PG&E
In other news, CEO Patricia K. Poppe sold 83,330 shares of PG&E stock in a transaction that occurred 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 transaction, the chief executive officer now owns 704,187 shares in the company, valued at approximately $9,154,431. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.06% of the company’s stock.
PG&E Stock Performance
PG&E (NYSE:PCG – Get Rating) last announced its earnings results on Thursday, July 28th. The utilities provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.63 billion. PG&E had a return on equity of 10.56% and a net margin of 1.03%. PG&E’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 EPS. On average, research analysts predict that PG&E Co. will post 1.09 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on PCG shares. UBS Group lifted their target price on PG&E to $18.00 in a research note on Friday, June 3rd. Seaport Res Ptn reissued a “neutral” rating on shares of PG&E in a research note on Monday, June 13th. Barclays decreased their target price on PG&E from $17.00 to $16.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Morgan Stanley lifted their target price 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. Finally, Credit Suisse Group cut their price target on PG&E from $17.00 to $15.00 and set an “outperform” rating for the company in a report on Thursday, July 14th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, PG&E has an average rating of “Moderate Buy” and an average price target of $16.20.
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.
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