Parallel Advisors LLC Trims Stake in Pacific Gas & Electric Co. $PCG

Parallel Advisors LLC reduced its position in Pacific Gas & Electric Co. (NYSE:PCG) by 4.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,885 shares of the utilities provider’s stock after selling 1,740 shares during the quarter. Parallel Advisors LLC’s holdings in Pacific Gas & Electric were worth $514,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio purchased a new stake in Pacific Gas & Electric in the 1st quarter worth about $16,330,000. GK Wealth Management LLC raised its position in Pacific Gas & Electric by 11.0% in the 1st quarter. GK Wealth Management LLC now owns 19,046 shares of the utilities provider’s stock worth $327,000 after purchasing an additional 1,895 shares during the period. Intech Investment Management LLC raised its position in Pacific Gas & Electric by 210.8% in the 1st quarter. Intech Investment Management LLC now owns 788,408 shares of the utilities provider’s stock worth $13,545,000 after purchasing an additional 534,741 shares during the period. Focus Partners Wealth increased its position in shares of Pacific Gas & Electric by 93.0% during the first quarter. Focus Partners Wealth now owns 83,816 shares of the utilities provider’s stock worth $1,440,000 after acquiring an additional 40,380 shares during the period. Finally, Glenview Trust co increased its position in shares of Pacific Gas & Electric by 28.5% during the first quarter. Glenview Trust co now owns 12,849 shares of the utilities provider’s stock worth $221,000 after acquiring an additional 2,848 shares during the period. 78.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PCG has been the topic of a number of research reports. Barclays reduced their target price on shares of Pacific Gas & Electric from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 22nd. Zacks Research raised shares of Pacific Gas & Electric from a “strong sell” rating to a “hold” rating in a research report on Monday, August 18th. Morgan Stanley raised shares of Pacific Gas & Electric from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $19.00 to $20.00 in a research report on Thursday. UBS Group reduced their target price on shares of Pacific Gas & Electric from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Argus raised shares of Pacific Gas & Electric to a “hold” rating in a research report on Monday, June 16th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Pacific Gas & Electric currently has a consensus rating of “Moderate Buy” and an average price target of $20.20.

Pacific Gas & Electric Price Performance

NYSE PCG opened at $14.93 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.89 and a current ratio of 0.94. The firm’s 50 day moving average price is $14.71 and its 200-day moving average price is $15.63. Pacific Gas & Electric Co. has a 52-week low of $12.97 and a 52-week high of $21.72. The company has a market cap of $39.95 billion, a PE ratio of 13.70, a P/E/G ratio of 1.11 and a beta of 0.57.

Pacific Gas & Electric (NYSE:PCG) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.02). Pacific Gas & Electric had a net margin of 9.95% and a return on equity of 10.13%. The business had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the prior year, the business posted $0.31 earnings per share. Pacific Gas & Electric’s revenue for the quarter was down 1.5% on a year-over-year basis. Pacific Gas & Electric has set its FY 2025 guidance at 1.480-1.520 EPS. Sell-side analysts forecast that Pacific Gas & Electric Co. will post 1.49 EPS for the current fiscal year.

Pacific Gas & Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, September 30th. Pacific Gas & Electric’s dividend payout ratio (DPR) is 9.17%.

Pacific Gas & Electric Profile

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.