Pacific Gas & Electric (NYSE:PCG) Given New $24.00 Price Target at JPMorgan Chase & Co.

Pacific Gas & Electric (NYSE:PCG) had its target price raised by JPMorgan Chase & Co. from $21.00 to $24.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen downgraded shares of Pacific Gas & Electric from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Jefferies Financial Group reduced their target price on Pacific Gas & Electric from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pacific Gas & Electric in a research note on Monday, December 29th. TD Cowen restated a “buy” rating on shares of Pacific Gas & Electric in a report on Thursday, December 4th. Finally, UBS Group raised shares of Pacific Gas & Electric from a “neutral” rating to a “buy” rating in a research note on Monday, March 9th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.36.

Pacific Gas & Electric Stock Down 1.0%

PCG stock opened at $18.18 on Wednesday. The firm has a 50 day moving average of $17.00 and a 200 day moving average of $16.19. The stock has a market capitalization of $39.95 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 0.70 and a beta of 0.33. Pacific Gas & Electric has a 52 week low of $12.97 and a 52 week high of $19.16. The company has a quick ratio of 0.92, a current ratio of 0.97 and a debt-to-equity ratio of 1.84.

Pacific Gas & Electric (NYSE:PCG) last announced its quarterly earnings data on Wednesday, February 11th. The utilities provider reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. Pacific Gas & Electric had a net margin of 10.84% and a return on equity of 11.28%. The firm had revenue of $6.80 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same period in the previous year, the company earned $0.31 earnings per share. Sell-side analysts forecast that Pacific Gas & Electric will post 1.49 earnings per share for the current year.

Pacific Gas & Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Tuesday, March 31st. Pacific Gas & Electric’s dividend payout ratio is currently 16.95%.

Insider Transactions at Pacific Gas & Electric

In other news, Director Kerry Whorton Cooper sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $18.68, for a total value of $46,700.00. Following the completion of the transaction, the director owned 73,141 shares of the company’s stock, valued at approximately $1,366,273.88. This trade represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John R. Simon sold 45,607 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $18.00, for a total transaction of $820,926.00. Following the completion of the transaction, the executive vice president directly owned 392,303 shares of the company’s stock, valued at $7,061,454. This represents a 10.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 84,286 shares of company stock worth $1,528,746 over the last ninety days. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Pacific Gas & Electric

A number of institutional investors and hedge funds have recently made changes to their positions in PCG. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Pacific Gas & Electric during the 1st quarter worth $203,000. Empowered Funds LLC boosted its position in shares of Pacific Gas & Electric by 16.4% in the 1st quarter. Empowered Funds LLC now owns 46,936 shares of the utilities provider’s stock valued at $806,000 after purchasing an additional 6,601 shares during the period. Woodline Partners LP boosted its holdings in shares of Pacific Gas & Electric by 41.2% in the first quarter. Woodline Partners LP now owns 185,324 shares of the utilities provider’s stock valued at $3,184,000 after acquiring an additional 54,033 shares during the period. Focus Partners Wealth boosted its stake in Pacific Gas & Electric by 93.0% during the 1st quarter. Focus Partners Wealth now owns 83,816 shares of the utilities provider’s stock worth $1,440,000 after purchasing an additional 40,380 shares during the period. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Pacific Gas & Electric during the second quarter worth about $1,298,000. 78.56% of the stock is owned by institutional investors and hedge funds.

About Pacific Gas & Electric

Pacific Gas & Electric (NYSE: PCG) is an investor-owned utility holding company whose principal operating subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas service in northern and central California. The company’s core activities include the generation, procurement, transmission and distribution of electric power, as well as the transmission and distribution of natural gas. PG&E serves a broad mix of residential, commercial, and industrial customers across urban and rural communities within its California service territory.

PG&E’s operations encompass utility infrastructure planning and construction, grid operations, customer service and energy procurement.