PG&E (NYSE:PCG) Shares Gap Down – Here’s What Happened

PG&E Co. (NYSE:PCG) shares gapped down prior to trading on Monday . The stock had previously closed at $21.63, but opened at $20.70. PG&E shares last traded at $20.45, with a volume of 8,716,695 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Bank of America started coverage on PG&E in a research report on Thursday, September 12th. They set a “buy” rating and a $24.00 price objective on the stock. Barclays lifted their price target on shares of PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Morgan Stanley boosted their target price on shares of PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group began coverage on shares of PG&E in a report on Monday, October 14th. They set a “buy” rating and a $24.00 target price on the stock. Finally, Mizuho boosted their target price on shares of PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, PG&E presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.10.

PG&E Stock Performance

The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99. The stock has a market cap of $53.56 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 1.66 and a beta of 1.03. The company has a 50 day simple moving average of $20.44 and a 200-day simple moving average of $19.14.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The company’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. On average, equities analysts expect that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.01 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.04 annualized dividend and a yield of 0.20%. PG&E’s payout ratio is 3.13%.

Institutional Investors Weigh In On PG&E

A number of hedge funds have recently bought and sold shares of the business. Rothschild Investment LLC purchased a new stake in shares of PG&E in the 2nd quarter worth approximately $30,000. UMB Bank n.a. boosted its position in shares of PG&E by 84.7% in the 2nd quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 1,011 shares in the last quarter. Blue Trust Inc. raised its stake in PG&E by 77.0% in the second quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock valued at $40,000 after buying an additional 1,027 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in PG&E during the 2nd quarter worth approximately $44,000. Finally, Massmutual Trust Co. FSB ADV boosted its position in PG&E by 48.8% in the second quarter. Massmutual Trust Co. FSB ADV now owns 3,596 shares of the utilities provider’s stock valued at $63,000 after buying an additional 1,179 shares during the last quarter. Hedge funds and other institutional investors own 78.56% of the company’s stock.

PG&E Company Profile

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.