Covestor Ltd Trims Stock Position in PG&E Co. (NYSE:PCG)

Covestor Ltd cut its holdings in shares of PG&E Co. (NYSE:PCG) by 30.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,357 shares of the utilities provider’s stock after selling 1,884 shares during the period. Covestor Ltd’s holdings in PG&E were worth $88,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of PG&E by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 254,358,968 shares of the utilities provider’s stock valued at $5,132,964,000 after purchasing an additional 6,151,233 shares in the last quarter. Geode Capital Management LLC grew its holdings in PG&E by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 51,988,553 shares of the utilities provider’s stock valued at $1,046,462,000 after purchasing an additional 2,151,494 shares during the period. Norges Bank purchased a new stake in shares of PG&E in the fourth quarter valued at approximately $591,625,000. Pictet Asset Management Holding SA raised its stake in shares of PG&E by 0.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,385,629 shares of the utilities provider’s stock worth $350,842,000 after buying an additional 82,705 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of PG&E by 4.1% during the 3rd quarter. Franklin Resources Inc. now owns 17,116,725 shares of the utilities provider’s stock worth $346,443,000 after buying an additional 681,369 shares during the period. 78.56% of the stock is owned by hedge funds and other institutional investors.

PG&E Trading Up 2.8 %

NYSE:PCG opened at $16.93 on Monday. PG&E Co. has a 52-week low of $14.99 and a 52-week high of $21.72. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 1.86. The stock has a fifty day simple moving average of $16.35 and a 200-day simple moving average of $18.42. The company has a market capitalization of $45.21 billion, a PE ratio of 14.72, a price-to-earnings-growth ratio of 1.09 and a beta of 0.70.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, February 13th. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.31. PG&E had a net margin of 10.27% and a return on equity of 10.94%. The business had revenue of $6.63 billion for the quarter, compared to the consensus estimate of $7.29 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. On average, equities research analysts expect that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

PG&E Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Monday, March 31st. PG&E’s dividend payout ratio is presently 8.70%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Guggenheim lowered shares of PG&E from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 18th. Morgan Stanley lifted their price objective on PG&E from $16.50 to $17.50 and gave the stock an “underweight” rating in a report on Thursday, March 20th. Barclays reduced their target price on PG&E from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. BMO Capital Markets lifted their price target on PG&E from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Finally, UBS Group cut PG&E from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $19.00 in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PG&E currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.05.

Insider Buying and Selling at PG&E

In related news, Director Arno Lockheart Harris purchased 6,389 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was acquired at an average price of $15.66 per share, with a total value of $100,051.74. Following the completion of the transaction, the director now owns 14,864 shares of the company’s stock, valued at $232,770.24. This represents a 75.39 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carla J. Peterman sold 32,521 shares of PG&E stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $16.37, for a total value of $532,368.77. Following the completion of the transaction, the executive vice president now owns 183,635 shares of the company’s stock, valued at $3,006,104.95. This trade represents a 15.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.

PG&E 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.