Prudential Financial Inc. Acquires 13,050 Shares of PG&E Co. (NYSE:PCG)

Prudential Financial Inc. increased its holdings in shares of PG&E Co. (NYSE:PCG) by 44.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,220 shares of the utilities provider’s stock after buying an additional 13,050 shares during the period. Prudential Financial Inc.’s holdings in PG&E were worth $968,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Abrams Capital Management L.P. bought a new stake in shares of PG&E during the first quarter worth approximately $445,000,000. Gallagher Fiduciary Advisors LLC bought a new stake in shares of PG&E during the first quarter worth approximately $394,618,000. Geode Capital Management LLC raised its stake in shares of PG&E by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 6,960,585 shares of the utilities provider’s stock worth $165,035,000 after buying an additional 563,036 shares during the last quarter. First Pacific Advisors LP raised its stake in shares of PG&E by 6.9% during the first quarter. First Pacific Advisors LP now owns 5,329,333 shares of the utilities provider’s stock worth $94,862,000 after buying an additional 345,105 shares during the last quarter. Finally, MFN Partners Management LP raised its stake in shares of PG&E by 281.0% during the first quarter. MFN Partners Management LP now owns 4,000,000 shares of the utilities provider’s stock worth $71,200,000 after buying an additional 2,950,000 shares during the last quarter. 90.55% of the stock is owned by institutional investors and hedge funds.

NYSE:PCG traded down $0.59 during trading hours on Friday, hitting $11.61. The stock had a trading volume of 13,075,809 shares, compared to its average volume of 7,109,695. PG&E Co. has a one year low of $5.07 and a one year high of $49.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.92 and a current ratio of 2.03. The company has a market cap of $6.22 billion, a price-to-earnings ratio of 2.89, a P/E/G ratio of 1.34 and a beta of 0.42. The business’s 50 day moving average is $13.19 and its 200-day moving average is $18.12.

PG&E (NYSE:PCG) last issued its earnings results on Friday, August 9th. The utilities provider reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.11. PG&E had a negative net margin of 53.07% and a positive return on equity of 15.16%. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. On average, sell-side analysts anticipate that PG&E Co. will post 3.88 EPS for the current fiscal year.

A number of equities research analysts recently weighed in on the stock. Morgan Stanley set a $23.00 price target on shares of PG&E and gave the stock a “hold” rating in a research note on Monday, August 26th. Citigroup raised shares of PG&E from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $4.00 to $12.00 in a research note on Monday, September 16th. Wells Fargo & Co set a $12.00 price target on shares of PG&E and gave the stock a “hold” rating in a research note on Sunday, September 15th. Barclays set a $14.00 target price on shares of PG&E and gave the company a “hold” rating in a research note on Thursday, August 22nd. Finally, UBS Group lowered their target price on shares of PG&E from $24.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $18.20.

PG&E Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.

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Institutional Ownership by Quarter for PG&E (NYSE:PCG)

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