PG&E (NYSE:PCG) Price Target Lowered to $21.00 at Barclays

PG&E (NYSE:PCG) had its price objective cut by Barclays from $22.00 to $21.00 in a research note published on Monday morning, Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

Several other analysts also recently issued reports on the company. Citigroup increased their price target on PG&E from $19.00 to $21.00 and gave the company a buy rating in a report on Friday. Mizuho raised their target price on PG&E from $21.00 to $23.00 and gave the company a buy rating in a report on Friday, May 17th. Morgan Stanley upped their price target on PG&E from $16.00 to $18.00 and gave the stock an equal weight rating in a report on Tuesday, May 28th. The Goldman Sachs Group started coverage on shares of PG&E in a research note on Wednesday, April 10th. They set a buy rating and a $21.00 price objective on the stock. Finally, JPMorgan Chase & Co. upgraded shares of PG&E from a neutral rating to an overweight rating and upped their target price for the company from $19.00 to $22.00 in a research note on Monday, June 10th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $20.22.

PG&E Trading Down 2.5 %

Shares of PG&E stock opened at $17.79 on Monday. PG&E has a fifty-two week low of $14.71 and a fifty-two week high of $18.95. The business’s fifty day moving average is $17.72 and its two-hundred day moving average is $17.24. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08. The firm has a market cap of $51.22 billion, a PE ratio of 15.88 and a beta of 1.19.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The business had revenue of $5.86 billion for the quarter, compared to analyst estimates of $6.60 billion. PG&E had a net margin of 10.05% and a return on equity of 11.32%. The company’s revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 EPS. Analysts anticipate that PG&E will post 1.35 earnings per share for the current year.

PG&E Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.22%. PG&E’s dividend payout ratio (DPR) is presently 3.57%.

Insider Activity at PG&E

In related news, CEO Patricia K. Poppe sold 59,000 shares of PG&E stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total transaction of $1,007,720.00. Following the sale, the chief executive officer now directly owns 1,515,777 shares in the company, valued at $25,889,471.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PCG. Artemis Investment Management LLP raised its holdings in shares of PG&E by 6.2% during the fourth quarter. Artemis Investment Management LLP now owns 7,598,807 shares of the utilities provider’s stock valued at $137,009,000 after acquiring an additional 446,848 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of PG&E by 19.1% in the fourth quarter. Wells Fargo & Company MN now owns 1,136,587 shares of the utilities provider’s stock valued at $20,493,000 after purchasing an additional 182,279 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of PG&E by 9.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 922,856 shares of the utilities provider’s stock worth $16,639,000 after buying an additional 76,178 shares during the period. Crestline Management LP grew its holdings in shares of PG&E by 46.6% during the fourth quarter. Crestline Management LP now owns 578,241 shares of the utilities provider’s stock valued at $10,426,000 after buying an additional 183,767 shares in the last quarter. Finally, Dai ichi Life Insurance Company Ltd lifted its stake in PG&E by 379.0% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 76,494 shares of the utilities provider’s stock worth $1,379,000 after acquiring an additional 60,525 shares in the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

About PG&E

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.