GAMMA Investing LLC Lowers Stock Position in PG&E Co. (NYSE:PCG)

GAMMA Investing LLC decreased its position in shares of PG&E Co. (NYSE:PCG) by 22.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,043 shares of the utilities provider’s stock after selling 2,025 shares during the quarter. GAMMA Investing LLC’s holdings in PG&E were worth $118,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Planned Solutions Inc. purchased a new stake in PG&E in the 4th quarter valued at approximately $37,000. Vima LLC purchased a new stake in PG&E in the 4th quarter valued at approximately $41,000. CVA Family Office LLC acquired a new position in PG&E in the 4th quarter valued at $43,000. Pacific Capital Wealth Advisors Inc. acquired a new position in PG&E in the 4th quarter valued at $47,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in PG&E in the 4th quarter valued at $54,000. Hedge funds and other institutional investors own 78.56% of the company’s stock.

PG&E Stock Down 1.0 %

Shares of NYSE PCG opened at $17.66 on Friday. PG&E Co. has a 12-month low of $14.71 and a 12-month high of $18.95. The company has a market cap of $50.85 billion, a P/E ratio of 15.77 and a beta of 1.19. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 2.08. The stock has a fifty day moving average price of $17.81 and a 200 day moving average price of $17.25.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. PG&E had a return on equity of 11.32% and a net margin of 10.05%. The firm had revenue of $5.86 billion during the quarter, compared to the consensus estimate of $6.60 billion. During the same period in the prior year, the firm earned $0.29 EPS. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. Research analysts anticipate that PG&E Co. will post 1.35 EPS for the current fiscal year.

PG&E Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.01 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.04 annualized dividend and a yield of 0.23%. PG&E’s dividend payout ratio is currently 3.57%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Morgan Stanley boosted their price target on PG&E from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, May 28th. JPMorgan Chase & Co. upgraded PG&E from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $19.00 to $22.00 in a report on Monday, June 10th. The Goldman Sachs Group assumed coverage on PG&E in a report on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price target for the company. Mizuho boosted their price target on PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Citigroup boosted their price target on PG&E from $19.00 to $21.00 and gave the company a “buy” rating in a report on Friday, June 14th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.22.

Insider Activity at PG&E

In related news, CEO Patricia K. Poppe sold 59,000 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $17.08, for a total value of $1,007,720.00. Following the completion of the sale, the chief executive officer now directly owns 1,515,777 shares in the company, valued at approximately $25,889,471.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.15% of the stock is owned by insiders.

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.