Seven Eight Capital LP Cuts Position in PG&E Co. (NYSE:PCG)

Seven Eight Capital LP trimmed its holdings in shares of PG&E Co. (NYSE:PCG) by 2.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 36,541 shares of the utilities provider’s stock after selling 788 shares during the period. Seven Eight Capital LP’s holdings in PG&E were worth $638,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Rothschild Investment LLC purchased a new position in PG&E during the second quarter valued at $30,000. UMB Bank n.a. increased its holdings in shares of PG&E by 84.7% during the second quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 1,011 shares in the last quarter. Vima LLC bought a new position in PG&E in the 4th quarter worth about $41,000. Blue Trust Inc. grew its position in PG&E by 77.0% during the 2nd quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 1,027 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new stake in PG&E during the 2nd quarter valued at about $44,000. 78.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. UBS Group upped their target price on shares of PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley upped their price objective on PG&E from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, August 23rd. Citigroup lifted their target price on PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, June 14th. JPMorgan Chase & Co. raised PG&E from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $19.00 to $22.00 in a research report on Monday, June 10th. Finally, Barclays lifted their price objective on PG&E from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, PG&E has an average rating of “Moderate Buy” and a consensus target price of $21.45.

Insider Activity

In other PG&E news, VP Stephanie N. Williams sold 38,601 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $18.32, for a total transaction of $707,170.32. Following the sale, the vice president now owns 19,114 shares in the company, valued at approximately $350,168.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.15% of the company’s stock.

PG&E Stock Performance

PCG opened at $20.08 on Friday. The company’s 50 day moving average is $18.82 and its 200 day moving average is $17.87. The company has a current ratio of 0.90, a quick ratio of 0.86 and a debt-to-equity ratio of 1.99. The company has a market cap of $57.82 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 1.53 and a beta of 1.01. PG&E Co. has a 12-month low of $14.71 and a 12-month high of $20.65.

PG&E (NYSE:PCG) last issued its quarterly earnings results on Thursday, July 25th. The utilities provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The business had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter last year, the company posted $0.23 EPS. The company’s revenue was up 13.2% compared to the same quarter last year. On average, equities research analysts predict that PG&E Co. will post 1.36 EPS for the current year.

PG&E Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.20%. The ex-dividend date of this dividend is Monday, September 30th. PG&E’s dividend payout ratio (DPR) is currently 3.57%.

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 customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.