CIBC Asset Management Inc Grows Stock Position in PG&E Co. (NYSE:PCG)

CIBC Asset Management Inc grew its stake in PG&E Co. (NYSE:PCG – Get Rating) by 159.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 228,451 shares of the utilities provider’s stock after buying an additional 140,264 shares during the quarter. CIBC Asset Management Inc’s holdings in PG&E were worth $2,856,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Wipfli Financial Advisors LLC acquired a new position in PG&E in the third quarter valued at approximately $34,000. Hexagon Capital Partners LLC lifted its stake in shares of PG&E by 135.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,886 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 1,662 shares during the period. Alta Advisers Ltd purchased a new stake in PG&E during the third quarter worth $51,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in PG&E during the second quarter worth $51,000. Finally, Concourse Financial Group Securities Inc. grew its position in PG&E by 21.1% during the second quarter. Concourse Financial Group Securities Inc. now owns 6,360 shares of the utilities provider’s stock valued at $63,000 after buying an additional 1,106 shares during the period. Hedge funds and other institutional investors own 83.63% of the company’s stock.

Insider Activity at PG&E

In other PG&E news, major shareholder Pg&E Fire Victim Trust sold 60,000,000 shares of the business’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $15.26, for a total transaction of $915,600,000.00. Following the transaction, the insider now owns 187,743,590 shares of the company’s stock, valued at $2,864,967,183.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Citigroup increased their target price on shares of PG&E from $14.00 to $19.00 in a research note on Friday, October 28th. Royal Bank of Canada raised their price objective on PG&E from $16.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, October 7th. StockNews.com started coverage on PG&E in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Credit Suisse Group increased their target price on PG&E from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, October 28th. Finally, Jefferies Financial Group reissued a “neutral” rating and issued a $17.00 price target on shares of PG&E in a report on Tuesday, January 3rd. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $17.44.

PG&E Trading Up 0.6 %

Shares of PCG stock opened at $15.83 on Wednesday. PG&E Co. has a fifty-two week low of $9.64 and a fifty-two week high of $16.49. The firm has a market capitalization of $39.03 billion, a P/E ratio of 19.30, a PEG ratio of 5.03 and a beta of 1.10. The stock’s fifty day moving average is $15.71 and its two-hundred day moving average is $13.83. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.82 and a current ratio of 0.87.

PG&E (NYSE:PCG – Get Rating) last released its quarterly earnings data on Thursday, October 27th. The utilities provider reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. PG&E had a net margin of 8.21% and a return on equity of 10.92%. The company had revenue of $5.39 billion during the quarter, compared to the consensus estimate of $5.95 billion. Research analysts expect that PG&E Co. will post 1.11 earnings per share for the current fiscal year.

About PG&E

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PG&E Corp. is 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 San Francisco, CA.