Zimmer Partners LP lowered its position in shares of PG&E Co. (NYSE:PCG) by 11.4% in the 4th quarter, HoldingsChannel reports. The fund owned 930,000 shares of the utilities provider’s stock after selling 120,000 shares during the period. PG&E makes up 1.0% of Zimmer Partners LP’s holdings, making the stock its 29th largest holding. Zimmer Partners LP’s holdings in PG&E were worth $41,692,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of PCG. Focused Wealth Management Inc purchased a new position in PG&E during the fourth quarter valued at approximately $108,000. Bronfman E.L. Rothschild L.P. lifted its position in PG&E by 122.1% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 2,463 shares of the utilities provider’s stock valued at $110,000 after purchasing an additional 1,354 shares during the last quarter. Ford Financial Group Inc. bought a new stake in PG&E during the fourth quarter valued at approximately $110,000. Wolverine Asset Management LLC bought a new stake in PG&E during the fourth quarter valued at approximately $154,000. Finally, M&R Capital Management Inc. lifted its position in PG&E by 443.3% during the fourth quarter. M&R Capital Management Inc. now owns 4,346 shares of the utilities provider’s stock valued at $194,000 after purchasing an additional 3,546 shares during the last quarter. 81.19% of the stock is owned by institutional investors.
In related news, EVP John R. Simon sold 3,211 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $41.93, for a total transaction of $134,637.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Nickolas Stavropoulos sold 4,728 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $41.93, for a total transaction of $198,245.04. Following the sale, the chief operating officer now owns 82,830 shares of the company’s stock, valued at $3,473,061.90. The disclosure for this sale can be found here. Insiders have sold a total of 8,875 shares of company stock valued at $372,129 over the last quarter. 0.15% of the stock is currently owned by company insiders.
PG&E (NYSE:PCG) last announced its quarterly earnings data on Friday, February 9th. The utilities provider reported $0.63 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.06). The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.83 billion. PG&E had a return on equity of 9.93% and a net margin of 9.69%. During the same quarter in the previous year, the firm posted $1.33 earnings per share. research analysts predict that PG&E Co. will post 3.81 earnings per share for the current year.
Several equities research analysts have issued reports on the stock. Mizuho lowered shares of PG&E from a “buy” rating to a “neutral” rating and lifted their target price for the company from $54.24 to $55.00 in a research report on Friday, December 1st. Citigroup reiterated a “neutral” rating on shares of PG&E in a research report on Monday, December 18th. Wells Fargo & Co lowered shares of PG&E from an “outperform” rating to a “market perform” rating in a research report on Monday, December 18th. Royal Bank of Canada lowered shares of PG&E from an “outperform” rating to a “sector perform” rating in a research report on Thursday, December 21st. Finally, Deutsche Bank reiterated a “buy” rating and set a $61.00 target price on shares of PG&E in a research report on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $57.71.
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PG&E Company Profile
PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers.
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