Zacks Investment Research upgraded shares of Pacific Gas and Electric (NYSE:PCG) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $49.00 price target on the utilities provider’s stock.
According to Zacks, “PG&E Corp boasts a solid portfolio of regulated utility assets that offer a stable earnings base and substantial long-term growth potential. Going forward, its bottom line will be driven by favorable decisions from the CPUC as well as long-term supply agreements, diversification into alternative power sources and infrastructure improvement programs, resulting in rate base growth. Based on the elimination of bonus depreciation as a result of the tax, the company expects its ratebase will increase by $500 million in 2018 and $300 million more in 2019. However, PG&E Corp. recently suspended its dividend on account of potential liabilities for October's Northern California wildfires.”
Several other equities analysts have also recently weighed in on the stock. Wells Fargo cut shares of Pacific Gas and Electric from an outperform rating to a market perform rating in a research note on Monday, December 18th. JPMorgan Chase reaffirmed a buy rating and set a $50.00 price target (down from $57.00) on shares of Pacific Gas and Electric in a research note on Wednesday, February 21st. Goldman Sachs cut shares of Pacific Gas and Electric from a buy rating to a neutral rating and set a $50.00 price target for the company. in a research note on Tuesday, January 2nd. Guggenheim cut shares of Pacific Gas and Electric from a neutral rating to a sell rating in a research note on Tuesday, January 2nd. Finally, Citigroup reissued a hold rating and issued a $45.00 price objective on shares of Pacific Gas and Electric in a report on Monday, January 22nd. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $56.17.
Pacific Gas and Electric (NYSE:PCG) last issued its quarterly earnings results on Friday, February 9th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.06). The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.83 billion. Pacific Gas and Electric had a return on equity of 9.93% and a net margin of 9.69%. During the same period in the prior year, the business earned $1.33 earnings per share. sell-side analysts expect that Pacific Gas and Electric will post 3.81 EPS for the current fiscal year.
In other Pacific Gas and Electric news, COO Nickolas Stavropoulos sold 4,728 shares of the firm’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $41.93, for a total transaction of $198,245.04. Following the completion of the sale, the chief operating officer now owns 82,830 shares of the company’s stock, valued at approximately $3,473,061.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Julie Kane sold 936 shares of the firm’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $41.93, for a total value of $39,246.48. Following the sale, the senior vice president now directly owns 17,602 shares of the company’s stock, valued at approximately $738,051.86. The disclosure for this sale can be found here. In the last three months, insiders sold 8,875 shares of company stock valued at $372,129. 0.15% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Strs Ohio lifted its holdings in Pacific Gas and Electric by 159.0% during the 4th quarter. Strs Ohio now owns 804,393 shares of the utilities provider’s stock valued at $36,060,000 after purchasing an additional 493,763 shares during the last quarter. Koch Industries Inc. acquired a new stake in Pacific Gas and Electric during the 4th quarter valued at $474,000. Luminus Management LLC acquired a new stake in Pacific Gas and Electric during the 4th quarter valued at $18,028,000. Wells Fargo & Company MN lifted its holdings in Pacific Gas and Electric by 115.9% during the 4th quarter. Wells Fargo & Company MN now owns 4,524,545 shares of the utilities provider’s stock valued at $202,836,000 after purchasing an additional 2,428,560 shares during the last quarter. Finally, Hollencrest Capital Management acquired a new stake in Pacific Gas and Electric during the 4th quarter valued at $448,000. 81.19% of the stock is owned by institutional investors and hedge funds.
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About Pacific Gas and Electric
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.
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