WEALTHFRONT Corp lowered its stake in PG&E Co. (NYSE:PCG) by 21.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,809 shares of the utilities provider’s stock after selling 6,413 shares during the period. WEALTHFRONT Corp’s holdings in PG&E were worth $1,095,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. NEXT Financial Group Inc acquired a new position in shares of PG&E in the third quarter valued at approximately $104,000. FNY Investment Advisers LLC increased its holdings in shares of PG&E by 35,614.3% in the third quarter. FNY Investment Advisers LLC now owns 2,500 shares of the utilities provider’s stock valued at $115,000 after purchasing an additional 2,493 shares during the period. Bessemer Group Inc. increased its holdings in shares of PG&E by 67.1% in the third quarter. Bessemer Group Inc. now owns 2,893 shares of the utilities provider’s stock valued at $133,000 after purchasing an additional 1,162 shares during the period. Gradient Investments LLC acquired a new position in shares of PG&E in the second quarter valued at approximately $146,000. Finally, Destination Wealth Management increased its holdings in shares of PG&E by 78.2% in the third quarter. Destination Wealth Management now owns 3,624 shares of the utilities provider’s stock valued at $167,000 after purchasing an additional 1,590 shares during the period. 82.76% of the stock is currently owned by institutional investors and hedge funds.
PCG has been the topic of a number of recent research reports. Morgan Stanley reissued a “buy” rating on shares of PG&E in a report on Monday, August 27th. Guggenheim raised PG&E from a “sell” rating to a “neutral” rating in a report on Wednesday, August 29th. Bank of America raised PG&E from a “neutral” rating to a “buy” rating and boosted their target price for the company from $48.00 to $56.00 in a report on Tuesday, September 4th. Evercore ISI raised PG&E from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $50.00 to $52.00 in a report on Tuesday, September 4th. Finally, Argus raised PG&E from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $46.07.
PG&E (NYSE:PCG) last announced its quarterly earnings data on Monday, November 5th. The utilities provider reported $1.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.01). PG&E had a return on equity of 10.17% and a net margin of 0.89%. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period in the prior year, the company earned $1.12 EPS. The company’s revenue was down 3.0% on a year-over-year basis. Equities analysts predict that PG&E Co. will post 3.82 EPS for the current fiscal year.
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PG&E Company Profile
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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