Bank of America Reiterates “Buy” Rating for PG&E (PCG)

PG&E (NYSE:PCG)‘s stock had its “buy” rating reaffirmed by investment analysts at Bank of America in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $63.00 price objective on the utilities provider’s stock, up from their prior price objective of $57.00. Bank of America’s price objective would suggest a potential upside of 28.31% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Morgan Stanley cut their price target on PG&E from $67.00 to $66.00 and set a “buy” rating for the company in a report on Friday, September 21st. Argus raised PG&E from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Barclays started coverage on PG&E in a report on Tuesday, July 10th. They issued an “equal weight” rating and a $53.00 price target for the company. Goldman Sachs Group set a $49.00 price target on PG&E and gave the company a “hold” rating in a report on Friday, September 14th. Finally, Citigroup set a $48.00 price target on PG&E and gave the company a “hold” rating in a report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. PG&E has a consensus rating of “Hold” and an average price target of $52.05.

Shares of NYSE PCG traded up $0.30 during midday trading on Tuesday, reaching $49.10. 10,545 shares of the company traded hands, compared to its average volume of 4,409,936. The stock has a market cap of $25.20 billion, a PE ratio of 13.26, a PEG ratio of 3.65 and a beta of -0.09. PG&E has a 12 month low of $37.30 and a 12 month high of $57.11. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.60 and a current ratio of 0.67.

PG&E (NYSE:PCG) last issued its quarterly earnings data on Monday, November 5th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.01). PG&E had a net margin of 0.89% and a return on equity of 10.17%. The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same period in the previous year, the business posted $1.12 earnings per share. The firm’s revenue was down 3.0% compared to the same quarter last year. Analysts predict that PG&E will post 3.8 earnings per share for the current year.

In related news, COO Nickolas Stavropoulos sold 1,161 shares of PG&E stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $44.79, for a total value of $52,001.19. Following the completion of the sale, the chief operating officer now directly owns 78,223 shares in the company, valued at $3,503,608.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.15% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in PCG. Commonwealth Bank of Australia grew its position in shares of PG&E by 2.8% during the 3rd quarter. Commonwealth Bank of Australia now owns 4,777,171 shares of the utilities provider’s stock worth $220,013,000 after buying an additional 129,106 shares during the period. FNY Investment Advisers LLC grew its position in shares of PG&E by 35,614.3% during the 3rd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the utilities provider’s stock worth $115,000 after buying an additional 2,493 shares during the period. Kayne Anderson Capital Advisors LP acquired a new position in shares of PG&E during the 3rd quarter worth about $193,000. Prudential Financial Inc. grew its position in shares of PG&E by 23.4% during the 3rd quarter. Prudential Financial Inc. now owns 1,254,565 shares of the utilities provider’s stock worth $57,723,000 after buying an additional 237,999 shares during the period. Finally, Candriam Luxembourg S.C.A. grew its position in shares of PG&E by 32.2% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 209,831 shares of the utilities provider’s stock worth $9,654,000 after buying an additional 51,078 shares during the period. Hedge funds and other institutional investors own 81.50% of the company’s stock.

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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Analyst Recommendations for PG&E (NYSE:PCG)

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