PG&E (PCG) Shares Gap Up to $23.51

PG&E Co. (NYSE:PCG) gapped up before the market opened on Wednesday . The stock had previously closed at $22.85, but opened at $23.51. PG&E shares last traded at $24.42, with a volume of 401994 shares traded.

Several equities research analysts have recently issued reports on the stock. Barclays set a $30.00 price objective on shares of PG&E and gave the stock a “hold” rating in a research report on Monday. Argus increased their price objective on shares of PG&E to $36.00 and gave the stock a “buy” rating in a research report on Friday, November 16th. Citigroup raised shares of PG&E from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $48.00 to $40.00 in a research report on Friday, November 16th. Morgan Stanley downgraded shares of PG&E from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $67.00 to $31.00 in a research report on Thursday, November 15th. Finally, Wolfe Research lowered their price objective on shares of PG&E from $50.00 to $40.00 in a research report on Wednesday, November 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. PG&E currently has a consensus rating of “Hold” and a consensus price target of $46.07.

The stock has a market cap of $12.19 billion, a price-to-earnings ratio of 6.60, a price-to-earnings-growth ratio of 1.76 and a beta of -0.09. The company has a current ratio of 0.67, a quick ratio of 0.62 and a debt-to-equity ratio of 0.93.

PG&E (NYSE:PCG) last released its earnings results on Monday, November 5th. The utilities provider reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.01). The business had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.77 billion. PG&E had a net margin of 0.89% and a return on equity of 10.17%. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period last year, the business posted $1.12 EPS. Equities analysts predict that PG&E Co. will post 3.82 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in PG&E by 6.6% in the second quarter. BlackRock Inc. now owns 47,850,122 shares of the utilities provider’s stock valued at $2,036,500,000 after purchasing an additional 2,951,423 shares in the last quarter. Baupost Group LLC MA grew its position in shares of PG&E by 321.8% in the 3rd quarter. Baupost Group LLC MA now owns 18,979,790 shares of the utilities provider’s stock valued at $873,260,000 after acquiring an additional 14,479,790 shares during the period. FMR LLC grew its position in shares of PG&E by 57.1% in the 3rd quarter. FMR LLC now owns 12,270,405 shares of the utilities provider’s stock valued at $564,561,000 after acquiring an additional 4,459,321 shares during the period. Hound Partners LLC bought a new position in shares of PG&E in the 3rd quarter valued at about $307,087,000. Finally, Wells Fargo & Company MN grew its position in shares of PG&E by 11.2% in the 2nd quarter. Wells Fargo & Company MN now owns 5,260,065 shares of the utilities provider’s stock valued at $223,868,000 after acquiring an additional 527,892 shares during the period. 81.57% of the stock is owned by institutional investors and hedge funds.

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About PG&E (NYSE:PCG)

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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