Morgan Stanley Trims PG&E (NYSE:PCG) Target Price to $16.00

PG&E (NYSE:PCG) had its price objective cut by Morgan Stanley from $23.00 to $16.00 in a report issued on Wednesday, BenzingaRatingsTable reports. They currently have an equal weight rating on the utilities provider’s stock.

A number of other research analysts also recently commented on PCG. ValuEngine raised PG&E from a strong sell rating to a sell rating in a research note on Wednesday, October 2nd. UBS Group lowered their target price on PG&E from $24.00 to $13.00 and set a neutral rating for the company in a research note on Tuesday, August 20th. Evercore ISI set a $25.00 target price on PG&E and gave the stock a hold rating in a research note on Monday, August 12th. Wolfe Research downgraded PG&E from an outperform rating to a peer perform rating in a research note on Friday, June 28th. Finally, Citigroup raised PG&E from a sell rating to a neutral rating and boosted their target price for the stock from $4.00 to $12.00 in a research note on Monday, September 16th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has issued a buy rating to the company’s stock. PG&E presently has a consensus rating of Hold and an average target price of $16.70.

PCG stock opened at $8.02 on Wednesday. The company has a market cap of $5.81 billion, a PE ratio of 2.01, a price-to-earnings-growth ratio of 1.25 and a beta of 0.41. The business has a 50-day simple moving average of $10.70 and a 200 day simple moving average of $17.20. PG&E has a 52 week low of $5.07 and a 52 week high of $49.42. The company has a quick ratio of 1.92, a current ratio of 2.03 and a debt-to-equity ratio of 0.20.

PG&E (NYSE:PCG) last posted its quarterly earnings results on Friday, August 9th. The utilities provider reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.11. The business had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $4.30 billion. PG&E had a positive return on equity of 15.16% and a negative net margin of 53.07%. During the same quarter in the previous year, the firm earned $1.16 earnings per share. On average, analysts anticipate that PG&E will post 3.88 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of PCG. BNP Paribas Arbitrage SA grew its holdings in shares of PG&E by 0.6% during the second quarter. BNP Paribas Arbitrage SA now owns 197,427 shares of the utilities provider’s stock worth $4,525,000 after purchasing an additional 1,192 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in shares of PG&E by 5.2% during the second quarter. Allianz Asset Management GmbH now owns 24,682 shares of the utilities provider’s stock worth $566,000 after purchasing an additional 1,225 shares during the last quarter. Comerica Bank grew its holdings in shares of PG&E by 5.5% during the second quarter. Comerica Bank now owns 24,205 shares of the utilities provider’s stock worth $447,000 after purchasing an additional 1,258 shares during the last quarter. Aperio Group LLC bought a new stake in shares of PG&E during the second quarter worth about $35,000. Finally, Tobam grew its holdings in shares of PG&E by 19.9% during the second quarter. Tobam now owns 9,783 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 1,626 shares during the last quarter. 90.55% of the stock is owned by hedge funds and other institutional investors.

About PG&E

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 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.

Featured Story: What is a price target?

Analyst Recommendations for PG&E (NYSE:PCG)

Receive News & Ratings for PG&E Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PG&E and related companies with MarketBeat.com's FREE daily email newsletter.