Hennessy Advisors Inc. Reduces Stake in PG&E Co. (NYSE:PCG)

Hennessy Advisors Inc. reduced its position in PG&E Co. (NYSE:PCG) by 26.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 432,449 shares of the utilities provider’s stock after selling 155,000 shares during the period. Hennessy Advisors Inc. owned about 0.08% of PG&E worth $4,701,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in PG&E by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 38,864,982 shares of the utilities provider’s stock valued at $890,785,000 after purchasing an additional 1,270,818 shares in the last quarter. Attestor Capital LLP increased its stake in PG&E by 29.3% in the 3rd quarter. Attestor Capital LLP now owns 11,018,514 shares of the utilities provider’s stock valued at $110,185,000 after purchasing an additional 2,500,000 shares in the last quarter. Eminence Capital LP increased its stake in PG&E by 38.8% in the 2nd quarter. Eminence Capital LP now owns 7,971,802 shares of the utilities provider’s stock valued at $182,714,000 after purchasing an additional 2,229,983 shares in the last quarter. Steadfast Capital Management LP increased its stake in PG&E by 4.8% in the 2nd quarter. Steadfast Capital Management LP now owns 7,042,258 shares of the utilities provider’s stock valued at $161,409,000 after purchasing an additional 324,593 shares in the last quarter. Finally, State Street Corp increased its stake in PG&E by 2.2% in the 3rd quarter. State Street Corp now owns 6,113,697 shares of the utilities provider’s stock valued at $61,137,000 after purchasing an additional 130,277 shares in the last quarter. 89.78% of the stock is owned by hedge funds and other institutional investors.

PG&E stock opened at $11.92 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.69 and a current ratio of 1.79. The stock has a fifty day moving average of $10.24 and a two-hundred day moving average of $11.98. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 2.98, a PEG ratio of 1.00 and a beta of 0.55. PG&E Co. has a fifty-two week low of $3.55 and a fifty-two week high of $25.19.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.10. The company had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.39 billion. PG&E had a positive return on equity of 18.81% and a negative net margin of 66.15%. On average, analysts forecast that PG&E Co. will post 4.01 EPS for the current fiscal year.

Several equities analysts recently weighed in on PCG shares. Barclays dropped their price objective on PG&E from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. ValuEngine downgraded PG&E from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Wolfe Research reaffirmed a “hold” rating and issued a $12.00 price objective on shares of PG&E in a research note on Wednesday, December 18th. Citigroup raised PG&E from a “sell” rating to a “neutral” rating and raised their price objective for the company from $10.50 to $11.00 in a research note on Wednesday, December 18th. Finally, Wells Fargo & Co reaffirmed a “hold” rating on shares of PG&E in a research note on Monday, October 28th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $14.53.

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.

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Institutional Ownership by Quarter for PG&E (NYSE:PCG)

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