PG&E (NYSE:PCG) Price Target Raised to $19.00 at JPMorgan Chase & Co.

PG&E (NYSE:PCG) had its target price upped by JPMorgan Chase & Co. from $18.00 to $19.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 11.83% from the company’s previous close.

Several other research firms also recently commented on PCG. Barclays reduced their price objective on PG&E from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, January 22nd. The Goldman Sachs Group started coverage on PG&E in a research note on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, StockNews.com raised PG&E from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.89.

PG&E Price Performance

Shares of PCG stock traded up $0.04 during trading hours on Tuesday, hitting $16.99. 2,994,753 shares of the company’s stock were exchanged, compared to its average volume of 15,609,827. The company has a quick ratio of 0.78, a current ratio of 0.83 and a debt-to-equity ratio of 2.04. The firm has a market cap of $36.31 billion, a P/E ratio of 16.19 and a beta of 1.32. The firm has a 50 day moving average of $16.54 and a two-hundred day moving average of $16.87. PG&E has a fifty-two week low of $14.71 and a fifty-two week high of $18.32.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, February 22nd. The utilities provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.43 billion. PG&E had a return on equity of 10.84% and a net margin of 9.24%. During the same period in the prior year, the company posted $0.26 EPS. Sell-side analysts forecast that PG&E will post 1.35 EPS for the current year.

Hedge Funds Weigh In On PG&E

A number of hedge funds have recently modified their holdings of PCG. Norges Bank purchased a new position in shares of PG&E during the 4th quarter worth $394,285,000. Vanguard Group Inc. boosted its holdings in PG&E by 8.8% during the 3rd quarter. Vanguard Group Inc. now owns 268,407,694 shares of the utilities provider’s stock valued at $4,329,416,000 after acquiring an additional 21,731,911 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in PG&E by 27.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 83,522,320 shares of the utilities provider’s stock valued at $1,347,215,000 after acquiring an additional 18,180,432 shares during the period. Balyasny Asset Management L.P. purchased a new position in PG&E during the 4th quarter valued at about $142,612,000. Finally, Capital International Investors boosted its holdings in PG&E by 7.1% during the 4th quarter. Capital International Investors now owns 116,093,791 shares of the utilities provider’s stock valued at $2,093,198,000 after acquiring an additional 7,681,566 shares during the period. 78.56% of the stock is currently 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 customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.