Pacific Gas & Electric Co. (PCG) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Pacific Gas & Electric Co. (NYSE:PCG) from a hold rating to a buy rating in a report published on Monday. Zacks Investment Research currently has $63.00 price target on the utilities provider’s stock.
According to Zacks, “PG&E Corp. posted mixed third-quarter results. The company’s bottom-line figure surpassed the Zacks Consensus Estimate, while the top line failed to meet the mark. Year-over-year results were also mixed wherein while earnings improved, revenues declined. The company’s systematic investments in infrastructure projects are expected to improve service reliability and meet demand. This, in turn, will enable it to serve a wider customer base. On the flip side, the recent North California wildfire is expected to incur notable cost for the company, which in turn may impact earnings.”
PCG has been the subject of a number of other research reports. Morgan Stanley reaffirmed a buy rating on shares of Pacific Gas & Electric Co. in a research report on Monday, October 16th. J P Morgan Chase & Co upped their price target on Pacific Gas & Electric Co. from $74.00 to $76.00 and gave the company an overweight rating in a research report on Thursday, October 12th. Goldman Sachs Group, Inc. (The) lowered Pacific Gas & Electric Co. from a conviction-buy rating to a buy rating and set a $65.00 price target for the company. in a research report on Monday, October 16th. Wells Fargo & Company lowered their price target on Pacific Gas & Electric Co. from $79.00 to $67.00 and set an outperform rating for the company in a research report on Monday, October 16th. Finally, BidaskClub raised Pacific Gas & Electric Co. from a hold rating to a buy rating in a research report on Tuesday, August 22nd. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $67.77.
Shares of Pacific Gas & Electric Co. (PCG) traded up $1.00 during mid-day trading on Monday, reaching $56.95. 4,923,813 shares of the company’s stock traded hands, compared to its average volume of 2,950,503. The stock has a market cap of $28,700.00, a PE ratio of 12.78, a PEG ratio of 3.62 and a beta of 0.17. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.85 and a quick ratio of 0.79. Pacific Gas & Electric Co. has a 52 week low of $49.83 and a 52 week high of $71.57.
Pacific Gas & Electric Co. (NYSE:PCG) last released its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.18. The business had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.82 billion. Pacific Gas & Electric Co. had a return on equity of 11.94% and a net margin of 12.59%. Pacific Gas & Electric Co.’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 EPS. sell-side analysts predict that Pacific Gas & Electric Co. will post 3.68 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Sunday, October 15th. Investors of record on Friday, September 29th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend was Thursday, September 28th. Pacific Gas & Electric Co.’s dividend payout ratio (DPR) is presently 48.74%.
In related news, SVP Julie Kane sold 2,233 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $68.98, for a total transaction of $154,032.34. Following the completion of the transaction, the senior vice president now owns 10,751 shares of the company’s stock, valued at approximately $741,603.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP David S. Thomason sold 700 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $69.62, for a total value of $48,734.00. Following the transaction, the vice president now directly owns 7,357 shares of the company’s stock, valued at approximately $512,194.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,915 shares of company stock valued at $340,377. 0.15% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Zeke Capital Advisors LLC increased its position in Pacific Gas & Electric Co. by 119.1% during the 3rd quarter. Zeke Capital Advisors LLC now owns 8,566 shares of the utilities provider’s stock valued at $583,000 after buying an additional 4,657 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in Pacific Gas & Electric Co. during the 3rd quarter valued at $415,000. Ameriprise Financial Inc. boosted its stake in Pacific Gas & Electric Co. by 12.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,354,563 shares of the utilities provider’s stock valued at $228,434,000 after purchasing an additional 365,937 shares during the last quarter. Bank of Stockton purchased a new stake in Pacific Gas & Electric Co. during the 3rd quarter valued at $224,000. Finally, Rhumbline Advisers boosted its stake in Pacific Gas & Electric Co. by 1.8% during the 3rd quarter. Rhumbline Advisers now owns 888,849 shares of the utilities provider’s stock valued at $60,522,000 after purchasing an additional 15,488 shares during the last quarter. 81.24% of the stock is owned by institutional investors.
About Pacific Gas & Electric Co.
PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers.
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