PG&E (PCG) Earns Buy Rating from Bank of America
Bank of America reiterated their buy rating on shares of PG&E (NYSE:PCG) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has a $63.00 price target on the utilities provider’s stock, up from their prior price target of $57.00.
PCG has been the subject of several other reports. Morgan Stanley dropped their target price on PG&E from $67.00 to $66.00 and set a buy rating for the company in a report on Friday, September 21st. ValuEngine upgraded PG&E from a strong sell rating to a sell rating in a report on Friday, October 12th. Wells Fargo & Co upped their target price on PG&E from $46.00 to $48.00 and gave the company a market perform rating in a report on Friday, July 27th. Zacks Investment Research cut PG&E from a strong-buy rating to a hold rating in a report on Monday, October 22nd. Finally, Argus upgraded PG&E from a hold rating to a buy rating in a report on Thursday, September 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $52.05.
NYSE:PCG traded down $7.88 during trading hours on Tuesday, hitting $39.92. The company had a trading volume of 23,574,811 shares, compared to its average volume of 4,400,811. The company has a quick ratio of 0.60, a current ratio of 0.67 and a debt-to-equity ratio of 0.93. The stock has a market cap of $25.31 billion, a P/E ratio of 10.85, a PEG ratio of 3.66 and a beta of -0.09. PG&E has a 1 year low of $37.30 and a 1 year high of $57.11.
In other news, COO Nickolas Stavropoulos sold 1,161 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $44.79, for a total transaction of $52,001.19. Following the completion of the transaction, the chief operating officer now directly owns 78,223 shares in the company, valued at approximately $3,503,608.17. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.15% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Trexquant Investment LP acquired a new stake in PG&E in the 3rd quarter valued at about $6,311,000. DekaBank Deutsche Girozentrale raised its position in PG&E by 2.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 77,765 shares of the utilities provider’s stock valued at $3,703,000 after purchasing an additional 1,799 shares in the last quarter. FMR LLC raised its position in 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 purchasing an additional 4,459,321 shares in the last quarter. Blue Sky Asset Management LLC acquired a new stake in PG&E in the 3rd quarter valued at about $643,000. Finally, Bank of New York Mellon Corp raised its position in PG&E by 23.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,971,324 shares of the utilities provider’s stock valued at $182,720,000 after purchasing an additional 750,685 shares in the last quarter. 81.50% of the stock is currently owned by institutional investors.
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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