Gateway Investment Advisers LLC Cuts Position in PG&E Co. (PCG)

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Gateway Investment Advisers LLC reduced its stake in shares of PG&E Co. (NYSE:PCG) by 17.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,789 shares of the utilities provider’s stock after selling 4,821 shares during the period. Gateway Investment Advisers LLC’s holdings in PG&E were worth $541,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. First Hawaiian Bank raised its position in shares of PG&E by 42.7% during the 4th quarter. First Hawaiian Bank now owns 2,599 shares of the utilities provider’s stock worth $62,000 after purchasing an additional 778 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of PG&E by 11.3% during the 4th quarter. State of Alaska Department of Revenue now owns 112,794 shares of the utilities provider’s stock worth $2,678,000 after purchasing an additional 11,430 shares during the last quarter. Southpoint Capital Advisors LP raised its position in shares of PG&E by 1.9% during the 3rd quarter. Southpoint Capital Advisors LP now owns 5,092,600 shares of the utilities provider’s stock worth $234,311,000 after purchasing an additional 92,600 shares during the last quarter. Vanguard Group Inc raised its position in shares of PG&E by 1.7% during the 3rd quarter. Vanguard Group Inc now owns 37,970,163 shares of the utilities provider’s stock worth $1,747,007,000 after purchasing an additional 639,656 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of PG&E by 241.1% during the 3rd quarter. Marshall Wace LLP now owns 136,692 shares of the utilities provider’s stock worth $6,289,000 after purchasing an additional 96,616 shares during the last quarter. Hedge funds and other institutional investors own 82.53% of the company’s stock.

Several research analysts have weighed in on the company. Royal Bank of Canada cut their price target on PG&E from $45.00 to $8.00 in a report on Friday. They noted that the move was a valuation call. Barclays cut their price target on PG&E from $19.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, January 17th. Wells Fargo & Co downgraded PG&E from an “outperform” rating to a “market perform” rating and cut their price target for the company from $15.00 to $10.00 in a report on Wednesday, January 16th. Morgan Stanley cut their price target on PG&E from $31.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, January 15th. Finally, Argus downgraded PG&E from a “buy” rating to a “sell” rating and set a $7.82 price target for the company. in a report on Tuesday, January 15th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. PG&E presently has an average rating of “Hold” and a consensus target price of $23.72.

Shares of PCG opened at $7.23 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.67 and a quick ratio of 0.62. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 1.96, a price-to-earnings-growth ratio of 0.52 and a beta of 0.01. PG&E Co. has a fifty-two week low of $5.07 and a fifty-two week high of $49.42.

PG&E (NYSE:PCG) last released its quarterly earnings data on Monday, November 5th. The utilities provider reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.01). The firm had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.77 billion. PG&E had a return on equity of 10.17% and a net margin of 0.89%. The company’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.12 earnings per share. On average, analysts forecast that PG&E Co. will post 3.82 EPS for the current year.

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PG&E Company Profile

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

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