PG&E (NYSE:PCG) Shares Gap Down on Analyst Downgrade

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PG&E Co. (NYSE:PCG) gapped down before the market opened on Thursday after UBS Group lowered their price target on the stock from $13.00 to $10.00. The stock had previously closed at $14.12, but opened at $10.98. UBS Group currently has a neutral rating on the stock. PG&E shares last traded at $7.79, with a volume of 44,610,500 shares.

Several other research analysts have also commented on PCG. Citigroup lowered PG&E from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $12.00 to $5.00 in a report on Friday. Wells Fargo & Co set a $12.00 price target on PG&E and gave the stock a “hold” rating in a report on Sunday, September 15th. Evercore ISI set a $25.00 price target on PG&E and gave the stock a “hold” rating in a report on Monday, August 12th. Morgan Stanley reduced their price target on PG&E from $23.00 to $16.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Wolfe Research lowered PG&E from an “outperform” rating to a “peer perform” rating in a report on Friday, June 28th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $16.70.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its position in shares of PG&E by 0.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 197,427 shares of the utilities provider’s stock worth $4,525,000 after purchasing an additional 1,192 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of PG&E by 5.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 24,682 shares of the utilities provider’s stock worth $566,000 after purchasing an additional 1,225 shares during the last quarter. Comerica Bank increased its position in shares of PG&E by 5.5% during the 2nd quarter. Comerica Bank now owns 24,205 shares of the utilities provider’s stock worth $447,000 after purchasing an additional 1,258 shares during the last quarter. Aperio Group LLC acquired a new stake in shares of PG&E during the 2nd quarter worth about $35,000. Finally, Tobam increased its position in shares of PG&E by 19.9% during the 2nd quarter. Tobam now owns 9,783 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 1,626 shares during the last quarter. Institutional investors and hedge funds own 90.55% of the company’s stock.

The business has a 50-day moving average of $10.70 and a 200-day moving average of $17.20. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.92 and a current ratio of 2.03. The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of 2.01, a P/E/G ratio of 1.25 and a beta of 0.41.

PG&E (NYSE:PCG) last issued its quarterly earnings data on Friday, August 9th. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.11. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $4.30 billion. PG&E had a positive return on equity of 15.16% and a negative net margin of 53.07%. During the same period last year, the company earned $1.16 EPS. Equities analysts predict that PG&E Co. will post 3.88 earnings per share for the current fiscal year.

PG&E Company Profile (NYSE:PCG)

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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