Westpac Banking Corp Makes New Investment in Pacific Gas & Electric Co. $PCG

Westpac Banking Corp purchased a new stake in shares of Pacific Gas & Electric Co. (NYSE:PCG) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 103,022 shares of the utilities provider’s stock, valued at approximately $1,733,000.

A number of other hedge funds have also modified their holdings of the company. Landscape Capital Management L.L.C. purchased a new position in shares of Pacific Gas & Electric in the second quarter worth about $1,330,000. Korea Investment CORP acquired a new stake in shares of Pacific Gas & Electric during the second quarter worth about $38,824,000. EP Wealth Advisors LLC purchased a new stake in Pacific Gas & Electric in the second quarter valued at approximately $1,271,000. Ieq Capital LLC purchased a new stake in Pacific Gas & Electric in the second quarter valued at approximately $72,739,000. Finally, Callan Family Office LLC acquired a new position in Pacific Gas & Electric in the 2nd quarter worth approximately $270,000. 78.56% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Marlene Santos sold 158,250 shares of the firm’s stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of $18.00, for a total value of $2,848,500.00. Following the transaction, the executive vice president directly owned 230,885 shares of the company’s stock, valued at approximately $4,155,930. This trade represents a 40.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PCG. JPMorgan Chase & Co. reduced their price target on shares of Pacific Gas & Electric from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, May 15th. Weiss Ratings downgraded shares of Pacific Gas & Electric from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Morgan Stanley cut their price objective on shares of Pacific Gas & Electric from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Friday. Wall Street Zen cut shares of Pacific Gas & Electric from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, UBS Group restated a “buy” rating on shares of Pacific Gas & Electric in a research report on Tuesday. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.20.

Pacific Gas & Electric Stock Performance

NYSE:PCG opened at $17.60 on Friday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 1.15 and a current ratio of 1.22. The company has a fifty day moving average of $17.28 and a two-hundred day moving average of $17.27. The stock has a market capitalization of $47.17 billion, a PE ratio of 12.75, a P/E/G ratio of 1.14 and a beta of 0.28. Pacific Gas & Electric Co. has a fifty-two week low of $14.34 and a fifty-two week high of $19.16.

Pacific Gas & Electric (NYSE:PCG) last announced its earnings results on Thursday, July 23rd. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.04. The business had revenue of $5.90 billion for the quarter, compared to analyst estimates of $6.20 billion. Pacific Gas & Electric had a net margin of 12.25% and a return on equity of 12.48%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the business earned $0.31 earnings per share. Pacific Gas & Electric has set its FY 2026 guidance at 1.640-1.660 EPS. As a group, research analysts forecast that Pacific Gas & Electric Co. will post 1.65 earnings per share for the current fiscal year.

Pacific Gas & Electric Profile

Pacific Gas & Electric (NYSE: PCG) is an investor-owned utility holding company whose principal operating subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas service in northern and central California. The company’s core activities include the generation, procurement, transmission and distribution of electric power, as well as the transmission and distribution of natural gas. PG&E serves a broad mix of residential, commercial, and industrial customers across urban and rural communities within its California service territory.

PG&E’s operations encompass utility infrastructure planning and construction, grid operations, customer service and energy procurement.