GSA Capital Partners LLP purchased a new position in Pacific Gas & Electric Co. (NYSE:PCG – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 100,461 shares of the utilities provider’s stock, valued at approximately $1,690,000.
Several other hedge funds have also recently made changes to their positions in PCG. PFA Pension Forsikringsaktieselskab purchased a new stake in Pacific Gas & Electric in the fourth quarter worth approximately $1,898,000. Harrison Street Private Wealth LLC purchased a new stake in Pacific Gas & Electric during the 1st quarter valued at $3,643,000. Horizon Investments LLC lifted its holdings in shares of Pacific Gas & Electric by 69.7% during the 4th quarter. Horizon Investments LLC now owns 164,784 shares of the utilities provider’s stock valued at $2,648,000 after buying an additional 67,677 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Pacific Gas & Electric by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 62,134,132 shares of the utilities provider’s stock valued at $1,019,297,000 after buying an additional 1,132,249 shares during the period. Finally, Rothschild Investment LLC boosted its stake in shares of Pacific Gas & Electric by 123.6% in the 4th quarter. Rothschild Investment LLC now owns 58,576 shares of the utilities provider’s stock worth $941,000 after buying an additional 32,375 shares during the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.
Pacific Gas & Electric Stock Down 0.1%
PCG stock opened at $17.82 on Monday. The business’s 50-day moving average price is $17.17 and its 200-day moving average price is $17.19. The stock has a market cap of $47.76 billion, a P/E ratio of 12.91, a PEG ratio of 1.16 and a beta of 0.28. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 1.90. Pacific Gas & Electric Co. has a twelve month low of $14.30 and a twelve month high of $19.16.
Pacific Gas & Electric Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.20 annualized dividend and a yield of 1.1%. Pacific Gas & Electric’s dividend payout ratio is currently 14.49%.
Insiders Place Their Bets
In other Pacific Gas & Electric news, EVP Marlene Santos sold 158,250 shares of the stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $18.00, for a total value of $2,848,500.00. Following the completion of the sale, the executive vice president owned 230,885 shares in the company, valued at approximately $4,155,930. This represents a 40.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 Ratings Changes
Several brokerages recently commented on PCG. Truist Financial cut their price objective on Pacific Gas & Electric from $23.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. Weiss Ratings downgraded Pacific Gas & Electric from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Morgan Stanley set a $22.00 price target on shares of Pacific Gas & Electric in a research report on Thursday, May 21st. BMO Capital Markets lowered their price objective on shares of Pacific Gas & Electric from $28.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, July 24th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pacific Gas & Electric from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Friday, May 15th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Pacific Gas & Electric currently has an average rating of “Moderate Buy” and a consensus price target of $22.20.
Get Our Latest Analysis on PCG
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.
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