PG&E (NYSE:PCG) Sets New 12-Month Low – Here’s What Happened

PG&E Co. (NYSE:PCG) reached a new 52-week low on Monday . The company traded as low as $14.95 and last traded at $14.94, with a volume of 16590894 shares changing hands. The stock had previously closed at $15.64.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PCG shares. Barclays decreased their price target on PG&E from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley set a $18.00 target price on shares of PG&E and gave the company an “underweight” rating in a research report on Thursday, May 22nd. Mizuho lifted their price target on shares of PG&E from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $22.00 price objective on shares of PG&E in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group upped their price target on PG&E from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.75.

PG&E Stock Down 5.4%

The company’s 50 day moving average price is $16.95 and its 200 day moving average price is $17.50. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 1.86. The firm has a market capitalization of $39.58 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 1.09 and a beta of 0.60.

PG&E (NYSE:PCG) last issued its quarterly earnings results on Thursday, April 24th. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). PG&E had a return on equity of 10.94% and a net margin of 10.27%. The business had revenue of $5.98 billion for the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter in the prior year, the company posted $0.37 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, research analysts forecast that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

PG&E Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Monday, June 30th. PG&E’s dividend payout ratio is presently 9.17%.

Insider Buying and Selling

In other news, EVP Carla J. Peterman sold 32,519 shares of the firm’s stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $17.30, for a total value of $562,578.70. Following the completion of the sale, the executive vice president now owns 151,116 shares in the company, valued at approximately $2,614,306.80. This trade represents a 17.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of PG&E

Several institutional investors and hedge funds have recently made changes to their positions in PCG. Retirement Systems of Alabama increased its position in PG&E by 2.1% during the 4th quarter. Retirement Systems of Alabama now owns 473,332 shares of the utilities provider’s stock worth $9,552,000 after purchasing an additional 9,716 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in PG&E by 29.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 187,548 shares of the utilities provider’s stock worth $3,777,000 after buying an additional 42,426 shares during the last quarter. Choreo LLC raised its stake in shares of PG&E by 13.2% in the 4th quarter. Choreo LLC now owns 23,401 shares of the utilities provider’s stock worth $471,000 after buying an additional 2,732 shares in the last quarter. Bleakley Financial Group LLC boosted its position in shares of PG&E by 8.9% during the 4th quarter. Bleakley Financial Group LLC now owns 45,511 shares of the utilities provider’s stock valued at $918,000 after purchasing an additional 3,705 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in PG&E by 3.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,280,748 shares of the utilities provider’s stock worth $106,565,000 after buying an additional 185,874 shares during the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

About PG&E

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.