Barclays Raises PG&E (NYSE:PCG) Price Target to $23.00

PG&E (NYSE:PCG) had its target price raised by Barclays from $22.00 to $23.00 in a report released on Tuesday morning, Benzinga reports. Barclays currently has an overweight rating on the utilities provider’s stock.

A number of other research analysts have also weighed in on the stock. Wells Fargo & Company raised their price target on shares of PG&E from $21.00 to $22.00 and gave the company an overweight rating in a research report on Friday, July 26th. The Goldman Sachs Group initiated coverage on shares of PG&E in a research report on Wednesday, April 10th. They set a buy rating and a $21.00 price target on the stock. Morgan Stanley dropped their price target on shares of PG&E from $18.00 to $17.00 and set an equal weight rating on the stock in a research report on Monday, June 24th. Citigroup lifted their price objective on shares of PG&E from $19.00 to $21.00 and gave the stock a buy rating in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised shares of PG&E from a neutral rating to an overweight rating and lifted their price objective for the stock from $19.00 to $22.00 in a research report on Monday, June 10th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $20.50.

PG&E Stock Down 0.2 %

Shares of NYSE PCG opened at $18.41 on Tuesday. The stock has a market capitalization of $48.15 billion, a P/E ratio of 16.44 and a beta of 1.09. The company has a 50-day moving average price of $17.93 and a 200-day moving average price of $17.26. PG&E has a 1 year low of $14.71 and a 1 year high of $18.95. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, July 25th. The utilities provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The company had revenue of $5.99 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same period last year, the firm earned $0.23 earnings per share. The firm’s revenue was up 13.2% on a year-over-year basis. On average, equities research analysts forecast that PG&E will post 1.35 EPS for the current fiscal year.

PG&E Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.22%. The ex-dividend date was Friday, June 28th. PG&E’s dividend payout ratio (DPR) is currently 3.57%.

Institutional Trading of PG&E

Hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its position in shares of PG&E by 19.1% in the fourth quarter. Wells Fargo & Company MN now owns 1,136,587 shares of the utilities provider’s stock valued at $20,493,000 after purchasing an additional 182,279 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of PG&E by 9.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 922,856 shares of the utilities provider’s stock valued at $16,639,000 after purchasing an additional 76,178 shares during the period. Crestline Management LP grew its stake in PG&E by 46.6% during the fourth quarter. Crestline Management LP now owns 578,241 shares of the utilities provider’s stock valued at $10,426,000 after acquiring an additional 183,767 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in PG&E during the first quarter valued at approximately $2,153,000. Finally, Dai ichi Life Insurance Company Ltd grew its stake in PG&E by 379.0% during the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 76,494 shares of the utilities provider’s stock valued at $1,379,000 after acquiring an additional 60,525 shares in the last quarter. Institutional investors own 78.56% of the company’s stock.

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 customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.