Oppenheimer Asset Management Inc. Cuts Holdings in PG&E Co. (NYSE:PCG)

Oppenheimer Asset Management Inc. lowered its position in PG&E Co. (NYSE:PCG) by 19.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 460,934 shares of the utilities provider’s stock after selling 111,276 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in PG&E were worth $9,113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PCG. MQS Management LLC acquired a new stake in PG&E during the 3rd quarter worth approximately $510,000. Souders Financial Advisors grew its stake in PG&E by 1.3% during the third quarter. Souders Financial Advisors now owns 190,242 shares of the utilities provider’s stock worth $3,761,000 after buying an additional 2,426 shares during the period. Victory Capital Management Inc. grew its stake in PG&E by 3.2% during the third quarter. Victory Capital Management Inc. now owns 803,682 shares of the utilities provider’s stock worth $15,889,000 after buying an additional 24,973 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in shares of PG&E by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,094,874 shares of the utilities provider’s stock worth $100,726,000 after acquiring an additional 64,794 shares in the last quarter. Finally, Apollon Wealth Management LLC purchased a new position in shares of PG&E in the 3rd quarter valued at $203,000. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PCG shares. Bank of America assumed coverage on PG&E in a report on Thursday, September 12th. They issued a “buy” rating and a $24.00 price target for the company. UBS Group increased their target price on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Barclays boosted their price target on PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Morgan Stanley increased their price objective on shares of PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group assumed coverage on shares of PG&E in a research report on Monday, October 14th. They set a “buy” rating and a $24.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.80.

PG&E Stock Up 0.4 %

PCG stock opened at $21.28 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02. The firm has a 50 day simple moving average of $20.10 and a 200-day simple moving average of $18.83. The company has a market capitalization of $55.65 billion, a P/E ratio of 16.63, a PEG ratio of 1.63 and a beta of 1.03. PG&E Co. has a twelve month low of $15.94 and a twelve month high of $21.51.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the business earned $0.24 EPS. On average, equities research analysts predict that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.19%. The ex-dividend date was Monday, September 30th. PG&E’s payout ratio is currently 3.13%.

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.