Goldman Sachs Group Reiterates $49.00 Price Target for PG&E (PCG)
PG&E (NYSE:PCG) received a $49.00 price objective from Goldman Sachs Group in a research note issued to investors on Friday. The brokerage currently has a “hold” rating on the utilities provider’s stock. Goldman Sachs Group’s price objective indicates a potential upside of 4.39% from the company’s previous close.
Other analysts also recently issued reports about the company. Morgan Stanley set a $62.00 price target on PG&E and gave the company a “buy” rating in a report on Tuesday, May 29th. Bank of America upgraded PG&E from a “neutral” rating to a “buy” rating and increased their price target for the company from $48.00 to $56.00 in a report on Tuesday, September 4th. Argus upgraded PG&E from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Barclays initiated coverage on PG&E in a report on Tuesday, July 10th. They issued an “equal weight” rating and a $53.00 price target for the company. Finally, Wells Fargo & Co lowered their price target on PG&E from $48.00 to $46.00 and set a “hold” rating for the company in a report on Monday, June 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $52.69.
Shares of PCG traded up $0.42 during trading hours on Friday, hitting $46.94. The stock had a trading volume of 193,497 shares, compared to its average volume of 7,829,171. The company has a current ratio of 0.65, a quick ratio of 0.60 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $23.74 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 2.91 and a beta of -0.07. PG&E has a 12-month low of $37.30 and a 12-month high of $70.38.
In other news, COO Nickolas Stavropoulos sold 1,161 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $44.79, for a total transaction of $52,001.19. Following the completion of the sale, the chief operating officer now directly owns 78,223 shares in the company, valued at $3,503,608.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.15% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. grew its stake in shares of PG&E by 10.0% during the second quarter. Advisors Asset Management Inc. now owns 23,920 shares of the utilities provider’s stock valued at $1,018,000 after acquiring an additional 2,175 shares in the last quarter. Andra AP fonden grew its stake in shares of PG&E by 16.3% during the second quarter. Andra AP fonden now owns 182,700 shares of the utilities provider’s stock valued at $7,776,000 after acquiring an additional 25,600 shares in the last quarter. Global X Management Co LLC grew its stake in shares of PG&E by 55.6% during the second quarter. Global X Management Co LLC now owns 12,926 shares of the utilities provider’s stock valued at $550,000 after acquiring an additional 4,618 shares in the last quarter. Titus Wealth Management acquired a new stake in shares of PG&E during the second quarter valued at about $433,000. Finally, Glenmede Trust Co. NA grew its stake in shares of PG&E by 1,487.7% during the second quarter. Glenmede Trust Co. NA now owns 458,735 shares of the utilities provider’s stock valued at $19,523,000 after acquiring an additional 429,842 shares in the last quarter. Institutional investors own 81.43% of the company’s stock.
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.
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