WEALTHFRONT Corp Sells 6,413 Shares of PG&E Co. (PCG)
WEALTHFRONT Corp reduced its stake in PG&E Co. (NYSE:PCG) by 21.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 23,809 shares of the utilities provider’s stock after selling 6,413 shares during the period. WEALTHFRONT Corp’s holdings in PG&E were worth $1,095,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of PCG. Janney Montgomery Scott LLC lifted its position in shares of PG&E by 76.1% in the second quarter. Janney Montgomery Scott LLC now owns 14,073 shares of the utilities provider’s stock valued at $599,000 after acquiring an additional 6,083 shares in the last quarter. Dupont Capital Management Corp lifted its position in PG&E by 45.6% during the second quarter. Dupont Capital Management Corp now owns 6,943 shares of the utilities provider’s stock worth $295,000 after buying an additional 2,175 shares during the period. Cognios Capital LLC lifted its position in PG&E by 4.4% during the second quarter. Cognios Capital LLC now owns 56,815 shares of the utilities provider’s stock worth $2,417,000 after buying an additional 2,373 shares during the period. KBC Group NV lifted its position in PG&E by 13.8% during the second quarter. KBC Group NV now owns 297,533 shares of the utilities provider’s stock worth $12,663,000 after buying an additional 36,023 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in PG&E during the second quarter worth about $2,301,000. Institutional investors and hedge funds own 82.76% of the company’s stock.
PCG has been the topic of several recent analyst reports. Wolfe Research reduced their target price on PG&E from $50.00 to $40.00 in a research report on Wednesday, November 14th. Morgan Stanley set a $31.00 target price on PG&E and gave the stock a “hold” rating in a research report on Tuesday, November 27th. Bank of America reiterated a “buy” rating and set a $63.00 target price (up from $57.00) on shares of PG&E in a research report on Tuesday, November 6th. Barclays set a $30.00 target price on PG&E and gave the stock a “hold” rating in a research report on Monday, November 19th. Finally, Evercore ISI upgraded PG&E from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $50.00 to $52.00 in a research report on Tuesday, September 4th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $46.07.
PG&E (NYSE:PCG) last released its quarterly earnings data on Monday, November 5th. The utilities provider reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.01). The firm had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.77 billion. PG&E had a return on equity of 10.17% and a net margin of 0.89%. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.12 earnings per share. On average, equities analysts forecast that PG&E Co. will post 3.82 earnings per share for the current fiscal year.
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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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