PG&E (NYSE:PCG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $10.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 1.52% from the stock’s previous close.

According to Zacks, “PG&E Corp. boasts a solid portfolio of regulated utility assets that offer a stable earnings base and substantial long-term growth potential. The company continues to make considerable investments in gas-related projects, and electric system safety and reliability. A comparative analysis of the company’s forward 12-month Price/Sales ratio indicates a relatively positive picture that might boost investors’ confidence in the stock. However, unforeseen natural calamities weigh on PG&E Corp., thereby pushing up its expenses. Notably, it incurred costs of $826 million for clean-up and repair of its facilities through Jun 30, 2020, in connection with the 2018 Camp fire. The operation and decommissioning of its nuclear power plants expose it to potentially significant liabilities. It has underperformed the industry in the past year.”

PCG has been the subject of a number of other research reports. Morgan Stanley upped their price objective on PG&E from $12.00 to $13.00 and gave the company an “equal weight” rating in a research report on Friday, August 14th. Mizuho upped their price objective on PG&E from $13.50 to $14.50 and gave the company a “buy” rating in a research report on Monday, August 3rd. Wells Fargo & Company restated a “hold” rating on shares of PG&E in a research report on Tuesday, June 30th. Goldman Sachs Group initiated coverage on PG&E in a research report on Sunday, July 26th. They issued a “buy” rating and a $14.00 price target for the company. Finally, Seaport Global Securities initiated coverage on PG&E in a research report on Tuesday, June 23rd. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $13.77.

PG&E stock traded up $0.07 during mid-day trading on Wednesday, reaching $9.85. 256,039 shares of the stock traded hands, compared to its average volume of 16,709,850. The stock has a market capitalization of $18.99 billion, a PE ratio of -0.75, a price-to-earnings-growth ratio of 2.44 and a beta of 1.08. The company has a debt-to-equity ratio of 9.19, a current ratio of 0.55 and a quick ratio of 0.53. PG&E has a 12-month low of $3.55 and a 12-month high of $18.34. The business’s 50-day moving average is $9.17 and its 200-day moving average is $10.39.

PG&E (NYSE:PCG) last posted its quarterly earnings data on Thursday, July 30th. The utilities provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.35. The company had revenue of $4.53 billion during the quarter. PG&E had a positive return on equity of 34.60% and a negative net margin of 37.92%. Equities analysts anticipate that PG&E will post 1.48 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sowell Financial Services LLC boosted its stake in PG&E by 1,272.9% during the first quarter. Sowell Financial Services LLC now owns 5,313 shares of the utilities provider’s stock valued at $48,000 after buying an additional 4,926 shares during the last quarter. Captrust Financial Advisors bought a new position in PG&E during the second quarter valued at approximately $51,000. PNC Financial Services Group Inc. boosted its stake in PG&E by 24.0% during the first quarter. PNC Financial Services Group Inc. now owns 5,951 shares of the utilities provider’s stock valued at $54,000 after buying an additional 1,152 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in PG&E by 123.1% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 6,972 shares of the utilities provider’s stock valued at $63,000 after buying an additional 3,847 shares during the last quarter. Finally, Cetera Advisor Networks LLC bought a new position in PG&E during the first quarter valued at approximately $92,000. 54.93% of the stock is owned by hedge funds and other institutional investors.

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 residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.

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