PG&E Co. (NYSE:PCG) Sees Large Decline in Short Interest

PG&E Co. (NYSE:PCG) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 77,110,000 shares, a drop of 21.4% from the August 15th total of 98,140,000 shares. Based on an average daily trading volume, of 15,520,000 shares, the days-to-cover ratio is presently 5.0 days. Approximately 5.4% of the company’s stock are short sold.

PG&E stock traded up $0.21 during mid-day trading on Tuesday, hitting $9.79. The company’s stock had a trading volume of 30,344,912 shares, compared to its average volume of 15,101,745. PG&E has a 1 year low of $8.24 and a 1 year high of $12.91. The stock’s fifty day moving average is $9.25 and its two-hundred day moving average is $10.29. The firm has a market capitalization of $24.11 billion, a PE ratio of 26.57, a price-to-earnings-growth ratio of 3.69 and a beta of 1.39. The company has a current ratio of 0.66, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, July 29th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). PG&E had a net margin of 4.14% and a return on equity of 9.22%. The company had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $4.95 billion. During the same period last year, the firm posted $1.03 earnings per share. On average, equities analysts expect that PG&E will post 1 EPS for the current fiscal year.

In other news, Director Robert C. Flexon purchased 10,000 shares of the stock in a transaction on Wednesday, September 1st. The stock was bought at an average price of $9.28 per share, with a total value of $92,800.00. Following the transaction, the director now owns 51,299 shares in the company, valued at approximately $476,054.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.14% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PCG. Lumbard & Kellner LLC increased its holdings in shares of PG&E by 4.7% in the 1st quarter. Lumbard & Kellner LLC now owns 24,239 shares of the utilities provider’s stock valued at $284,000 after acquiring an additional 1,081 shares during the last quarter. ProShare Advisors LLC boosted its holdings in PG&E by 9.2% in the second quarter. ProShare Advisors LLC now owns 15,051 shares of the utilities provider’s stock valued at $153,000 after purchasing an additional 1,271 shares in the last quarter. Gamco Investors INC. ET AL increased its stake in PG&E by 9.7% in the second quarter. Gamco Investors INC. ET AL now owns 14,641 shares of the utilities provider’s stock valued at $149,000 after purchasing an additional 1,300 shares during the last quarter. Corient Capital Partners LLC raised its holdings in PG&E by 13.5% during the first quarter. Corient Capital Partners LLC now owns 13,660 shares of the utilities provider’s stock worth $160,000 after purchasing an additional 1,623 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of PG&E by 3.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 52,374 shares of the utilities provider’s stock worth $613,000 after buying an additional 1,789 shares during the last quarter. Institutional investors and hedge funds own 58.94% of the company’s stock.

A number of equities analysts recently weighed in on the company. Barclays reduced their price target on PG&E from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, May 25th. Royal Bank of Canada upgraded PG&E from a “sector perform” rating to an “outperform” rating and set a $14.00 target price on the stock in a research report on Monday, August 16th. Morgan Stanley dropped their price target on shares of PG&E from $10.50 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Zacks Investment Research upgraded shares of PG&E from a “sell” rating to a “hold” rating and set a $11.00 price objective for the company in a research report on Monday, June 21st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, PG&E has a consensus rating of “Buy” and a consensus target price of $13.64.

PG&E Company Profile

PG&E Corp. is a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in San Francisco, CA.

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