PG&E (NYSE:PCG) Price Target Raised to $21.00 at Barclays

PG&E (NYSE:PCG) had its target price increased by equities research analysts at Barclays from $20.00 to $21.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the utilities provider’s stock. Barclays‘s target price suggests a potential upside of 22.95% from the company’s current price.

PCG has been the topic of several other research reports. JPMorgan Chase & Co. boosted their target price on PG&E from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday. The Goldman Sachs Group began coverage on PG&E in a report on Wednesday, April 10th. They issued a “buy” rating and a $21.00 target price for the company. Finally, StockNews.com raised shares of PG&E from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, PG&E currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.11.

PG&E Stock Performance

PG&E stock traded up $0.01 during mid-day trading on Friday, reaching $17.08. 1,428,338 shares of the company were exchanged, compared to its average volume of 15,451,537. PG&E has a twelve month low of $14.71 and a twelve month high of $18.32. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.78 and a current ratio of 0.83. The firm’s 50-day simple moving average is $16.57 and its two-hundred day simple moving average is $16.88. The firm has a market cap of $36.50 billion, a PE ratio of 16.28 and a beta of 1.32.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $6.60 billion. PG&E had a net margin of 9.24% and a return on equity of 10.84%. PG&E’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.29 EPS. Equities analysts predict that PG&E will post 1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PG&E

A number of large investors have recently modified their holdings of PCG. Vanguard Group Inc. grew its stake in shares of PG&E by 8.8% during the third quarter. Vanguard Group Inc. now owns 268,407,694 shares of the utilities provider’s stock valued at $4,329,416,000 after acquiring an additional 21,731,911 shares in the last quarter. FMR LLC raised its holdings in shares of PG&E by 2.4% in the 3rd quarter. FMR LLC now owns 176,029,931 shares of the utilities provider’s stock worth $2,839,363,000 after purchasing an additional 4,044,631 shares in the last quarter. Capital International Investors increased its position in shares of PG&E by 7.1% in the fourth quarter. Capital International Investors now owns 116,093,791 shares of the utilities provider’s stock worth $2,093,198,000 after acquiring an additional 7,681,566 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of PG&E by 1.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 84,516,243 shares of the utilities provider’s stock worth $1,523,828,000 after purchasing an additional 993,923 shares during the period. Finally, Third Point LLC raised its stake in shares of PG&E by 1.8% during the 4th quarter. Third Point LLC now owns 57,860,000 shares of the utilities provider’s stock worth $1,043,216,000 after purchasing an additional 1,000,000 shares in the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

About PG&E

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.