Pacific Gas & Electric (NYSE:PCG) Stock Rated “Buy” in New Coverage at HSBC

Investment analysts at HSBC initiated coverage on shares of Pacific Gas & Electric (NYSE:PCG) in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage set a “buy” rating and a $15.50 price target on the utilities provider’s stock. HSBC’s price target points to a potential upside of 17.85% from the company’s previous close.

A number of other equities research analysts also recently commented on the company. Mizuho reduced their target price on Pacific Gas & Electric from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, September 3rd. The Goldman Sachs Group set a $20.00 price target on shares of Pacific Gas & Electric in a research note on Thursday, October 15th. BMO Capital Markets reaffirmed a “market perform” rating and set a $21.00 price target (down from $28.00) on shares of Pacific Gas & Electric in a research note on Monday, August 31st. Morgan Stanley increased their price target on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Wall Street Zen cut shares of Pacific Gas & Electric from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Four equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.21.

Pacific Gas & Electric Stock Down 0.2%

PCG opened at $13.15 on Thursday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.22 and a quick ratio of 1.15. The business has a 50 day simple moving average of $14.24 and a 200-day simple moving average of $16.03. The stock has a market capitalization of $35.25 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.06 and a beta of 0.28. Pacific Gas & Electric has a 12 month low of $11.77 and a 12 month high of $19.16.

Pacific Gas & Electric (NYSE:PCG) last posted its quarterly earnings results on Thursday, July 23rd. The utilities provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. Pacific Gas & Electric had a return on equity of 12.48% and a net margin of 12.25%. The firm had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same period in the previous year, the business earned $0.31 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Pacific Gas & Electric will post 1.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pacific Gas & Electric news, Director William Fugate sold 6,500 shares of the company’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $13.76, for a total value of $89,440.00. Following the sale, the director owned 73,530 shares of the company’s stock, valued at approximately $1,011,772.80. This represents a 8.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John Larsen purchased 7,500 shares of the company’s stock in a transaction dated Wednesday, September 30th. The stock was purchased at an average price of $12.20 per share, with a total value of $91,500.00. Following the transaction, the director owned 36,685 shares of the company’s stock, valued at approximately $447,557. This represents a 25.70% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pacific Gas & Electric

Large investors have recently added to or reduced their stakes in the business. Keating Financial Advisory Services Inc. purchased a new position in Pacific Gas & Electric during the 2nd quarter valued at about $28,000. Transamerica Financial Advisors LLC purchased a new stake in shares of Pacific Gas & Electric in the second quarter valued at about $57,000. CoreCap Advisors LLC lifted its holdings in shares of Pacific Gas & Electric by 13.1% in the second quarter. CoreCap Advisors LLC now owns 5,843 shares of the utilities provider’s stock valued at $98,000 after purchasing an additional 677 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Pacific Gas & Electric by 19.6% in the second quarter. Versant Capital Management Inc now owns 6,636 shares of the utilities provider’s stock valued at $112,000 after purchasing an additional 1,088 shares in the last quarter. Finally, Glenview Trust Co acquired a new stake in shares of Pacific Gas & Electric in the second quarter valued at approximately $208,000. 78.56% of the stock is owned by institutional investors and hedge funds.

About Pacific Gas & Electric

PG&E Corporation (NYSE: PCG) is the holding company for Pacific Gas and Electric Company, a regulated utility that provides electricity and natural gas delivery services in Northern and Central California. Its operations include maintaining and operating electric transmission and distribution networks, natural gas pipelines, substations, and other infrastructure used to serve residential, commercial, industrial, and agricultural customers.

Pacific Gas and Electric Company serves a broad portion of California, including the San Francisco Bay Area, the Central Valley, and parts of the northern and central regions of the state.