Zacks Investment Research Lowers PG&E (PCG) to Hold
Zacks Investment Research downgraded shares of PG&E (NYSE:PCG) from a buy rating to a hold rating in a report released on Tuesday.
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 strives to optimize generation margins by improving its cost structure, performance and reliability of its nuclear and fossil fuel-fired units. However, PG&E Corp.’s operations are subject to federal, state and local legislative requirements, as well as extensive environmental regulations. The operation and decommissioning of the utility’s nuclear power plants expose it to potentially significant liabilities. The utility may not be able to fully recover its costs if regulatory requirements change and can have an effect on its financials. These may have caused the company to underperform its broader industry in past one year.”
Several other equities analysts also recently weighed in on the company. Citigroup set a $46.00 target price on PG&E and gave the company a hold rating in a research report on Tuesday. Morgan Stanley lifted their target price on PG&E from $59.00 to $63.00 and gave the company an overweight rating in a research report on Monday, April 16th. JPMorgan Chase lifted their target price on PG&E from $50.00 to $51.00 and gave the company a buy rating in a research report on Tuesday, April 10th. Mizuho reiterated a hold rating and set a $46.00 target price on shares of PG&E in a research report on Thursday, April 5th. Finally, Edward Jones upgraded PG&E from a sell rating to a hold rating in a research report on Thursday, April 5th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $56.79.
PG&E (NYSE:PCG) last released its earnings results on Friday, February 9th. The utilities provider reported $0.63 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.06). The company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.83 billion. PG&E had a net margin of 9.69% and a return on equity of 9.93%. During the same quarter last year, the firm posted $1.33 earnings per share. equities research analysts predict that PG&E will post 3.81 EPS for the current fiscal year.
In other news, SVP Julie Kane sold 936 shares of the business’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $41.93, for a total value of $39,246.48. Following the transaction, the senior vice president now directly owns 17,602 shares in the company, valued at $738,051.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Nickolas Stavropoulos sold 4,728 shares of the business’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $41.93, for a total value of $198,245.04. Following the completion of the transaction, the chief operating officer now owns 82,830 shares in the company, valued at $3,473,061.90. The disclosure for this sale can be found here. Insiders sold 8,875 shares of company stock worth $372,129 over the last 90 days. Company insiders own 0.15% of the company’s stock.
Several large investors have recently bought and sold shares of PCG. Crow Point Partners LLC lifted its position in shares of PG&E by 60.0% in the fourth quarter. Crow Point Partners LLC now owns 200,000 shares of the utilities provider’s stock worth $8,962,000 after buying an additional 75,000 shares in the last quarter. Hexavest Inc. lifted its position in shares of PG&E by 1.3% in the fourth quarter. Hexavest Inc. now owns 724,616 shares of the utilities provider’s stock worth $32,485,000 after buying an additional 9,352 shares in the last quarter. National Pension Service lifted its position in shares of PG&E by 7.0% in the fourth quarter. National Pension Service now owns 471,089 shares of the utilities provider’s stock worth $21,119,000 after buying an additional 30,836 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of PG&E by 13.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,740,505 shares of the utilities provider’s stock worth $123,333,000 after buying an additional 325,193 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of PG&E by 104.5% in the fourth quarter. Acadian Asset Management LLC now owns 9,690 shares of the utilities provider’s stock worth $435,000 after buying an additional 4,951 shares in the last quarter. Institutional investors own 81.06% of the company’s stock.
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 107,200 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PG&E Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PG&E and related companies with MarketBeat.com's FREE daily email newsletter.