Covalis Capital LLP Invests $6.90 Million in PG&E Co. (PCG) Stock
Covalis Capital LLP bought a new stake in shares of PG&E Co. (NYSE:PCG) in the first quarter, Holdings Channel reports. The fund bought 157,011 shares of the utilities provider’s stock, valued at approximately $6,898,000. PG&E accounts for 5.0% of Covalis Capital LLP’s holdings, making the stock its 9th largest position.
A number of other hedge funds and other institutional investors have also bought and sold shares of PCG. Focused Wealth Management Inc acquired a new position in PG&E during the fourth quarter valued at $108,000. Bronfman E.L. Rothschild L.P. lifted its position in PG&E by 122.1% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 2,463 shares of the utilities provider’s stock valued at $110,000 after purchasing an additional 1,354 shares during the period. Ford Financial Group Inc. acquired a new position in PG&E during the fourth quarter valued at $110,000. Synovus Financial Corp acquired a new position in PG&E during the first quarter valued at $125,000. Finally, W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in PG&E during the first quarter valued at $132,000. Institutional investors own 80.81% of the company’s stock.
A number of research analysts recently issued reports on PCG shares. Zacks Investment Research upgraded shares of PG&E from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Friday, March 23rd. JPMorgan Chase & Co. restated a “buy” rating and set a $50.00 target price (down from $57.00) on shares of PG&E in a research report on Wednesday, February 21st. Morgan Stanley set a $62.00 target price on shares of PG&E and gave the company a “buy” rating in a research report on Tuesday. ValuEngine downgraded shares of PG&E from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, Mizuho restated a “hold” rating and set a $46.00 target price on shares of PG&E in a research report on Thursday, April 5th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $55.85.
PG&E (NYSE:PCG) last issued its quarterly earnings data on Thursday, May 3rd. The utilities provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.13). The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.23 billion. PG&E had a return on equity of 9.38% and a net margin of 9.02%. During the same quarter last year, the company posted $1.06 EPS. sell-side analysts predict that PG&E Co. will post 3.79 earnings per share for the current year.
In other news, 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 transaction of $198,245.04. Following the completion of the sale, the chief operating officer now owns 82,830 shares of the company’s stock, valued at $3,473,061.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John R. Simon sold 3,211 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 transaction of $134,637.23. The disclosure for this sale can be found here. Insiders have sold 8,875 shares of company stock valued at $372,129 in the last three months. Corporate insiders own 0.15% 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.
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