Pennant Investors LP Purchases New Position in PG&E Co. (NYSE:PCG)
Pennant Investors LP purchased a new position in shares of PG&E Co. (NYSE:PCG) during the 1st quarter, HoldingsChannel.com reports. The firm purchased 215,000 shares of the utilities provider’s stock, valued at approximately $3,827,000. PG&E comprises approximately 1.6% of Pennant Investors LP’s investment portfolio, making the stock its 14th biggest position.
A number of other large investors also recently made changes to their positions in PCG. Abrams Capital Management L.P. acquired a new stake in PG&E during the 1st quarter worth $445,000,000. Gallagher Fiduciary Advisors LLC acquired a new position in shares of PG&E during the first quarter worth about $394,618,000. Oregon Public Employees Retirement Fund increased its stake in shares of PG&E by 3,173.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,108,993 shares of the utilities provider’s stock worth $299,000 after acquiring an additional 6,891,831 shares during the period. Norges Bank acquired a new position in shares of PG&E during the fourth quarter worth about $97,308,000. Finally, Centerbridge Partners L.P. acquired a new position in shares of PG&E during the fourth quarter worth about $67,811,000. Hedge funds and other institutional investors own 88.84% of the company’s stock.
Shares of NYSE PCG traded down $0.89 on Wednesday, hitting $18.21. The company’s stock had a trading volume of 210,061 shares, compared to its average volume of 17,451,168. PG&E Co. has a 12-month low of $5.07 and a 12-month high of $49.42. The company has a market capitalization of $10.32 billion, a PE ratio of 4.57, a price-to-earnings-growth ratio of 2.35 and a beta of 0.04. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.22 and a quick ratio of 2.11.
A number of research analysts have recently issued reports on the stock. Morgan Stanley set a $18.00 price target on shares of PG&E and gave the stock a “hold” rating in a research note on Monday, May 13th. Zacks Investment Research lowered shares of PG&E from a “hold” rating to a “sell” rating in a research note on Tuesday, February 26th. Argus upgraded shares of PG&E from a “sell” rating to a “hold” rating and set a $18.80 price target on the stock in a research note on Tuesday, February 26th. Finally, Citigroup upgraded shares of PG&E from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $11.00 to $33.00 in a research note on Tuesday, February 19th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $24.12.
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 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.
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