On October 3, 2023, Foundations Investment Advisors LLC announced that it had acquired a new stake in shares of PG&E Co. (NYSE:PCG) during the second quarter. The firm obtained 16,569 shares of the utilities provider’s stock, which were valued at approximately $286,000. This news comes after PG&E recently released its earnings results for the second quarter of the year.
In its most recent earnings report on July 27th, PG&E reported earnings per share (EPS) of $0.23 for the quarter, falling short of the consensus estimate by ($0.04). Despite this miss, PG&E demonstrated a net margin of 8.79% and a return on equity of 9.79%. The company generated $5.29 billion in revenue for the quarter, slightly below the consensus estimate of $5.49 billion. However, this marked a 3.4% increase in revenue compared to the same period last year. Analysts currently predict that PG&E Co. will post EPS of 1.21 for the entire year.
Following this development, several analysts have commented on PCG shares and provided their recommendations. Barclays initiated coverage on PG&E with an “overweight” rating and set a target price of $19.00 on October 3rd in a report released by StockNews.com.
UBS Group also upgraded their rating from “neutral” to “buy” on August 7th while raising their price objective from $19.00 to $21.00.
Morgan Stanley reduced their price target from $15.00 to $14 and maintained an “equal weight” rating on August 23rd.
Lastly, Mizuho reaffirmed its “buy” rating and issued a price objective of $19 in September.
Currently, three analysts have assigned a hold rating to PG&E while seven have given it a buy rating according to Bloomberg.com. The consensus rating for the stock is “Moderate Buy” with a consensus price target of $19.14.
In conclusion, Foundations Investment Advisors LLC recently acquired a new stake in PG&E Co., indicating confidence in the utilities provider’s future prospects. Despite missing the consensus EPS estimate, PG&E showcased positive growth compared to the previous year and remains an attractive investment opportunity according to several analysts’ recommendations. Investors should monitor future developments closely to assess the company’s performance going forward.
Investment Landscape in PG&E: Institutional Investors and Hedge Funds Show Interest as Director Sells Shares
October 3, 2023
Institutional Investors and Hedge Funds Show Interest in PG&E; Director Sells Shares
The investment landscape is always evolving, driven by a myriad of factors including market trends and institutional decisions. Recent developments in Pacific Gas and Electric Company (PG&E) have captured the attention of various institutional investors and hedge funds, prompting changes to their positions in the company.
One such player is Strategy Asset Managers LLC, which acquired a new position in PG&E during the first quarter of this year. This move was valued at approximately $699,000. The Texas Permanent School Fund Corp also saw an opportunity and boosted its holdings in PG&E by a significant 46.7% during the same period. This resulted in the acquisition of an additional 106,910 shares, bringing their total ownership to 335,665 shares valued at $5,428,000.
Greenleaf Trust was not left behind as it grew its position in PG&E by 5.2% during the first quarter as well. The trust now owns 16,814 shares worth $272,000 after acquiring an additional 828 shares. Wedmont Private Capital joined the party during the second quarter with a stake valued at $207,000.
Cerity Partners LLC also made notable strides with a remarkable increase of 91.8% in its position during the first quarter. This saw them add an extra 133,906 shares worth $9,633,000 to their existing holdings. When combined together with other institutional investors and hedge funds interested in PG&E’s fortunes, these stakeholders own a staggering 74.35% of the company’s stock.
Furthermore, it should be noted that insiders are also making moves within PG&E’s stock market arena. For instance, Director Cheryl F. Campbell recently sold 10,000 shares on September 12th for an average price of $16.90 per share. The transaction amounted to a total of $169,000. Following the sale, Campbell now holds 54,153 shares in the company, valued at approximately $915,185.70.
These developments have drawn attention and raised curiosity about PG&E’s overall standing in the market. As of Tuesday, October 3rd, shares of PG&E (trading under NYSE symbol PCG) opened at $15.22. The utility provider has experienced a price range of $12.45 to $18.19 over the past fifty-two weeks.
PG&E currently boasts a market capitalization of $39.09 billion alongside a price-to-earnings (P/E) ratio of 16.72 and a P/E-to-growth (P/E/G) ratio of 5.30 – important metrics for evaluating investment opportunities. Its beta stands at 1.11, reflecting its sensitivity to market movements.
From a financial standpoint, PG&E maintains a debt-to-equity ratio of 2.09, illustrating its current levels of debt relative to its equity position.
The company also exhibits decent liquidity with current and quick ratios of 0.96 and 0.89 respectively – indicating its ability to meet short-term obligations.
On average, PG&E shows stability as evident by its 50-day simple moving average at $17.03 and its 200-day simple moving average at $16.95.
For full disclosure purposes, it is worth noting that this information was derived from filed documents with the Securities & Exchange Commission (SEC), which can be accessed here.
Taking all these factors into account helps paint a picture of the complexities surrounding PG&E and its recent activities within the stock market arena.