Bleakley Financial Group LLC Makes New Investment in PG&E Co. (NYSE:PCG)

Posted by Defense World Staff on May 8th, 2023

Bleakley Financial Group LLC purchased a new position in shares of PG&E Co. (NYSE:PCG – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 27,808 shares of the utilities provider’s stock, valued at approximately $452,000.

Other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in PG&E by 13.9% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,097,397 shares of the utilities provider’s stock worth $17,207,000 after buying an additional 133,520 shares during the last quarter. Illinois Municipal Retirement Fund purchased a new position in PG&E during the 3rd quarter worth approximately $585,000. Gabelli Funds LLC raised its position in PG&E by 2.7% during the 3rd quarter. Gabelli Funds LLC now owns 873,500 shares of the utilities provider’s stock worth $10,919,000 after buying an additional 23,000 shares during the last quarter. Metis Global Partners LLC purchased a new position in shares of PG&E during the 4th quarter valued at approximately $533,000. Finally, Samlyn Capital LLC purchased a new position in shares of PG&E during the 3rd quarter valued at approximately $57,532,000. 83.63% of the stock is owned by hedge funds and other institutional investors.

PG&E Price Performance

Shares of NYSE PCG opened at $17.27 on Monday. The firm has a market cap of $42.59 billion, a PE ratio of 19.40, a PEG ratio of 5.66 and a beta of 1.13. The firm has a fifty day moving average of $16.42 and a 200 day moving average of $15.84. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.76 and a current ratio of 0.81. PG&E Co. has a one year low of $9.64 and a one year high of $17.46.

PG&E (NYSE:PCG – Get Rating) last announced its earnings results on Friday, May 5th. The utilities provider reported $0.29 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.29. PG&E had a net margin of 8.64% and a return on equity of 10.33%. The company had revenue of $6.21 billion for the quarter, compared to analysts’ expectations of $6.19 billion. During the same quarter in the previous year, the company posted $0.30 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts predict that PG&E Co. will post 1.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PCG. Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 target price on shares of PG&E in a report on Friday, March 10th. Credit Suisse Group lifted their target price on shares of PG&E from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, February 24th. LADENBURG THALM/SH SH began coverage on shares of PG&E in a report on Monday, April 3rd. They set a “buy” rating and a $20.50 target price for the company. Morgan Stanley lifted their target price on shares of PG&E from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, April 20th. Finally, StockNews.com began coverage on shares of PG&E in a report on Thursday, March 16th. They set a “hold” rating for the company. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.17.

Insiders Place Their Bets

In other PG&E news, CEO Patricia K. Poppe sold 66,700 shares of PG&E stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $15.87, for a total transaction of $1,058,529.00. Following the sale, the chief executive officer now owns 1,269,325 shares of the company’s stock, valued at approximately $20,144,187.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by corporate insiders.

About PG&E

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PG&E Corp. is a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.