Barclays assumed coverage on shares of PG&E (NYSE:PCG – Free Report) in a research note released on Wednesday, Marketbeat reports. The firm issued an overweight rating and a $19.00 target price on the utilities provider’s stock.
Several other equities research analysts have also commented on PCG. Guggenheim decreased their price target on PG&E from $22.00 to $21.00 in a research note on Friday, July 7th. Morgan Stanley reissued an equal weight rating and set a $15.00 price target on shares of PG&E in a research note on Friday, July 21st. UBS Group raised PG&E from a neutral rating to a buy rating and boosted their price target for the stock from $19.00 to $21.00 in a research note on Monday, August 7th. Royal Bank of Canada boosted their price target on PG&E from $20.00 to $21.00 in a research note on Tuesday, May 30th. Finally, StockNews.com assumed coverage on PG&E in a research note on Thursday, August 17th. They set a hold rating on the stock. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $19.15.
Get Our Latest Stock Report on PCG
PG&E Price Performance
PG&E (NYSE:PCG – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). PG&E had a net margin of 8.79% and a return on equity of 9.79%. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same period in the prior year, the firm posted $0.25 EPS. PG&E’s revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts anticipate that PG&E will post 1.21 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its stake in shares of PG&E by 50.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 93,897,501 shares of the utilities provider’s stock worth $1,622,549,000 after purchasing an additional 31,395,396 shares during the period. BlackRock Inc. lifted its stake in shares of PG&E by 12.8% during the 1st quarter. BlackRock Inc. now owns 134,314,990 shares of the utilities provider’s stock worth $2,171,873,000 after purchasing an additional 15,210,198 shares during the period. Bank of Montreal Can purchased a new position in shares of PG&E during the 2nd quarter worth $259,181,000. Norges Bank purchased a new position in shares of PG&E during the 4th quarter worth $184,847,000. Finally, State Street Corp lifted its stake in shares of PG&E by 33.4% during the 1st quarter. State Street Corp now owns 44,236,290 shares of the utilities provider’s stock worth $528,181,000 after purchasing an additional 11,067,137 shares during the period. 77.09% of the stock is currently owned by institutional investors and hedge funds.
About PG&E
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.
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