Victory Capital Management Inc. Cuts Holdings in PG&E Co. (NYSE:PCG)

Victory Capital Management Inc. lowered its stake in shares of PG&E Co. (NYSE:PCG) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 778,709 shares of the utilities provider’s stock after selling 17,536 shares during the quarter. Victory Capital Management Inc.’s holdings in PG&E were worth $13,596,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Rothschild Investment LLC purchased a new stake in PG&E during the second quarter valued at about $30,000. UMB Bank n.a. increased its position in shares of PG&E by 84.7% during the 2nd quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 1,011 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of PG&E by 77.0% during the 2nd quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock valued at $40,000 after buying an additional 1,027 shares in the last quarter. Vima LLC bought a new stake in PG&E in the 4th quarter worth approximately $41,000. Finally, Tidemark LLC bought a new stake in PG&E in the 4th quarter worth approximately $54,000. 78.56% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Stephanie N. Williams sold 38,601 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $18.32, for a total value of $707,170.32. Following the completion of the transaction, the vice president now directly owns 19,114 shares of the company’s stock, valued at $350,168.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Barclays lifted their price target on shares of PG&E from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Mizuho boosted their price target on shares of PG&E from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. UBS Group raised their price objective on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. raised PG&E from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $19.00 to $22.00 in a research note on Monday, June 10th. Finally, Wells Fargo & Company increased their target price on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.45.

PG&E Trading Up 0.5 %

PCG opened at $19.77 on Friday. The firm has a market capitalization of $51.70 billion, a price-to-earnings ratio of 17.65 and a beta of 1.01. PG&E Co. has a one year low of $14.71 and a one year high of $20.65. The business has a 50 day simple moving average of $18.61 and a two-hundred day simple moving average of $17.76. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. The company had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.86 billion. PG&E had a return on equity of 11.76% and a net margin of 10.22%. The firm’s revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 earnings per share. Analysts predict that PG&E Co. will post 1.35 EPS for the current year.

PG&E Profile

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.