Bank of America Initiates Coverage on PG&E (NYSE:PCG)

Bank of America started coverage on shares of PG&E (NYSE:PCG) in a research report released on Thursday, MarketBeat.com reports. The brokerage issued a buy rating and a $24.00 price target on the utilities provider’s stock.

Other equities analysts also recently issued research reports about the stock. Citigroup lifted their target price on shares of PG&E from $19.00 to $21.00 and gave the stock a buy rating in a research note on Friday, June 14th. Wells Fargo & Company raised their price target on shares of PG&E from $21.00 to $22.00 and gave the stock an overweight rating in a report on Friday, July 26th. Barclays increased their price objective on shares of PG&E from $22.00 to $23.00 and gave the stock an overweight rating in a research report on Tuesday, July 30th. UBS Group raised their target price on PG&E from $24.00 to $26.00 and gave the company a buy rating in a research note on Tuesday, September 3rd. Finally, Morgan Stanley upped their price target on PG&E from $18.00 to $19.00 and gave the stock an equal weight rating in a research note on Friday, August 23rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, PG&E currently has a consensus rating of Moderate Buy and an average price target of $21.45.

PG&E Stock Up 0.5 %

Shares of NYSE:PCG opened at $19.77 on Thursday. The business has a fifty day simple moving average of $18.61 and a 200 day simple moving average of $17.77. PG&E has a 12-month low of $14.71 and a 12-month high of $20.65. The firm has a market cap of $51.70 billion, a P/E ratio of 17.65 and a beta of 1.01. The company has a quick ratio of 0.86, a current ratio of 0.90 and a debt-to-equity ratio of 1.99.

PG&E (NYSE:PCG) last posted its quarterly earnings data 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 for 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 quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.23 earnings per share. Analysts predict that PG&E will post 1.35 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Stephanie N. Williams sold 38,601 shares of PG&E stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $18.32, for a total transaction of $707,170.32. Following the completion of the sale, the vice president now owns 19,114 shares in the company, valued at approximately $350,168.48. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PG&E

A number of institutional investors have recently made changes to their positions in PCG. Rothschild Investment LLC bought a new position in PG&E in the second quarter valued at $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, Plato Investment Management Ltd purchased a new stake in PG&E in the second quarter worth approximately $44,000. Institutional investors own 78.56% of the company’s stock.

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 customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.