Quarry LP Increases Holdings in PG&E Co. (NYSE:PCG)

Quarry LP lifted its stake in shares of PG&E Co. (NYSE:PCG) by 146.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,939 shares of the utilities provider’s stock after purchasing an additional 6,501 shares during the quarter. Quarry LP’s holdings in PG&E were worth $191,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. increased its holdings in PG&E by 36.6% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 79,017 shares of the utilities provider’s stock worth $1,425,000 after acquiring an additional 21,165 shares during the period. TD Asset Management Inc grew its position in shares of PG&E by 9.7% during the 4th quarter. TD Asset Management Inc now owns 782,005 shares of the utilities provider’s stock valued at $14,100,000 after purchasing an additional 68,963 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of PG&E by 3.1% in the fourth quarter. Stifel Financial Corp now owns 307,977 shares of the utilities provider’s stock worth $5,553,000 after purchasing an additional 9,381 shares during the period. Bank of Nova Scotia raised its position in shares of PG&E by 191.1% in the fourth quarter. Bank of Nova Scotia now owns 835,326 shares of the utilities provider’s stock worth $15,060,000 after buying an additional 548,349 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in PG&E by 10.7% during the fourth quarter. California State Teachers Retirement System now owns 3,268,552 shares of the utilities provider’s stock valued at $58,932,000 after buying an additional 316,527 shares during the period. 78.56% of the stock is currently owned by institutional investors.

PG&E Stock Performance

PG&E stock opened at $19.77 on Tuesday. The firm has a fifty day simple moving average of $19.03 and a two-hundred day simple moving average of $18.00. 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 Co. has a twelve month low of $14.71 and a twelve month high of $20.65. The company has a market capitalization of $56.92 billion, a PE ratio of 17.65, a P/E/G ratio of 1.52 and a beta of 1.01.

PG&E (NYSE:PCG) last issued its earnings results on Thursday, July 25th. The utilities provider reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. The company had revenue of $5.99 billion during the quarter, compared to analysts’ expectations of $5.86 billion. PG&E had a return on equity of 11.76% and a net margin of 10.22%. PG&E’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 EPS. Research analysts expect that PG&E Co. will post 1.36 EPS for the current year.

PG&E Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.04 annualized dividend and a dividend yield of 0.20%. PG&E’s payout ratio is 3.57%.

Analyst Ratings Changes

A number of brokerages have weighed in on PCG. Wells Fargo & Company upped their target price on PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley upped their price objective on shares of PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. UBS Group boosted their price target on shares of PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Citigroup increased their price target on shares of PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised shares of PG&E from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $19.00 to $22.00 in a report on Monday, June 10th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, PG&E presently has an average rating of “Moderate Buy” and an average target price of $21.55.

Insiders Place Their Bets

In related news, VP Stephanie N. Williams sold 38,601 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were 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 of the company’s stock, valued at $350,168.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.15% of the company’s stock.

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.