Pacific Gas & Electric (NYSE:PCG) Now Covered by HSBC

Key Points

• HSBC initiated coverage of Pacific Gas & Electric with a “buy” rating and a $15.50 price target, implying 17.85% upside from the prior close.
• Analyst sentiment remains mixed: four analysts rate the stock a Buy and nine rate it a Hold, producing an overall “Hold” consensus and an average price target of $17.21.
• PG&E shares opened at $13.15, while institutional investors own 78.56% of the company; a director recently purchased 7,500 shares, partially offset by another director’s sale of 6,500 shares.

Research analysts at HSBC assumed coverage on shares of Pacific Gas & Electric (NYSE:PCG - Get Free Report) in a research report issued on Thursday, Marketbeat Ratings reports. The firm set a "buy" rating and a $15.50 price target on the utilities provider's stock. HSBC's price target would indicate a potential upside of 17.85% from the stock's previous close.

A number of other equities analysts also recently commented on the company. Morgan Stanley boosted their price objective on Pacific Gas & Electric from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Barclays lowered their price target on shares of Pacific Gas & Electric from $18.00 to $17.00 and set an "overweight" rating for the company in a report on Monday, October 12th. Wall Street Zen downgraded shares of Pacific Gas & Electric from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. The Goldman Sachs Group set a $20.00 price objective on shares of Pacific Gas & Electric in a report on Thursday, October 15th. Finally, Truist Financial lowered shares of Pacific Gas & Electric from a "buy" rating to a "hold" rating and reduced their price objective for the company from $21.00 to $17.00 in a report on Thursday, September 3rd. Four analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Pacific Gas & Electric currently has an average rating of "Hold" and an average target price of $17.21.

Pacific Gas & Electric Stock Down 0.2%

Pacific Gas & Electric stock opened at $13.15 on Thursday. The firm has a market capitalization of $35.25 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.06 and a beta of 0.28. The company has a current ratio of 1.22, a quick ratio of 1.15 and a debt-to-equity ratio of 1.90. Pacific Gas & Electric has a twelve month low of $11.77 and a twelve month high of $19.16. The stock's fifty day simple moving average is $14.24 and its 200-day simple moving average is $16.03.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last released its earnings results on Thursday, July 23rd. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.04. Pacific Gas & Electric had a return on equity of 12.48% and a net margin of 12.25%. The firm had revenue of $5.90 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same period last year, the business posted $0.31 earnings per share. Pacific Gas & Electric's revenue was up .1% compared to the same quarter last year. As a group, equities analysts expect that Pacific Gas & Electric will post 1.65 earnings per share for the current fiscal year.

Insider Activity

In related news, Director John Larsen acquired 7,500 shares of Pacific Gas & Electric stock in a transaction on Wednesday, September 30th. The stock was purchased at an average cost of $12.20 per share, with a total value of $91,500.00. Following the purchase, the director directly owned 36,685 shares in the company, valued at approximately $447,557. The trade was a 25.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William Fugate sold 6,500 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $13.76, for a total value of $89,440.00. Following the sale, the director directly owned 73,530 shares of the company's stock, valued at $1,011,772.80. The trade was a 8.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.22% of the company's stock.

Institutional Investors Weigh In On Pacific Gas & Electric

Large investors have recently modified their holdings of the stock. Gallagher Fiduciary Advisors LLC purchased a new position in Pacific Gas & Electric in the 2nd quarter valued at $300,895,000. Legal & General Group Plc acquired a new stake in shares of Pacific Gas & Electric in the 2nd quarter worth $398,915,000. Canada Pension Plan Investment Board acquired a new stake in shares of Pacific Gas & Electric in the 2nd quarter worth $320,820,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Pacific Gas & Electric in the 2nd quarter worth $314,855,000. Finally, Man Group plc purchased a new stake in shares of Pacific Gas & Electric in the second quarter valued at about $188,513,000. Hedge funds and other institutional investors own 78.56% of the company's stock.

About Pacific Gas & Electric

PG&E Corporation NYSE: PCG is the holding company for Pacific Gas and Electric Company, a regulated utility that provides electricity and natural gas delivery services in Northern and Central California. Its operations include maintaining and operating electric transmission and distribution networks, natural gas pipelines, substations, and other infrastructure used to serve residential, commercial, industrial, and agricultural customers.

Pacific Gas and Electric Company serves a broad portion of California, including the San Francisco Bay Area, the Central Valley, and parts of the northern and central regions of the state.

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