Pacific Gas & Electric Co. (NYSE:PCG) Stock Has Average Price Target of $17.21 According to Brokerages

Key Points

• Analyst sentiment is mixed: Sixteen firms rate PG&E “Hold” overall (nine holds, seven buys), with an average 12-month price target of $17.21. Recent target changes included cuts by JPMorgan and Barclays to $17 and a UBS increase to $15.
• Quarterly results fell short of estimates: PG&E reported EPS of $0.41 versus the $0.42 consensus and revenue of $6.19 billion versus $6.82 billion expected; revenue declined 1% year over year.
• The company declared a quarterly dividend of $0.05 per share, equivalent to an annualized yield of about 1.5%. Shares opened at $13.23, within a 52-week range of $11.77 to $19.16.

Shares of Pacific Gas & Electric Co. (NYSE:PCG - Get Free Report) have earned an average rating of "Hold" from the sixteen research firms that are presently covering the company, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $17.21.

Several analysts recently commented on PCG shares. JPMorgan Chase & Co. lowered their target price on Pacific Gas & Electric from $18.00 to $17.00 and set an "overweight" rating on the stock in a research report on Monday, October 12th. The Goldman Sachs Group set a $20.00 price target on Pacific Gas & Electric in a research report on Thursday, October 15th. Weiss Ratings cut Pacific Gas & Electric from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, October 23rd. UBS Group raised their price target on Pacific Gas & Electric from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Friday, October 30th. Finally, Barclays cut their price objective on shares of Pacific Gas & Electric from $18.00 to $17.00 and set an "overweight" rating on the stock in a research note on Monday, October 12th.

Insider Transactions at Pacific Gas & Electric

In related news, Director John Larsen purchased 7,500 shares of Pacific Gas & Electric stock in a transaction dated Wednesday, September 30th. The stock was bought at an average cost of $12.20 per share, with a total value of $91,500.00. Following the purchase, the director owned 36,685 shares in the company, valued at approximately $447,557. The trade was a 25.70% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William Fugate sold 6,500 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $13.76, for a total transaction of $89,440.00. Following the completion of the transaction, the director owned 73,530 shares of the company's stock, valued at $1,011,772.80. This trade represents 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. 0.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pacific Gas & Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Performa Ltd US LLC bought a new position in Pacific Gas & Electric during the third quarter valued at about $43,000. Fulcrum Asset Management LLP raised its position in Pacific Gas & Electric by 4,794.5% in the third quarter. Fulcrum Asset Management LLP now owns 185,795 shares of the utilities provider's stock worth $2,263,000 after acquiring an additional 181,999 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Pacific Gas & Electric by 23.6% in the 3rd quarter. Sterling Capital Management LLC now owns 81,861 shares of the utilities provider's stock valued at $1,003,000 after acquiring an additional 15,622 shares during the last quarter. Fox Hill Wealth Management acquired a new stake in Pacific Gas & Electric in the 2nd quarter valued at about $1,818,000. Finally, Rakuten Investment Management Inc. acquired a new stake in Pacific Gas & Electric in the 2nd quarter valued at about $6,210,000. 78.56% of the stock is owned by institutional investors.

Pacific Gas & Electric Stock Up 0.7%

PCG stock opened at $13.23 on Wednesday. The stock has a market cap of $35.47 billion, a PE ratio of 9.80, a price-to-earnings-growth ratio of 1.05 and a beta of 0.17. The firm's 50-day simple moving average is $13.09 and its 200 day simple moving average is $16.15. Pacific Gas & Electric has a fifty-two week low of $11.77 and a fifty-two week high of $19.16. The company has a quick ratio of 0.97, a current ratio of 1.03 and a debt-to-equity ratio of 1.85.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last posted its earnings results on Thursday, October 22nd. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.01). Pacific Gas & Electric had a net margin of 12.00% and a return on equity of 11.49%. The firm had revenue of $6.19 billion for the quarter, compared to analyst estimates of $6.82 billion. During the same period in the previous year, the firm earned $0.50 earnings per share. The company's revenue for the quarter was down 1.0% on a year-over-year basis. As a group, sell-side analysts predict that Pacific Gas & Electric will post 1.65 EPS for the current year.

Pacific Gas & Electric Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, September 30th. Pacific Gas & Electric's payout ratio is 14.81%.

Pacific Gas & Electric Company Profile

Pacific Gas and Electric Company (PG&E) is a regulated utility that provides electricity and natural gas to homes and businesses in Northern and Central California. Its services include generating, purchasing, transmitting and distributing electricity, as well as delivering natural gas through its pipeline network. The utility is a subsidiary of PG&E Corporation, whose common stock trades on the New York Stock Exchange under the symbol PCG. The company traces its roots to California's early gas and electric utilities and was incorporated in 1905.

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