Adage Capital Partners GP L.L.C. Lowers Stock Holdings in Pacific Gas & Electric Co. $PCG

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Pacific Gas & Electric Co. by 63.7%, ending up with 3,202,000 shares valued at approximately $55 million.
• Other institutional investors such as the Canada Pension Plan Investment Board and Zimmer Partners LP significantly increased their holdings in Pacific Gas & Electric, reflecting a mixed sentiment towards the stock among hedge funds.
• Pacific Gas & Electric's shares are currently trading around $15.31, with analysts estimating an average price target of $20.55 for the stock.

Adage Capital Partners GP L.L.C. reduced its stake in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 63.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,202,000 shares of the utilities provider's stock after selling 5,615,600 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.12% of Pacific Gas & Electric worth $55,010,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of PCG. AXA S.A. increased its holdings in Pacific Gas & Electric by 26.9% in the 4th quarter. AXA S.A. now owns 110,031 shares of the utilities provider's stock valued at $2,220,000 after acquiring an additional 23,353 shares during the last quarter. Aptus Capital Advisors LLC grew its stake in shares of Pacific Gas & Electric by 17.8% in the 4th quarter. Aptus Capital Advisors LLC now owns 15,722 shares of the utilities provider's stock worth $317,000 after buying an additional 2,380 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Pacific Gas & Electric in the 4th quarter worth $4,036,000. Algert Global LLC grew its stake in shares of Pacific Gas & Electric by 11.5% in the 4th quarter. Algert Global LLC now owns 102,397 shares of the utilities provider's stock worth $2,066,000 after buying an additional 10,529 shares in the last quarter. Finally, Castlekeep Investment Advisors LLC purchased a new position in shares of Pacific Gas & Electric in the 4th quarter worth $253,000. 78.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PCG shares. Barclays dropped their price objective on shares of Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Mizuho lifted their price objective on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Zacks Research raised shares of Pacific Gas & Electric from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Argus raised shares of Pacific Gas & Electric to a "hold" rating in a research note on Monday, June 16th. Finally, Morgan Stanley reaffirmed an "underweight" rating on shares of Pacific Gas & Electric in a research note on Thursday, August 21st. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $20.55.

Pacific Gas & Electric Trading Down 1.0%

Shares of PCG stock traded down $0.16 during trading hours on Friday, reaching $15.08. 20,070,825 shares of the stock were exchanged, compared to its average volume of 21,027,780. The firm has a market capitalization of $40.33 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.12 and a beta of 0.57. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 1.81. Pacific Gas & Electric Co. has a 12-month low of $12.97 and a 12-month high of $21.72. The company's 50-day moving average price is $14.44 and its 200-day moving average price is $15.70.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.02). The company had revenue of $5.90 billion during the quarter, compared to analysts' expectations of $6.37 billion. Pacific Gas & Electric had a net margin of 9.95% and a return on equity of 10.13%. Pacific Gas & Electric's quarterly revenue was down 1.5% on a year-over-year basis. During the same period last year, the firm earned $0.31 earnings per share. Pacific Gas & Electric has set its FY 2025 guidance at 1.480-1.520 EPS. As a group, equities analysts anticipate that Pacific Gas & Electric Co. will post 1.49 earnings per share for the current year.

About Pacific Gas & Electric

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.