Allstate Corp Has $1.30 Million Position in Pacific Gas & Electric Co. $PCG

Key Points

• Allstate Corp has increased its holdings in Pacific Gas & Electric Co. (NYSE:PCG) by 70.5%, acquiring a total of 75,364 shares valued at approximately $1.30 million.
• Institutional investors collectively own 78.56% of Pacific Gas & Electric's stock, with notable increases in holdings from other firms, including a 84.9% increase by Zimmer Partners LP.
• Analysts have mixed views on the stock, with ratings ranging from "buy" to "sell", and a consensus target price of $20.55.

Allstate Corp increased its stake in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 70.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,364 shares of the utilities provider's stock after buying an additional 31,157 shares during the quarter. Allstate Corp's holdings in Pacific Gas & Electric were worth $1,295,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PCG. Zimmer Partners LP increased its holdings in shares of Pacific Gas & Electric by 84.9% in the 4th quarter. Zimmer Partners LP now owns 12,661,324 shares of the utilities provider's stock worth $255,506,000 after acquiring an additional 5,814,624 shares during the period. Vanguard Group Inc. increased its stake in shares of Pacific Gas & Electric by 1.2% in the first quarter. Vanguard Group Inc. now owns 257,285,352 shares of the utilities provider's stock valued at $4,420,162,000 after purchasing an additional 2,926,384 shares during the period. Zurich Insurance Group Ltd FI raised its holdings in shares of Pacific Gas & Electric by 272.5% during the fourth quarter. Zurich Insurance Group Ltd FI now owns 3,560,305 shares of the utilities provider's stock valued at $71,847,000 after buying an additional 2,604,445 shares during the last quarter. Aberdeen Group plc boosted its position in shares of Pacific Gas & Electric by 151.4% during the first quarter. Aberdeen Group plc now owns 4,077,811 shares of the utilities provider's stock worth $69,506,000 after buying an additional 2,455,807 shares during the period. Finally, BROOKFIELD Corp ON increased its position in Pacific Gas & Electric by 16.2% in the 4th quarter. BROOKFIELD Corp ON now owns 14,692,444 shares of the utilities provider's stock valued at $296,494,000 after acquiring an additional 2,049,359 shares during the period. 78.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Pacific Gas & Electric Price Performance

Shares of NYSE:PCG traded down $0.09 on Thursday, reaching $15.00. 16,089,438 shares of the company traded hands, compared to its average volume of 23,595,768. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.94 and a quick ratio of 0.89. The stock has a market capitalization of $40.12 billion, a PE ratio of 13.76, a P/E/G ratio of 1.12 and a beta of 0.54. The company's 50 day moving average is $14.26 and its 200-day moving average is $15.71. Pacific Gas & Electric Co. has a fifty-two week low of $12.97 and a fifty-two week high of $21.72.

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

Pacific Gas & Electric Profile

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.