Bank of Nova Scotia Buys Shares of 3,668,919 Pacific Gas & Electric Co. $PCG

Key Points

• Bank of Nova Scotia acquired 3.67 million PG&E shares worth approximately $61.7 million during the second quarter, representing about 0.14% of the utility company.
• PG&E reported quarterly EPS of $0.40, exceeding the $0.36 consensus estimate, while revenue reached $5.90 billion. The company reaffirmed fiscal 2026 EPS guidance of $1.64–$1.66.
• Analysts maintain a generally positive outlook, with seven Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $22.20 versus the recent $17.60 share price.

Bank of Nova Scotia acquired a new stake in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,668,919 shares of the utilities provider's stock, valued at approximately $61,711,000. Bank of Nova Scotia owned approximately 0.14% of Pacific Gas & Electric as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new position in Pacific Gas & Electric in the first quarter valued at about $203,000. Empowered Funds LLC raised its stake in shares of Pacific Gas & Electric by 16.4% in the first quarter. Empowered Funds LLC now owns 46,936 shares of the utilities provider's stock worth $806,000 after acquiring an additional 6,601 shares during the last quarter. Woodline Partners LP lifted its position in Pacific Gas & Electric by 41.2% during the 1st quarter. Woodline Partners LP now owns 185,324 shares of the utilities provider's stock valued at $3,184,000 after purchasing an additional 54,033 shares during the period. Focus Partners Wealth lifted its stake in shares of Pacific Gas & Electric by 93.0% in the 1st quarter. Focus Partners Wealth now owns 83,816 shares of the utilities provider's stock valued at $1,440,000 after purchasing an additional 40,380 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in Pacific Gas & Electric by 499.7% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 433,064 shares of the utilities provider's stock worth $6,037,000 after acquiring an additional 360,845 shares during the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Pacific Gas & Electric Price Performance

Shares of Pacific Gas & Electric stock opened at $17.60 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.22 and a debt-to-equity ratio of 1.90. The company's fifty day simple moving average is $17.28 and its two-hundred day simple moving average is $17.27. The firm has a market cap of $47.17 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 1.14 and a beta of 0.28. Pacific Gas & Electric Co. has a 12-month low of $14.34 and a 12-month high of $19.16.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The utilities provider reported $0.40 EPS for the quarter, topping the consensus estimate of $0.36 by $0.04. Pacific Gas & Electric had a net margin of 12.25% and a return on equity of 12.48%. The business had revenue of $5.90 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same period in the prior year, the business earned $0.31 EPS. The company's revenue for the quarter was up .1% on a year-over-year basis. Pacific Gas & Electric has set its FY 2026 guidance at 1.640-1.660 EPS. As a group, equities analysts expect that Pacific Gas & Electric Co. will post 1.65 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on PCG. BMO Capital Markets reduced their price target on shares of Pacific Gas & Electric from $28.00 to $27.00 and set an "outperform" rating for the company in a report on Friday, July 24th. Truist Financial cut their price target on Pacific Gas & Electric from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, August 4th. UBS Group restated a "buy" rating on shares of Pacific Gas & Electric in a research note on Tuesday. JPMorgan Chase & Co. decreased their price objective on Pacific Gas & Electric from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Friday, May 15th. Finally, Morgan Stanley decreased their price objective on Pacific Gas & Electric from $23.00 to $22.00 and set an "equal weight" rating for the company in a report on Friday. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.20.

Insider Activity at Pacific Gas & Electric

In related news, EVP Marlene Santos sold 158,250 shares of Pacific Gas & Electric stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $18.00, for a total value of $2,848,500.00. Following the completion of the sale, the executive vice president directly owned 230,885 shares in the company, valued at approximately $4,155,930. This trade represents a 40.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.22% of the stock is owned by company insiders.

Pacific Gas & Electric Company Profile

Pacific Gas & Electric NYSE: PCG is an investor-owned utility holding company whose principal operating subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas service in northern and central California. The company's core activities include the generation, procurement, transmission and distribution of electric power, as well as the transmission and distribution of natural gas. PG&E serves a broad mix of residential, commercial, and industrial customers across urban and rural communities within its California service territory.

PG&E's operations encompass utility infrastructure planning and construction, grid operations, customer service and energy procurement.

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