Pacific Gas & Electric Co. (NYSE:PCG) Shares Purchased by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd significantly increased its stake in Pacific Gas & Electric Co., raising its ownership by 763% to a total of 29,127 shares worth $500,000 as of the latest SEC filing.
• A variety of other institutional investors also expanded their holdings in the company, with some reporting increases of over 1,200% in the last quarter.
• Pacific Gas & Electric recently announced a quarterly dividend of $0.025 per share, resulting in an annualized yield of 0.71% and a payout ratio of 9.17%.

Bayforest Capital Ltd increased its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 763.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,127 shares of the utilities provider's stock after buying an additional 25,752 shares during the period. Bayforest Capital Ltd's holdings in Pacific Gas & Electric were worth $500,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vestcor Inc boosted its position in shares of Pacific Gas & Electric by 38.1% in the 1st quarter. Vestcor Inc now owns 87,028 shares of the utilities provider's stock worth $1,495,000 after buying an additional 24,024 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Pacific Gas & Electric in the 1st quarter worth about $466,000. Banque Cantonale Vaudoise purchased a new stake in shares of Pacific Gas & Electric in the 1st quarter worth about $512,000. GSA Capital Partners LLP boosted its position in shares of Pacific Gas & Electric by 128.0% in the 1st quarter. GSA Capital Partners LLP now owns 76,877 shares of the utilities provider's stock worth $1,321,000 after buying an additional 43,165 shares in the last quarter. Finally, Evermay Wealth Management LLC purchased a new position in Pacific Gas & Electric in the 1st quarter valued at about $82,000. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Guggenheim upped their target price on shares of Pacific Gas & Electric from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Friday, April 25th. Morgan Stanley set a $18.00 target price on shares of Pacific Gas & Electric and gave the company an "underweight" rating in a report on Thursday, May 22nd. Barclays reduced their target price on shares of Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Argus upgraded shares of Pacific Gas & Electric to a "hold" rating in a report on Monday, June 16th. Finally, Mizuho upped their target price on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the company an "outperform" rating in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Pacific Gas & Electric presently has a consensus rating of "Moderate Buy" and an average price target of $20.55.

Pacific Gas & Electric Trading Up 0.8%

Shares of NYSE PCG traded up $0.11 on Friday, reaching $14.13. 27,502,809 shares of the company traded hands, compared to its average volume of 22,902,908. Pacific Gas & Electric Co. has a fifty-two week low of $12.97 and a fifty-two week high of $21.72. The company has a 50 day moving average of $14.44 and a 200 day moving average of $15.85. The company has a current ratio of 0.95, a quick ratio of 0.90 and a debt-to-equity ratio of 1.79. The stock has a market capitalization of $37.80 billion, a PE ratio of 12.96, a P/E/G ratio of 1.04 and a beta of 0.54.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.02). Pacific Gas & Electric had a net margin of 9.95% and a return on equity of 10.26%. The company had revenue of $5.90 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same period in the prior year, the company earned $0.31 EPS. The company's revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts forecast that Pacific Gas & Electric Co. will post 1.49 earnings per share for the current fiscal year.

Pacific Gas & Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.025 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.7%. Pacific Gas & Electric's dividend payout ratio is currently 9.17%.

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.