Pacific Gas & Electric Co. $PCG Stake Cut by BROOKFIELD Corp ON

Key Points

• BROOKFIELD Corp ON reduced its holdings in Pacific Gas & Electric Co. by 23.0%, selling over 3.3 million shares, leaving them with approximately 11.3 million shares, making it the company's 15th largest investment.
• Pacific Gas & Electric has recently received various ratings updates from brokerages, with Argus upgrading it to a "hold" rating and Mizuho raising its price target to $21.00.
• The company reported EPS of $0.31 for the last quarter, missing the consensus estimate of $0.33, while revenues fell short of expectations at $5.90 billion compared to the projected $6.37 billion.

BROOKFIELD Corp ON decreased its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 23.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,307,104 shares of the utilities provider's stock after selling 3,385,340 shares during the quarter. Pacific Gas & Electric accounts for approximately 1.1% of BROOKFIELD Corp ON's holdings, making the stock its 15th largest position. BROOKFIELD Corp ON owned approximately 0.42% of Pacific Gas & Electric worth $194,256,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Strs Ohio bought a new position in shares of Pacific Gas & Electric in the first quarter worth $16,330,000. GK Wealth Management LLC grew its holdings in Pacific Gas & Electric by 11.0% during the first quarter. GK Wealth Management LLC now owns 19,046 shares of the utilities provider's stock worth $327,000 after acquiring an additional 1,895 shares during the period. Intech Investment Management LLC raised its position in Pacific Gas & Electric by 210.8% in the first quarter. Intech Investment Management LLC now owns 788,408 shares of the utilities provider's stock worth $13,545,000 after acquiring an additional 534,741 shares in the last quarter. Focus Partners Wealth lifted its holdings in 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 acquiring an additional 40,380 shares during the last quarter. Finally, Glenview Trust co boosted its position in shares of Pacific Gas & Electric by 28.5% during the 1st quarter. Glenview Trust co now owns 12,849 shares of the utilities provider's stock valued at $221,000 after purchasing an additional 2,848 shares in the last quarter. Institutional investors own 78.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Mizuho boosted their target price on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Barclays dropped their price target on Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Zacks Research raised Pacific Gas & Electric from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. UBS Group set a $19.00 price target on Pacific Gas & Electric in a report on Friday, August 29th. Finally, Morgan Stanley reaffirmed an "underweight" rating on shares of Pacific Gas & Electric in a report on Thursday, August 21st. Six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $20.20.

Pacific Gas & Electric Trading Down 0.5%

Shares of NYSE:PCG traded down $0.07 during midday trading on Monday, reaching $15.38. The company had a trading volume of 27,980,672 shares, compared to its average volume of 23,961,732. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.89 and a current ratio of 0.94. Pacific Gas & Electric Co. has a 1-year low of $12.97 and a 1-year high of $21.72. The firm has a market cap of $41.15 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.15 and a beta of 0.57. The company has a fifty day simple moving average of $14.60 and a two-hundred day simple moving average of $15.66.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last announced 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 business had revenue of $5.90 billion during the quarter, compared to analysts' expectations of $6.37 billion. Pacific Gas & Electric had a return on equity of 10.13% and a net margin of 9.95%.The firm's revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share. Pacific Gas & Electric has set its FY 2025 guidance at 1.480-1.520 EPS. Research analysts predict that Pacific Gas & Electric Co. will post 1.49 earnings per share for the current 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.