Clearline Capital LP Increases Stock Position in Pacific Gas & Electric Co. $PCG

Key Points

• Clearline Capital LP significantly increased its holdings in Pacific Gas & Electric Co. by 470.8% in the first quarter, owning 263,919 shares worth approximately $4.53 million.
• Pacific Gas & Electric reported a quarterly earnings miss, with earnings per share of $0.31 compared to expectations of $0.33, and revenue of $5.90 billion, falling short of the consensus estimate.
• The company's stock has received mixed ratings from analysts, with a consensus rating of "Hold" and an average price target of $20.55.

Clearline Capital LP grew its holdings in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 470.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 263,919 shares of the utilities provider's stock after purchasing an additional 217,681 shares during the period. Clearline Capital LP's holdings in Pacific Gas & Electric were worth $4,534,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of PCG. Costello Asset Management INC purchased a new stake in Pacific Gas & Electric during the first quarter worth about $31,000. Deseret Mutual Benefit Administrators increased its stake in Pacific Gas & Electric by 45.0% during the first quarter. Deseret Mutual Benefit Administrators now owns 2,173 shares of the utilities provider's stock worth $37,000 after purchasing an additional 674 shares during the period. Safe Harbor Fiduciary LLC purchased a new stake in Pacific Gas & Electric during the first quarter worth about $39,000. Larson Financial Group LLC increased its stake in Pacific Gas & Electric by 198.1% during the first quarter. Larson Financial Group LLC now owns 3,050 shares of the utilities provider's stock worth $52,000 after purchasing an additional 2,027 shares during the period. Finally, Financial Network Wealth Advisors LLC increased its stake in Pacific Gas & Electric by 57.7% during the first quarter. Financial Network Wealth Advisors LLC now owns 3,445 shares of the utilities provider's stock worth $59,000 after purchasing an additional 1,260 shares during the period. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Pacific Gas & Electric Stock Down 1.7%

Pacific Gas & Electric stock traded down $0.26 during mid-day trading on Friday, hitting $15.47. The company had a trading volume of 26,878,334 shares, compared to its average volume of 25,565,096. The stock has a market cap of $41.39 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 1.17 and a beta of 0.57. Pacific Gas & Electric Co. has a 1 year low of $12.97 and a 1 year high of $21.72. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 1.81. The business has a fifty day moving average of $14.56 and a 200 day moving average of $15.67.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last announced its quarterly 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). 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%. The business's revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 earnings per share. Pacific Gas & Electric has set its FY 2025 guidance at 1.480-1.520 EPS. On average, sell-side analysts expect that Pacific Gas & Electric Co. will post 1.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PCG. Zacks Research upgraded shares of Pacific Gas & Electric from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Argus raised Pacific Gas & Electric to a "hold" rating in a research report on Monday, June 16th. UBS Group set a $19.00 target price on shares of Pacific Gas & Electric in a research note on Friday, August 29th. Morgan Stanley restated an "underweight" rating on shares of Pacific Gas & Electric in a research note on Thursday, August 21st. Finally, Barclays cut 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 research note on Tuesday, July 22nd. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Pacific Gas & Electric currently has a consensus rating of "Hold" and an average price target of $20.20.

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.