Envestnet Asset Management Inc. Cuts Stock Holdings in Pacific Gas & Electric Co. (NYSE:PCG)

Envestnet Asset Management Inc. trimmed its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 40.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 710,411 shares of the utilities provider's stock after selling 480,712 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Pacific Gas & Electric were worth $12,205,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Pacific Gas & Electric during the 4th quarter worth about $591,625,000. Capital Research Global Investors boosted its stake in shares of Pacific Gas & Electric by 70.3% during the 4th quarter. Capital Research Global Investors now owns 46,805,768 shares of the utilities provider's stock worth $944,540,000 after acquiring an additional 19,317,171 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Pacific Gas & Electric by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 254,358,968 shares of the utilities provider's stock worth $5,132,964,000 after acquiring an additional 6,151,233 shares in the last quarter. Zimmer Partners LP boosted its stake in shares of Pacific Gas & Electric by 84.9% during 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 in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Pacific Gas & Electric by 244.5% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 4,706,647 shares of the utilities provider's stock worth $95,066,000 after acquiring an additional 3,340,599 shares in the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

Pacific Gas & Electric Trading Up 0.5%

Pacific Gas & Electric stock traded up $0.07 during trading on Wednesday, hitting $13.73. The company had a trading volume of 26,654,422 shares, compared to its average volume of 19,049,906. The stock has a market cap of $36.72 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 1.02 and a beta of 0.55. The company's 50 day simple moving average is $14.86 and its 200-day simple moving average is $16.05. Pacific Gas & Electric Co. has a 1-year low of $12.97 and a 1-year high of $21.72. The company has a current ratio of 0.95, a quick ratio of 0.90 and a debt-to-equity ratio of 1.79.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.02). Pacific Gas & Electric had a return on equity of 10.35% and a net margin of 9.81%. The company had revenue of $5.98 billion for the quarter, compared to analyst estimates of $6.23 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. Pacific Gas & Electric's revenue was up 2.1% compared to the same quarter last year. As a group, analysts expect that Pacific Gas & Electric Co. will post 1.49 EPS for the current fiscal year.

Pacific Gas & Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.025 per share. The ex-dividend date was Monday, June 30th. This represents a $0.10 annualized dividend and a yield of 0.73%. Pacific Gas & Electric's payout ratio is currently 9.17%.

Analyst Upgrades and Downgrades

PCG has been the subject of several research analyst reports. Barclays reduced their price target on shares of Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating for the company in a research report on Tuesday. Argus upgraded shares of Pacific Gas & Electric to a "hold" rating in a research report on Monday, June 16th. Morgan Stanley set a $18.00 price target on shares of Pacific Gas & Electric and gave the stock an "underweight" rating in a research report on Thursday, May 22nd. Jefferies Financial Group upped their price target on shares of Pacific Gas & Electric from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Finally, Mizuho upped their price target on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $20.55.

Insiders Place Their Bets

In other Pacific Gas & Electric news, EVP Carla J. Peterman sold 32,519 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $17.30, for a total transaction of $562,578.70. Following the transaction, the executive vice president directly owned 151,116 shares in the company, valued at approximately $2,614,306.80. This represents a 17.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.14% of the company's stock.

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.