Pacific Gas & Electric Co. (NYSE:PCG) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Pacific Gas & Electric Co. by 23.2%, selling 36,160 shares during the first quarter, bringing its total to 119,629 shares valued at approximately $2.05 million.
• The company reported earnings of $0.31 per share, missing analysts' expectations, alongside a revenue of $5.90 billion, which was below consensus estimates of $6.37 billion.
• Pacific Gas & Electric also announced a quarterly dividend of $0.025 per share, resulting in an annualized dividend yield of 0.7%.

Gulf International Bank UK Ltd lessened its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 23.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 119,629 shares of the utilities provider's stock after selling 36,160 shares during the period. Gulf International Bank UK Ltd's holdings in Pacific Gas & Electric were worth $2,055,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PCG. Costello Asset Management INC purchased a new stake in Pacific Gas & Electric during the first quarter valued at approximately $31,000. True Wealth Design LLC raised its holdings in shares of Pacific Gas & Electric by 1,233.6% in the fourth quarter. True Wealth Design LLC now owns 1,827 shares of the utilities provider's stock worth $37,000 after buying an additional 1,690 shares during the last quarter. Deseret Mutual Benefit Administrators raised its holdings in shares of Pacific Gas & Electric by 45.0% in the first quarter. Deseret Mutual Benefit Administrators now owns 2,173 shares of the utilities provider's stock worth $37,000 after buying an additional 674 shares during the last quarter. Colonial Trust Co SC raised its holdings in shares of Pacific Gas & Electric by 563.0% in the fourth quarter. Colonial Trust Co SC now owns 1,916 shares of the utilities provider's stock worth $39,000 after buying an additional 1,627 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Pacific Gas & Electric by 198.1% in the first quarter. Larson Financial Group LLC now owns 3,050 shares of the utilities provider's stock worth $52,000 after buying an additional 2,027 shares during the last quarter. Hedge funds and other institutional investors own 78.56% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PCG shares. Guggenheim raised their price target on shares of Pacific Gas & Electric from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, April 25th. Argus raised shares of Pacific Gas & Electric to a "hold" rating in a report on Monday, June 16th. Mizuho raised their price target 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. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $24.00 price target on shares of Pacific Gas & Electric in a report on Friday, April 25th. Finally, Jefferies Financial Group raised their price target on shares of Pacific Gas & Electric from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $20.55.

Pacific Gas & Electric Price Performance

Shares of NYSE PCG traded down $0.28 during trading on Friday, hitting $15.03. The company had a trading volume of 29,242,219 shares, compared to its average volume of 26,275,904. The stock has a fifty day simple moving average of $14.10 and a two-hundred day simple moving average of $15.74. Pacific Gas & Electric Co. has a fifty-two week low of $12.97 and a fifty-two week high of $21.72. The firm has a market capitalization of $40.21 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.12 and a beta of 0.54. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 1.81.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.31 earnings per share 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 business's quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. On average, research analysts expect that Pacific Gas & Electric Co. will post 1.49 earnings per share for the current year.

Pacific Gas & Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 yield of 0.7%. Pacific Gas & Electric's payout ratio is 9.17%.

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.