Pacific Gas & Electric Co. (NYSE:PCG) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp significantly increased its stake in Pacific Gas & Electric Co. by 105.6% during the first quarter, acquiring a total of 3,504,179 shares valued at approximately $60.2 million.
• Pacific Gas & Electric recently declared a quarterly dividend of $0.025 per share, translating to an annualized payout of $0.10 and a dividend yield of 0.71%.
• Analysts have positive outlooks on the stock, with target prices from various firms ranging from $17.00 to $22.00, indicating a general consensus of a "Moderate Buy" rating.

Mackenzie Financial Corp raised its stake in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 105.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,504,179 shares of the utilities provider's stock after acquiring an additional 1,800,200 shares during the quarter. Mackenzie Financial Corp owned approximately 0.13% of Pacific Gas & Electric worth $60,202,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PCG. Capital Research Global Investors raised its holdings in Pacific Gas & Electric by 70.3% in the 4th quarter. Capital Research Global Investors now owns 46,805,768 shares of the utilities provider's stock valued at $944,540,000 after buying an additional 19,317,171 shares during the last quarter. Zimmer Partners LP raised its holdings in Pacific Gas & Electric by 84.9% in the 4th quarter. Zimmer Partners LP now owns 12,661,324 shares of the utilities provider's stock valued at $255,506,000 after buying an additional 5,814,624 shares during the last quarter. Zurich Insurance Group Ltd FI raised its holdings in Pacific Gas & Electric by 272.5% in the 4th quarter. Zurich Insurance Group Ltd FI now owns 3,560,305 shares of the utilities provider's stock valued at $71,847,000 after buying an additional 2,604,445 shares during the last quarter. Geode Capital Management LLC raised its holdings in Pacific Gas & Electric by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 51,988,553 shares of the utilities provider's stock valued at $1,046,462,000 after buying an additional 2,151,494 shares during the last quarter. Finally, BROOKFIELD Corp ON raised its holdings in Pacific Gas & Electric by 16.2% in the 4th quarter. BROOKFIELD Corp ON now owns 14,692,444 shares of the utilities provider's stock valued at $296,494,000 after buying an additional 2,049,359 shares during the last quarter. Institutional investors own 78.56% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on PCG. Mizuho increased their target price on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Evercore ISI lifted their price target on Pacific Gas & Electric from $15.00 to $17.00 and gave the stock an "in-line" rating in a report on Monday, April 28th. Guggenheim raised their target price on Pacific Gas & Electric from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Friday, April 25th. Argus upgraded Pacific Gas & Electric to a "hold" rating in a research report on Monday, June 16th. Finally, BMO Capital Markets reduced their target price on Pacific Gas & Electric from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.55.

Pacific Gas & Electric Stock Performance

Pacific Gas & Electric stock traded down $0.03 during trading on Friday, reaching $14.00. The company had a trading volume of 7,644,948 shares, compared to its average volume of 23,125,340. The firm has a market capitalization of $37.44 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 1.04 and a beta of 0.55. Pacific Gas & Electric Co. has a 52 week low of $12.97 and a 52 week high of $21.72. The firm's 50-day simple moving average is $14.44 and its 200 day simple moving average is $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.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last issued its earnings results 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). Pacific Gas & Electric had a return on equity of 10.35% and a net margin of 9.81%. The firm had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the firm posted $0.31 earnings per share. The company's revenue for the quarter was down 1.5% compared to the same quarter last year. Sell-side 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 announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.025 per share. The ex-dividend date was Monday, June 30th. This represents a $0.10 dividend on an annualized basis and a yield of 0.7%. Pacific Gas & Electric's dividend payout ratio is currently 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.