Burkehill Global Management LP Trims Holdings in Pacific Gas & Electric Co. (NYSE:PCG)

Key Points

• Burkehill Global Management LP has decreased its stake in Pacific Gas & Electric Co. by 25%, now holding 750,000 shares valued at $12.9 million, representing 1.0% of its portfolio.
• Pacific Gas & Electric reported a missed earnings estimate with EPS of $0.31, below the forecast of $0.33, and revenue of $5.90 billion compared to expectations of $6.37 billion.
• The stock has a current consensus rating of "Moderate Buy" with a target price of $20.55, following various rating adjustments by notable brokerages.

Burkehill Global Management LP lessened its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 25.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 750,000 shares of the utilities provider's stock after selling 250,000 shares during the period. Pacific Gas & Electric accounts for approximately 1.0% of Burkehill Global Management LP's portfolio, making the stock its 27th largest holding. Burkehill Global Management LP's holdings in Pacific Gas & Electric were worth $12,885,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PCG. Envestnet Asset Management Inc. increased its stake in Pacific Gas & Electric by 93.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,191,123 shares of the utilities provider's stock worth $24,037,000 after acquiring an additional 575,365 shares during the last quarter. Federated Hermes Inc. increased its stake in Pacific Gas & Electric by 160.8% in the 4th quarter. Federated Hermes Inc. now owns 10,932 shares of the utilities provider's stock worth $221,000 after acquiring an additional 6,740 shares during the last quarter. Shelton Capital Management bought a new position in Pacific Gas & Electric in the 4th quarter worth about $244,000. Raymond James Financial Inc. bought a new position in Pacific Gas & Electric in the 4th quarter worth about $24,770,000. Finally, Treasurer of the State of North Carolina increased its stake in Pacific Gas & Electric by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 940,183 shares of the utilities provider's stock worth $18,973,000 after acquiring an additional 5,900 shares during the last quarter. Institutional investors own 78.56% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PCG shares. Guggenheim upped their target price on Pacific Gas & Electric from $16.00 to $17.00 and gave the stock a "neutral" rating in a research note on Friday, April 25th. Jefferies Financial Group raised their price target on Pacific Gas & Electric from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Wells Fargo & Company restated an "overweight" rating and set a $24.00 price target on shares of Pacific Gas & Electric in a research report on Friday, April 25th. Morgan Stanley set a $18.00 price target on Pacific Gas & Electric and gave the company an "underweight" rating in a research report on Thursday, May 22nd. Finally, Mizuho raised their price target on Pacific Gas & Electric from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.55.

Pacific Gas & Electric Trading Up 1.0%

Shares of PCG traded up $0.16 during trading hours on Thursday, hitting $15.41. The company had a trading volume of 11,558,645 shares, compared to its average volume of 23,510,186. The firm has a market cap of $41.22 billion, a P/E ratio of 14.13, a P/E/G ratio of 1.15 and a beta of 0.54. The stock's 50 day moving average price is $14.12 and its 200 day moving average price is $15.75. 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 Co. has a 52-week low of $12.97 and a 52-week high of $21.72.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last released its quarterly earnings data 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 return on equity of 10.13% and a net margin of 9.95%. The firm's quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 EPS. On average, research analysts predict that Pacific Gas & Electric Co. will post 1.49 EPS for the current year.

Pacific Gas & Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, June 30th. Pacific Gas & Electric's payout ratio is currently 9.17%.

About Pacific Gas & Electric

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.