Pacific Gas & Electric Co. $PCG Shares Sold by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS AM has reduced its stake in Pacific Gas & Electric Co. by 5.0%, owning approximately 0.65% of the company valued at $298.5 million after selling nearly 921,000 shares during the first quarter.
• Pacific Gas & Electric reported $0.31 earnings per share for the last quarter, missing the expected $0.33, with revenues of $5.90 billion falling short of the $6.37 billion forecast.
• Institutional investors and hedge funds collectively own 78.56% of Pacific Gas & Electric’s stock, with multiple significant stakeholders increasing their holdings substantially in the first quarter of 2023.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC trimmed its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,373,304 shares of the utilities provider's stock after selling 920,764 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.65% of Pacific Gas & Electric worth $298,473,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PCG. Costello Asset Management INC acquired a new position in shares of Pacific Gas & Electric in the 1st quarter valued at about $31,000. Deseret Mutual Benefit Administrators raised its position 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 valued at $37,000 after acquiring an additional 674 shares in the last quarter. Safe Harbor Fiduciary LLC acquired a new position in Pacific Gas & Electric in the first quarter valued at approximately $39,000. Larson Financial Group LLC boosted its position in Pacific Gas & Electric by 198.1% in the 1st 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 in the last quarter. Finally, Financial Network Wealth Advisors LLC boosted its position in Pacific Gas & Electric by 57.7% in the 1st 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 in the last quarter. Hedge funds and other institutional investors own 78.56% of the company's stock.

Analysts Set New Price Targets

PCG has been the subject of several recent research reports. UBS Group set a $19.00 target price on shares of Pacific Gas & Electric in a report on Friday, August 29th. Morgan Stanley reiterated an "underweight" rating on shares of Pacific Gas & Electric in a research report on Thursday, August 21st. Argus upgraded Pacific Gas & Electric to a "hold" rating in a research report on Monday, June 16th. Barclays reduced their price target on Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating for the company in a report on Tuesday, July 22nd. Finally, Zacks Research raised Pacific Gas & Electric from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $20.20.

Pacific Gas & Electric Trading Down 1.7%

Pacific Gas & Electric stock traded down $0.26 during trading on Friday, reaching $15.47. 26,878,334 shares of the company were exchanged, compared to its average volume of 25,565,096. The stock's 50 day simple moving average is $14.56 and its two-hundred day simple moving average is $15.67. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.94 and a quick ratio of 0.89. The company has a market capitalization of $41.39 billion, a P/E ratio of 14.19, a PEG ratio of 1.17 and a beta of 0.57. 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 posted its earnings results on Thursday, July 31st. The utilities provider reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.02). Pacific Gas & Electric had a net margin of 9.95% and a return on equity of 10.13%. The business had revenue of $5.90 billion during the quarter, compared to analysts' expectations of $6.37 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. Pacific Gas & Electric's revenue for the quarter was down 1.5% compared to the same quarter last year. Pacific Gas & Electric has set its FY 2025 guidance at 1.480-1.520 EPS. On average, equities research analysts expect that Pacific Gas & Electric Co. will post 1.49 earnings per share for the current fiscal year.

Pacific Gas & Electric Company 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.