Pacific Gas & Electric Co. $PCG Stake Cut by Boothbay Fund Management LLC

Key Points

• Boothbay Fund Management LLC reduced its stake in Pacific Gas & Electric Co. by 37.1% in the first quarter, selling 223,928 shares and now holding 380,096 shares valued at approximately $6.53 million.
• Large institutional investors, including Canada Pension Plan Investment Board and AQR Capital Management LLC, significantly increased their holdings in Pacific Gas & Electric, indicating institutional interest in the stock.
• Pacific Gas & Electric's latest earnings report showed an EPS of $0.31, missing analysts' estimates, and the company's revenue decreased by 1.5% year-over-year, prompting adjustments in various analyst ratings.

Boothbay Fund Management LLC cut its position in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 37.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 380,096 shares of the utilities provider's stock after selling 223,928 shares during the period. Boothbay Fund Management LLC's holdings in Pacific Gas & Electric were worth $6,530,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Pacific Gas & Electric by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 257,285,352 shares of the utilities provider's stock valued at $4,420,162,000 after buying an additional 2,926,384 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Pacific Gas & Electric by 4.3% during the 1st quarter. Northern Trust Corp now owns 19,944,322 shares of the utilities provider's stock worth $342,643,000 after purchasing an additional 818,377 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Pacific Gas & Electric by 352.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 19,172,519 shares of the utilities provider's stock worth $329,384,000 after buying an additional 14,933,364 shares during the period. AQR Capital Management LLC lifted its position in shares of Pacific Gas & Electric by 317.2% during the 1st quarter. AQR Capital Management LLC now owns 16,464,333 shares of the utilities provider's stock worth $280,305,000 after buying an additional 12,518,011 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Pacific Gas & Electric by 5.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,882,526 shares of the utilities provider's stock worth $221,322,000 after buying an additional 720,500 shares during the period. 78.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Zacks Research upgraded Pacific Gas & Electric from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Morgan Stanley reaffirmed an "underweight" rating on shares of Pacific Gas & Electric in a research note on Thursday, August 21st. Mizuho boosted their target price on Pacific Gas & Electric from $20.00 to $21.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Argus raised Pacific Gas & Electric to a "hold" rating in a research note on Monday, June 16th. Finally, Barclays cut their price target on Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Pacific Gas & Electric has a consensus rating of "Hold" and an average target price of $20.55.

Pacific Gas & Electric Stock Down 0.8%

Shares of PCG opened at $15.23 on Friday. The company has a market capitalization of $40.74 billion, a PE ratio of 13.97, a PEG ratio of 1.14 and a beta of 0.57. Pacific Gas & Electric Co. has a 12 month low of $12.97 and a 12 month high of $21.72. The stock's 50-day moving average price is $14.42 and its two-hundred day moving average price is $15.70. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 1.81.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.31 earnings per share (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 analyst estimates of $6.37 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. The firm'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, analysts anticipate that Pacific Gas & Electric Co. will post 1.49 EPS for the current year.

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.

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