950,500 Shares in Pacific Gas & Electric Co. $PCG Purchased by Strs Ohio

Key Points

• Strs Ohio has acquired a new position in Pacific Gas & Electric Co. valued at approximately $16.33 million, purchasing 950,500 shares in the first quarter.
• Pacific Gas & Electric recently experienced mixed analyst opinions, with Zacks upgrading its rating to hold while Morgan Stanley maintained an underweight rating.
• Despite reporting earnings per share of $0.31 for the last quarter, Pacific Gas & Electric missed the consensus estimate of $0.33 and noted a revenue decline compared to the same quarter last year.

Strs Ohio bought a new position in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 950,500 shares of the utilities provider's stock, valued at approximately $16,330,000.

A number of other institutional investors have also made changes to their positions in PCG. Sessa Capital IM L.P. bought a new stake in Pacific Gas & Electric in the 1st quarter valued at $320,984,000. Canada Pension Plan Investment Board boosted its stake in Pacific Gas & Electric by 352.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 19,172,519 shares of the utilities provider's stock valued at $329,384,000 after purchasing 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 valued at $280,305,000 after acquiring an additional 12,518,011 shares during the period. ATLAS Infrastructure Partners UK Ltd. lifted its position in shares of Pacific Gas & Electric by 193.4% during the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 10,428,328 shares of the utilities provider's stock valued at $179,159,000 after acquiring an additional 6,873,576 shares during the period. Finally, Zimmer Partners LP lifted its position in shares of Pacific Gas & Electric by 84.9% during the 4th quarter. Zimmer Partners LP now owns 12,661,324 shares of the utilities provider's stock valued at $255,506,000 after acquiring an additional 5,814,624 shares during the period. 78.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCG has been the subject of a number of recent analyst reports. Barclays cut their target price on Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Zacks Research upgraded Pacific Gas & Electric from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Argus upgraded Pacific Gas & Electric to a "hold" rating in a research report on Monday, June 16th. UBS Group dropped their price objective on Pacific Gas & Electric from $19.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday. Finally, Morgan Stanley upgraded Pacific Gas & Electric from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $19.00 to $20.00 in a research report on Thursday. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Pacific Gas & Electric currently has a consensus rating of "Moderate Buy" and an average target price of $20.20.

Pacific Gas & Electric Trading Down 0.6%

NYSE PCG traded down $0.10 during trading hours on Thursday, hitting $15.00. 7,665,337 shares of the company's stock were exchanged, compared to its average volume of 23,821,697. The stock has a 50-day simple moving average of $14.65 and a 200 day simple moving average of $15.65. Pacific Gas & Electric Co. has a 1-year low of $12.97 and a 1-year high of $21.72. The firm has a market cap of $40.12 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.11 and a beta of 0.57. 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 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 10.13% and a net margin of 9.95%.The firm had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the company posted $0.31 EPS. The firm's revenue was down 1.5% on a year-over-year basis. Pacific Gas & Electric has set its FY 2025 guidance at 1.480-1.520 EPS. On average, equities analysts forecast that Pacific Gas & Electric Co. will post 1.49 EPS for the current fiscal 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.