Townsquare Capital LLC Has $8.24 Million Position in Pacific Gas & Electric Co. (NYSE:PCG)

Key Points

• Townsquare Capital LLC increased its stake in Pacific Gas & Electric Co. by 15.7%, acquiring an additional 65,029 shares, bringing its total holdings to 479,351 shares valued at approximately $8.23 million.
• Pacific Gas & Electric reported a misalignment in quarterly earnings, with an EPS of $0.31 which fell short of the consensus estimate of $0.33, and total revenues of $5.90 billion, below the expected $6.37 billion.
• Currently, 78.56% of Pacific Gas & Electric's shares are owned by institutional investors, and the stock has a consensus rating of "Moderate Buy" with an average target price of $20.55.

Townsquare Capital LLC lifted its holdings in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 15.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 479,351 shares of the utilities provider's stock after acquiring an additional 65,029 shares during the quarter. Townsquare Capital LLC's holdings in Pacific Gas & Electric were worth $8,235,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. National Bank of Canada FI boosted its stake in Pacific Gas & Electric by 8.2% in the 1st quarter. National Bank of Canada FI now owns 2,405,775 shares of the utilities provider's stock valued at $41,329,000 after purchasing an additional 182,792 shares during the period. Swiss National Bank boosted its stake in Pacific Gas & Electric by 7.9% in the 1st quarter. Swiss National Bank now owns 6,186,700 shares of the utilities provider's stock valued at $106,288,000 after purchasing an additional 450,400 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Pacific Gas & Electric by 15.9% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,876,387 shares of the utilities provider's stock valued at $66,596,000 after purchasing an additional 532,615 shares during the period. Maryland State Retirement & Pension System boosted its stake in Pacific Gas & Electric by 2.3% in the 1st quarter. Maryland State Retirement & Pension System now owns 1,962,537 shares of the utilities provider's stock valued at $33,716,000 after purchasing an additional 45,057 shares during the period. Finally, Blue Barn Wealth LLC bought a new stake in Pacific Gas & Electric in the 1st quarter valued at $175,000. 78.56% of the stock is currently owned by institutional investors.

Pacific Gas & Electric Price Performance

Pacific Gas & Electric stock traded up $0.38 during midday trading on Tuesday, reaching $15.49. The company's stock had a trading volume of 26,107,111 shares, compared to its average volume of 23,617,479. Pacific Gas & Electric Co. has a 52 week low of $12.97 and a 52 week high of $21.72. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 1.81. The business has a 50-day moving average price of $14.16 and a 200-day moving average price of $15.75. The stock has a market cap of $41.43 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 1.12 and a beta of 0.54.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last released its earnings results 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 the consensus estimate of $6.37 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. The business's revenue was down 1.5% on a year-over-year basis. On average, sell-side 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 announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.025 dividend. 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%.

Analysts Set New Price Targets

PCG has been the subject of several recent research reports. Mizuho boosted their price target 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. Wells Fargo & Company reiterated an "overweight" rating and set a $24.00 target price on shares of Pacific Gas & Electric 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. Jefferies Financial Group upped their target price 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. Finally, Morgan Stanley set a $18.00 target price on Pacific Gas & Electric and gave the company an "underweight" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.55.

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.