Vestcor Inc Buys 24,024 Shares of Pacific Gas & Electric Co. (NYSE:PCG)

Key Points

• Vestcor Inc has increased its stake in Pacific Gas & Electric Co. by 38.1%, acquiring an additional 24,024 shares, bringing its total holdings to 87,028 shares worth approximately $1.5 million.
• Pacific Gas & Electric reported a net margin of 9.81% and earnings per share (EPS) of $0.31, missing analysts' expectations by $0.02, with revenues down 1.5% year-over-year.
• The company has announced a quarterly dividend of $0.025, resulting in an annualized yield of 0.7% and a payout ratio of 9.17% as of the last dividend payment.

Vestcor Inc raised its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 38.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 87,028 shares of the utilities provider's stock after purchasing an additional 24,024 shares during the quarter. Vestcor Inc's holdings in Pacific Gas & Electric were worth $1,495,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PCG. Orion Portfolio Solutions LLC raised its position in Pacific Gas & Electric by 14.5% in the 4th quarter. Orion Portfolio Solutions LLC now owns 16,503 shares of the utilities provider's stock valued at $333,000 after purchasing an additional 2,085 shares during the last quarter. Schroder Investment Management Group raised its position in Pacific Gas & Electric by 1.7% in the 4th quarter. Schroder Investment Management Group now owns 204,525 shares of the utilities provider's stock valued at $4,127,000 after purchasing an additional 3,346 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in Pacific Gas & Electric by 28.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 6,969 shares of the utilities provider's stock valued at $134,000 after purchasing an additional 1,538 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Pacific Gas & Electric by 18.2% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 74,164 shares of the utilities provider's stock valued at $1,497,000 after purchasing an additional 11,411 shares during the last quarter. Finally, National Bank of Canada FI raised its position in Pacific Gas & Electric by 6.9% in the 4th quarter. National Bank of Canada FI now owns 2,222,983 shares of the utilities provider's stock valued at $44,828,000 after purchasing an additional 143,554 shares during the last quarter. Institutional investors own 78.56% of the company's stock.

Pacific Gas & Electric Stock Down 0.2%

Shares of Pacific Gas & Electric stock opened at $13.99 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.95 and a debt-to-equity ratio of 1.79. Pacific Gas & Electric Co. has a 12 month low of $12.97 and a 12 month high of $21.72. The business has a fifty day simple moving average of $14.50 and a 200 day simple moving average of $15.87. The stock has a market cap of $37.42 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 1.04 and a beta of 0.55.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last posted 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 9.81% and a return on equity of 10.35%. 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 previous year, the firm posted $0.31 earnings per share. The firm's revenue was down 1.5% on a year-over-year basis. Research analysts predict that Pacific Gas & Electric Co. will post 1.49 EPS for the current year.

Pacific Gas & Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 30th. Pacific Gas & Electric's payout ratio is presently 9.17%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PCG shares. Barclays cut their price objective 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. Argus raised Pacific Gas & Electric to a "hold" rating in a research note on Monday, June 16th. Morgan Stanley set a $18.00 target price on Pacific Gas & Electric and gave the company an "underweight" rating in a research note on Thursday, May 22nd. Mizuho lifted 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. Finally, Jefferies Financial Group lifted their target price on Pacific Gas & Electric from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $20.55.

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.

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