Gabelli Funds LLC Reduces Position in PG&E Co. (NYSE:PCG)

Gabelli Funds LLC cut its stake in shares of PG&E Co. (NYSE:PCG) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 884,500 shares of the utilities provider’s stock after selling 4,000 shares during the quarter. Gabelli Funds LLC’s holdings in PG&E were worth $15,284,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Raymond James & Associates lifted its position in PG&E by 44.3% during the first quarter. Raymond James & Associates now owns 337,858 shares of the utilities provider’s stock valued at $4,034,000 after purchasing an additional 103,767 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in PG&E by 86.2% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 146,663 shares of the utilities provider’s stock valued at $1,751,000 after purchasing an additional 67,898 shares during the period. American Century Companies Inc. lifted its position in PG&E by 190.4% during the first quarter. American Century Companies Inc. now owns 183,755 shares of the utilities provider’s stock valued at $2,194,000 after purchasing an additional 120,468 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in PG&E by 3.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,636 shares of the utilities provider’s stock valued at $366,000 after purchasing an additional 1,122 shares during the period. Finally, Cetera Advisor Networks LLC acquired a new position in PG&E during the first quarter valued at $154,000. 74.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PCG has been the topic of several recent analyst reports. Evercore ISI reissued an “in-line” rating and set a $16.00 target price on shares of PG&E in a research note on Monday, October 23rd. Mizuho increased their price target on PG&E from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com upgraded PG&E from a “sell” rating to a “hold” rating in a research report on Monday. Guggenheim decreased their target price on PG&E from $21.00 to $19.00 in a research report on Monday, October 9th. Finally, Barclays cut their price target on shares of PG&E from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, October 17th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.63.

PG&E Stock Down 1.3 %

PCG opened at $17.69 on Tuesday. PG&E Co. has a twelve month low of $14.71 and a twelve month high of $18.19. The company has a quick ratio of 0.79, a current ratio of 0.84 and a debt-to-equity ratio of 2.09. The company has a 50-day moving average price of $16.51 and a 200 day moving average price of $16.90. The company has a market cap of $46.18 billion, a PE ratio of 20.56, a price-to-earnings-growth ratio of 5.84 and a beta of 1.15.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, October 26th. The utilities provider reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.04). The company had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.48 billion. PG&E had a return on equity of 9.21% and a net margin of 8.13%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the company earned $0.29 EPS. Sell-side analysts expect that PG&E Co. will post 1.21 earnings per share for the current fiscal year.

Insider Buying and Selling at PG&E

In other PG&E news, Director Cheryl F. Campbell sold 10,000 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $16.90, for a total value of $169,000.00. Following the completion of the sale, the director now owns 54,153 shares in the company, valued at approximately $915,185.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is owned by insiders.

PG&E Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.