PG&E Co. (NYSE:PCG) Shares Bought by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. grew its position in PG&E Co. (NYSE:PCG) by 7.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,025 shares of the utilities provider’s stock after acquiring an additional 2,561 shares during the period. Contravisory Investment Management Inc.’s holdings in PG&E were worth $712,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jupiter Asset Management Ltd. purchased a new stake in shares of PG&E in the first quarter valued at about $2,153,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of PG&E by 19.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,486,117 shares of the utilities provider’s stock valued at $41,667,000 after acquiring an additional 410,409 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in shares of PG&E in the first quarter valued at about $2,377,000. Scientech Research LLC purchased a new stake in shares of PG&E in the second quarter valued at about $1,122,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of PG&E by 808.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock valued at $21,703,000 after acquiring an additional 1,106,200 shares in the last quarter. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Insider Buying and Selling

In related news, VP Stephanie N. Williams sold 38,601 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $18.32, for a total transaction of $707,170.32. Following the completion of the transaction, the vice president now owns 19,114 shares of the company’s stock, valued at approximately $350,168.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on PCG. Barclays boosted their price objective on shares of PG&E from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Bank of America began coverage on shares of PG&E in a report on Thursday, September 12th. They set a “buy” rating and a $24.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Morgan Stanley boosted their price objective on shares of PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, UBS Group upped their price target on shares of PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.80.

PG&E Stock Performance

NYSE:PCG opened at $19.55 on Friday. The firm has a 50 day simple moving average of $19.29 and a 200-day simple moving average of $18.19. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86. The firm has a market cap of $51.13 billion, a PE ratio of 16.71, a P/E/G ratio of 1.50 and a beta of 1.01. PG&E Co. has a 1-year low of $15.59 and a 1-year high of $20.65.

PG&E (NYSE:PCG) last issued its quarterly earnings results on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The firm had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same quarter in the prior year, the business posted $0.23 earnings per share. PG&E’s revenue for the quarter was up 13.2% compared to the same quarter last year. On average, equities analysts expect that PG&E Co. will post 1.36 EPS for the current year.

PG&E Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.20%. The ex-dividend date is Monday, September 30th. PG&E’s dividend payout ratio (DPR) is 3.42%.

About PG&E

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.