Barclays Cuts PG&E (NYSE:PCG) Price Target to $23.00

PG&E (NYSE:PCG) had its target price lowered by analysts at Barclays from $24.00 to $23.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the utilities provider’s stock. Barclays‘s price target would indicate a potential upside of 39.27% from the company’s previous close.

PCG has been the subject of a number of other reports. Jefferies Financial Group began coverage on PG&E in a report on Monday, October 14th. They issued a “buy” rating and a $24.00 target price for the company. Mizuho raised their price target on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. BMO Capital Markets assumed coverage on PG&E in a research note on Monday, January 13th. They issued an “outperform” rating and a $21.00 price target on the stock. Finally, UBS Group cut their price target on PG&E from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.55.

PG&E Price Performance

Shares of PG&E stock opened at $16.52 on Monday. The business has a 50 day simple moving average of $19.55 and a two-hundred day simple moving average of $19.46. PG&E has a 12 month low of $15.94 and a 12 month high of $21.72. The stock has a market capitalization of $43.19 billion, a P/E ratio of 12.90, a PEG ratio of 1.15 and a beta of 0.98. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99.

PG&E (NYSE:PCG) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $6.58 billion. PG&E had a return on equity of 12.51% and a net margin of 11.11%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share. As a group, analysts predict that PG&E will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other PG&E news, CEO Patricia K. Poppe sold 55,555 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.66, for a total value of $1,147,766.30. Following the completion of the sale, the chief executive officer now owns 1,460,222 shares in the company, valued at $30,168,186.52. This represents a 3.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. FMR LLC grew its stake in PG&E by 5.1% during the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock worth $3,496,115,000 after buying an additional 8,604,396 shares during the last quarter. State Street Corp grew its stake in PG&E by 5.0% during the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock worth $2,155,093,000 after buying an additional 5,191,463 shares during the last quarter. Brookfield Corp ON grew its stake in PG&E by 45.6% during the third quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider’s stock worth $249,954,000 after buying an additional 3,958,495 shares during the last quarter. Clearbridge Investments LLC bought a new stake in PG&E during the second quarter worth about $56,679,000. Finally, Massachusetts Financial Services Co. MA grew its stake in PG&E by 2.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider’s stock worth $2,072,824,000 after buying an additional 2,936,763 shares during the last quarter. Institutional investors own 78.56% of the company’s stock.

PG&E 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.