JPMorgan Chase & Co. Issues Positive Forecast for Pacific Gas & Electric (NYSE:PCG) Stock Price

Pacific Gas & Electric (NYSE:PCG) had its price target upped by equities researchers at JPMorgan Chase & Co. from $21.00 to $24.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 31.26% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Barclays increased their price objective on shares of Pacific Gas & Electric from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, February 18th. Wall Street Zen lowered shares of Pacific Gas & Electric from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. TD Cowen reaffirmed a “buy” rating on shares of Pacific Gas & Electric in a research note on Thursday, December 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Pacific Gas & Electric in a report on Monday, December 29th. Finally, UBS Group upgraded shares of Pacific Gas & Electric from a “neutral” rating to a “buy” rating in a research note on Monday, March 9th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Pacific Gas & Electric presently has an average rating of “Moderate Buy” and an average target price of $21.36.

Pacific Gas & Electric Price Performance

Shares of Pacific Gas & Electric stock traded down $0.08 during trading hours on Wednesday, hitting $18.29. The company’s stock had a trading volume of 5,512,605 shares, compared to its average volume of 21,841,500. The company has a market cap of $40.19 billion, a PE ratio of 15.50, a PEG ratio of 0.71 and a beta of 0.33. The company has a debt-to-equity ratio of 1.84, a quick ratio of 0.92 and a current ratio of 0.97. The business has a 50 day moving average price of $16.95 and a two-hundred day moving average price of $16.18. Pacific Gas & Electric has a 12-month low of $12.97 and a 12-month high of $19.16.

Pacific Gas & Electric (NYSE:PCG) last released its earnings results on Wednesday, February 11th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. Pacific Gas & Electric had a return on equity of 11.28% and a net margin of 10.84%.The firm had revenue of $6.80 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter last year, the business posted $0.31 earnings per share. Analysts expect that Pacific Gas & Electric will post 1.49 earnings per share for the current fiscal year.

Insider Transactions at Pacific Gas & Electric

In related news, Director Kerry Whorton Cooper sold 2,500 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $18.68, for a total value of $46,700.00. Following the completion of the sale, the director directly owned 73,141 shares in the company, valued at $1,366,273.88. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Carla J. Peterman sold 31,786 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $18.31, for a total value of $582,001.66. Following the completion of the sale, the executive vice president owned 195,091 shares of the company’s stock, valued at approximately $3,572,116.21. This represents a 14.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 84,286 shares of company stock worth $1,528,746. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pacific Gas & Electric

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of Pacific Gas & Electric in the 1st quarter worth about $203,000. Empowered Funds LLC grew its holdings in Pacific Gas & Electric by 16.4% during the 1st quarter. Empowered Funds LLC now owns 46,936 shares of the utilities provider’s stock valued at $806,000 after purchasing an additional 6,601 shares during the last quarter. Woodline Partners LP grew its holdings in Pacific Gas & Electric by 41.2% during the 1st quarter. Woodline Partners LP now owns 185,324 shares of the utilities provider’s stock valued at $3,184,000 after purchasing an additional 54,033 shares during the last quarter. Focus Partners Wealth raised its position in Pacific Gas & Electric by 93.0% in the 1st quarter. Focus Partners Wealth now owns 83,816 shares of the utilities provider’s stock worth $1,440,000 after purchasing an additional 40,380 shares during the period. Finally, Handelsbanken Fonder AB bought a new stake in Pacific Gas & Electric in the second quarter worth about $1,298,000. Hedge funds and other institutional investors own 78.56% of the company’s stock.

About Pacific Gas & Electric

Pacific Gas & Electric (NYSE: PCG) is an investor-owned utility holding company whose principal operating subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas service in northern and central California. The company’s core activities include the generation, procurement, transmission and distribution of electric power, as well as the transmission and distribution of natural gas. PG&E serves a broad mix of residential, commercial, and industrial customers across urban and rural communities within its California service territory.

PG&E’s operations encompass utility infrastructure planning and construction, grid operations, customer service and energy procurement.