Pacific Gas & Electric Co. (PCG) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Pacific Gas & Electric Co. (NYSE:PCG) from a buy rating to a hold rating in a research report released on Monday morning.

According to Zacks, “PG&E Corp. posted mixed third-quarter results. The company’s bottom-line figure surpassed the Zacks Consensus Estimate, while the top line failed to meet the mark. Year-over-year results were also mixed wherein while earnings improved, revenues declined. The company’s systematic investments in infrastructure projects are expected to improve service reliability and meet demand. This, in turn, will enable it to serve a wider customer base. On the flip side, the recent North California wildfire is expected to incur notable cost for the company, which in turn may impact earnings.”

Several other research firms have also weighed in on PCG. Barclays PLC raised their price objective on Pacific Gas & Electric Co. from $69.00 to $72.00 and gave the stock an overweight rating in a research note on Friday, September 22nd. Mizuho reaffirmed a buy rating and issued a $78.00 target price on shares of Pacific Gas & Electric Co. in a research report on Monday, October 9th. J P Morgan Chase & Co raised their target price on Pacific Gas & Electric Co. from $74.00 to $76.00 and gave the stock an overweight rating in a research report on Thursday, October 12th. The Goldman Sachs Group, Inc. cut Pacific Gas & Electric Co. from a conviction-buy rating to a buy rating and set a $65.00 target price for the company. in a research report on Monday, October 16th. Finally, Morgan Stanley reaffirmed a buy rating on shares of Pacific Gas & Electric Co. in a research report on Monday, October 16th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $67.77.

Pacific Gas & Electric Co. (NYSE PCG) traded down $0.48 on Monday, hitting $55.15. The stock had a trading volume of 5,942,900 shares, compared to its average volume of 3,024,381. The company has a market cap of $28,617.34, a price-to-earnings ratio of 12.73, a PEG ratio of 3.60 and a beta of 0.17. The company has a current ratio of 0.85, a quick ratio of 0.79 and a debt-to-equity ratio of 0.86. Pacific Gas & Electric Co. has a 1-year low of $49.83 and a 1-year high of $71.57.

Pacific Gas & Electric Co. (NYSE:PCG) last released its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.18. The business had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.82 billion. Pacific Gas & Electric Co. had a return on equity of 11.94% and a net margin of 12.59%. The company’s revenue was down 6.1% compared to the same quarter last year. During the same period last year, the company posted $0.94 EPS. equities research analysts expect that Pacific Gas & Electric Co. will post 3.69 EPS for the current fiscal year.

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In related news, EVP John R. Simon sold 881 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.43, for a total transaction of $61,167.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David S. Thomason sold 700 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $69.62, for a total value of $48,734.00. Following the sale, the vice president now owns 7,357 shares of the company’s stock, valued at $512,194.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,682 shares of company stock valued at $186,344. 0.15% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. bought a new position in Pacific Gas & Electric Co. during the first quarter valued at about $118,000. James Investment Research Inc. raised its holdings in Pacific Gas & Electric Co. by 330.8% during the second quarter. James Investment Research Inc. now owns 43,960 shares of the utilities provider’s stock valued at $2,918,000 after buying an additional 33,756 shares in the last quarter. LS Investment Advisors LLC raised its holdings in Pacific Gas & Electric Co. by 1.1% during the second quarter. LS Investment Advisors LLC now owns 38,086 shares of the utilities provider’s stock valued at $2,528,000 after buying an additional 407 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Pacific Gas & Electric Co. by 33.2% during the second quarter. Nisa Investment Advisors LLC now owns 97,795 shares of the utilities provider’s stock valued at $6,542,000 after buying an additional 24,365 shares in the last quarter. Finally, Aperio Group LLC raised its holdings in Pacific Gas & Electric Co. by 7.0% during the second quarter. Aperio Group LLC now owns 343,548 shares of the utilities provider’s stock valued at $22,801,000 after buying an additional 22,524 shares in the last quarter. Institutional investors and hedge funds own 80.76% of the company’s stock.

Pacific Gas & Electric Co. Company Profile

PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers.

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Analyst Recommendations for Pacific Gas & Electric Co. (NYSE:PCG)

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