Gabelli Funds LLC Cuts Stake in PG&E Co. (PCG)

Gabelli Funds LLC trimmed its holdings in PG&E Co. (NYSE:PCG) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 217,000 shares of the utilities provider’s stock after selling 2,000 shares during the period. Gabelli Funds LLC’s holdings in PG&E were worth $9,984,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. boosted its position in shares of PG&E by 6.6% in the second quarter. BlackRock Inc. now owns 47,850,122 shares of the utilities provider’s stock valued at $2,036,500,000 after acquiring an additional 2,951,423 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of PG&E by 11.2% in the 2nd quarter. Wells Fargo & Company MN now owns 5,260,065 shares of the utilities provider’s stock worth $223,868,000 after acquiring an additional 527,892 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of PG&E by 0.8% in the 2nd quarter. Legal & General Group Plc now owns 4,799,269 shares of the utilities provider’s stock worth $204,254,000 after acquiring an additional 37,271 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in shares of PG&E by 38.8% in the third quarter. Wedge Capital Management L L P NC now owns 4,086,199 shares of the utilities provider’s stock worth $188,006,000 after buying an additional 1,141,491 shares during the period. Finally, Morgan Stanley increased its stake in shares of PG&E by 41.6% in the second quarter. Morgan Stanley now owns 3,438,543 shares of the utilities provider’s stock worth $146,342,000 after buying an additional 1,009,616 shares during the period. 82.76% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently commented on the stock. Bank of America reaffirmed a “buy” rating and issued a $63.00 target price (up from $57.00) on shares of PG&E in a research note on Tuesday, November 6th. Morgan Stanley set a $66.00 price objective on shares of PG&E and gave the company a “buy” rating in a research report on Wednesday, October 10th. Citigroup set a $48.00 price objective on shares of PG&E and gave the company a “hold” rating in a research report on Monday, October 8th. Zacks Investment Research downgraded shares of PG&E from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 22nd. Finally, ValuEngine raised shares of PG&E from a “strong sell” rating to a “sell” rating in a research report on Friday, October 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $46.07.

PCG traded up $0.73 during midday trading on Monday, hitting $27.11. 6,690,900 shares of the company traded hands, compared to its average volume of 6,947,652. PG&E Co. has a 52 week low of $17.26 and a 52 week high of $54.42. The stock has a market capitalization of $13.68 billion, a P/E ratio of 7.37, a P/E/G ratio of 1.97 and a beta of -0.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.62 and a current ratio of 0.67.

PG&E (NYSE:PCG) last released its quarterly earnings results on Monday, November 5th. The utilities provider reported $1.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.01). The business had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.77 billion. PG&E had a net margin of 0.89% and a return on equity of 10.17%. PG&E’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.12 EPS. Research analysts forecast that PG&E Co. will post 3.82 EPS for the current fiscal year.

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PG&E Company Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.

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Institutional Ownership by Quarter for PG&E (NYSE:PCG)

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