Rhumbline Advisers Trims Stake in PG&E Co. (PCG)

Rhumbline Advisers cut its stake in shares of PG&E Co. (NYSE:PCG) by 54.8% in the 1st quarter, HoldingsChannel reports. The fund owned 410,282 shares of the utilities provider’s stock after selling 498,280 shares during the quarter. Rhumbline Advisers’ holdings in PG&E were worth $7,303,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc boosted its position in shares of PG&E by 1.7% in the third quarter. Vanguard Group Inc now owns 37,970,163 shares of the utilities provider’s stock worth $1,747,007,000 after buying an additional 639,656 shares during the period. FMR LLC boosted its position in shares of PG&E by 8.9% in the fourth quarter. FMR LLC now owns 13,366,206 shares of the utilities provider’s stock worth $317,447,000 after buying an additional 1,095,801 shares during the period. Hound Partners LLC boosted its position in shares of PG&E by 11.5% in the fourth quarter. Hound Partners LLC now owns 7,444,705 shares of the utilities provider’s stock worth $176,812,000 after buying an additional 770,362 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of PG&E by 3,173.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,108,993 shares of the utilities provider’s stock worth $299,000 after buying an additional 6,891,831 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of PG&E by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 6,960,585 shares of the utilities provider’s stock worth $165,035,000 after buying an additional 563,036 shares during the period. 71.59% of the stock is owned by institutional investors and hedge funds.

PCG opened at $19.00 on Thursday. The firm has a market cap of $9.76 billion, a P/E ratio of 4.75, a PEG ratio of 2.10 and a beta of -0.23. PG&E Co. has a 1 year low of $5.07 and a 1 year high of $49.42. The company has a quick ratio of 2.11, a current ratio of 2.22 and a debt-to-equity ratio of 0.17.

PG&E (NYSE:PCG) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.14. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.19 billion. PG&E had a positive return on equity of 13.30% and a negative net margin of 42.76%. As a group, analysts predict that PG&E Co. will post 3.89 earnings per share for the current year.

PCG has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on PG&E from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday, January 25th. Wolfe Research raised PG&E from a “market perform” rating to an “outperform” rating in a research report on Monday, January 28th. Zacks Investment Research cut PG&E from a “hold” rating to a “sell” rating in a research report on Wednesday, February 13th. Royal Bank of Canada lifted their price objective on PG&E to $16.00 and gave the company a “sector perform” rating in a research report on Friday, January 25th. Finally, Argus raised PG&E from a “sell” rating to a “hold” rating and set a $18.80 price objective for the company in a research report on Tuesday, February 26th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $24.12.

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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 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.

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

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