Hanson McClain Inc. trimmed its holdings in PG&E Co. (NYSE:PCG) by 5.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,076 shares of the utilities provider’s stock after selling 2,966 shares during the quarter. Hanson McClain Inc.’s holdings in PG&E were worth $1,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in PCG. Abrams Capital Management L.P. bought a new stake in PG&E in the 1st quarter valued at about $445,000,000. Gallagher Fiduciary Advisors LLC bought a new stake in PG&E in the 1st quarter valued at about $394,618,000. MFN Partners Management LP increased its position in PG&E by 281.0% in the 1st quarter. MFN Partners Management LP now owns 4,000,000 shares of the utilities provider’s stock valued at $71,200,000 after buying an additional 2,950,000 shares in the last quarter. Electron Capital Partners LLC bought a new stake in PG&E in the 1st quarter valued at about $22,673,000. Finally, Jennison Associates LLC increased its position in PG&E by 68.9% in the 1st quarter. Jennison Associates LLC now owns 2,325,928 shares of the utilities provider’s stock valued at $41,402,000 after buying an additional 948,856 shares in the last quarter. 88.52% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on PCG. Zacks Investment Research raised PG&E from a “sell” rating to a “hold” rating and set a $19.00 target price for the company in a research report on Tuesday, July 23rd. Morgan Stanley boosted their price objective on PG&E from $17.50 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Finally, Wolfe Research lowered PG&E from an “outperform” rating to a “peer perform” rating in a report on Friday, June 28th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. PG&E presently has an average rating of “Hold” and an average price target of $23.92.
PG&E (NYSE:PCG) last released its earnings results on Thursday, May 2nd. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.14. The company had revenue of $4.01 billion during the quarter, compared to analyst estimates of $4.19 billion. PG&E had a positive return on equity of 13.30% and a negative net margin of 42.76%. On average, sell-side analysts expect that PG&E Co. will post 3.82 EPS for the current fiscal year.
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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