Fmr LLC Has $3.50 Billion Holdings in PG&E Co. (NYSE:PCG)

Fmr LLC boosted its position in PG&E Co. (NYSE:PCG) by 5.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,839,426 shares of the utilities provider’s stock after purchasing an additional 8,604,396 shares during the period. Fmr LLC owned 6.76% of PG&E worth $3,496,115,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company increased its stake in shares of PG&E by 3.9% in the third quarter. The Manufacturers Life Insurance Company now owns 1,475,700 shares of the utilities provider’s stock valued at $29,175,000 after buying an additional 55,236 shares during the period. Bank of Montreal Can lifted its holdings in shares of PG&E by 1.8% during the third quarter. Bank of Montreal Can now owns 13,566,330 shares of the utilities provider’s stock worth $268,885,000 after purchasing an additional 246,164 shares during the period. DRW Securities LLC grew its stake in shares of PG&E by 4,777.0% in the third quarter. DRW Securities LLC now owns 585,291 shares of the utilities provider’s stock worth $11,571,000 after purchasing an additional 573,290 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in PG&E in the third quarter valued at $130,000. Finally, Daiwa Securities Group Inc. raised its position in PG&E by 34.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 371,311 shares of the utilities provider’s stock worth $7,340,000 after purchasing an additional 94,818 shares during the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays upped their price target on PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Morgan Stanley raised their price target on shares of PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group began coverage on shares of PG&E in a research report on Monday, October 14th. They set a “buy” rating and a $24.00 price target on the stock. Bank of America assumed coverage on PG&E in a research report on Thursday, September 12th. They issued a “buy” rating and a $24.00 price objective for the company. Finally, UBS Group raised their target price on PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, PG&E currently has an average rating of “Moderate Buy” and a consensus price target of $22.80.

PG&E Stock Performance

Shares of PG&E stock opened at $21.19 on Tuesday. PG&E Co. has a 52 week low of $15.94 and a 52 week high of $21.51. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 2.02. The business has a 50 day moving average price of $20.29 and a 200-day moving average price of $19.04. The company has a market cap of $55.40 billion, a PE ratio of 16.55, a price-to-earnings-growth ratio of 1.64 and a beta of 1.03.

PG&E (NYSE:PCG) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same quarter in the prior year, the business posted $0.24 EPS. The business’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Monday, September 30th. PG&E’s dividend payout ratio is presently 3.13%.

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 customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.