PG&E’s (PCG) “Buy” Rating Reaffirmed at Bank of America

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Bank of America reiterated their buy rating on shares of PG&E (NYSE:PCG) in a report released on Tuesday, Marketbeat reports. The firm currently has a $63.00 price target on the utilities provider’s stock, up from their previous price target of $57.00.

PCG has been the subject of several other research reports. Goldman Sachs Group set a $49.00 target price on shares of PG&E and gave the stock a hold rating in a research note on Friday, September 14th. Argus upgraded shares of PG&E from a hold rating to a buy rating in a research note on Thursday, September 6th. Barclays began coverage on shares of PG&E in a research note on Tuesday, July 10th. They set an equal weight rating and a $53.00 target price for the company. Morgan Stanley upgraded shares of PG&E to an overweight rating in a research note on Wednesday, September 12th. Finally, ValuEngine upgraded shares of PG&E from a strong sell rating to a sell rating in a research note on Friday, October 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $52.05.

NYSE PCG traded down $7.51 during trading hours on Tuesday, hitting $40.29. The company had a trading volume of 1,438,312 shares, compared to its average volume of 4,409,936. PG&E has a 1-year low of $37.30 and a 1-year high of $57.11. The company has a market capitalization of $25.20 billion, a PE ratio of 10.95, a P/E/G ratio of 3.65 and a beta of -0.09. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.67 and a quick ratio of 0.60.

PG&E (NYSE:PCG) last announced its earnings results on Monday, November 5th. The utilities provider reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.01). PG&E had a return on equity of 10.17% and a net margin of 0.89%. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same quarter last year, the company posted $1.12 EPS. PG&E’s quarterly revenue was down 3.0% on a year-over-year basis. On average, research analysts expect that PG&E will post 3.8 earnings per share for the current year.

In related news, COO Nickolas Stavropoulos sold 1,161 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $44.79, for a total value of $52,001.19. Following the completion of the sale, the chief operating officer now owns 78,223 shares in the company, valued at $3,503,608.17. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.15% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. NEXT Financial Group Inc acquired a new stake in PG&E in the third quarter valued at about $104,000. FNY Investment Advisers LLC lifted its position in PG&E by 35,614.3% in the third quarter. FNY Investment Advisers LLC now owns 2,500 shares of the utilities provider’s stock valued at $115,000 after purchasing an additional 2,493 shares during the period. Bessemer Group Inc. lifted its position in PG&E by 67.1% in the third quarter. Bessemer Group Inc. now owns 2,893 shares of the utilities provider’s stock valued at $133,000 after purchasing an additional 1,162 shares during the period. Gradient Investments LLC acquired a new stake in PG&E in the second quarter valued at about $146,000. Finally, Destination Wealth Management lifted its position in PG&E by 78.2% in the third quarter. Destination Wealth Management now owns 3,624 shares of the utilities provider’s stock valued at $167,000 after purchasing an additional 1,590 shares during the period. Hedge funds and other institutional investors own 81.50% of the company’s stock.

About PG&E

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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Analyst Recommendations for PG&E (NYSE:PCG)

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