Mizuho Trims PG&E (PCG) Target Price to $19.00

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PG&E (NYSE:PCG) had its price objective reduced by Mizuho from $27.00 to $19.00 in a note issued to investors on Tuesday, January 8th. The brokerage presently has a “neutral” rating on the utilities provider’s stock. Mizuho’s price objective would indicate a potential upside of 174.96% from the company’s current price.

Several other brokerages also recently commented on PCG. Zacks Investment Research upgraded shares of PG&E from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Wednesday, December 19th. Wolfe Research reduced their target price on shares of PG&E from $50.00 to $40.00 in a research note on Wednesday, November 14th. Morgan Stanley set a $31.00 target price on shares of PG&E and gave the company a “hold” rating in a research note on Tuesday, November 27th. Bank of America reiterated a “buy” rating and set a $63.00 price target (up previously from $57.00) on shares of PG&E in a research report on Tuesday, November 6th. Finally, Barclays set a $30.00 price target on shares of PG&E and gave the stock a “hold” rating in a research report on Monday, November 19th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $28.34.

Shares of NYSE:PCG traded down $1.47 on Tuesday, hitting $6.91. The stock had a trading volume of 172,879,267 shares, compared to its average volume of 46,191,707. PG&E has a twelve month low of $5.07 and a twelve month high of $49.42. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.62 and a current ratio of 0.67. The company has a market capitalization of $9.12 billion, a PE ratio of 1.88, a P/E/G ratio of 1.26 and a beta of 0.01.

PG&E (NYSE:PCG) last issued its 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). PG&E had a net margin of 0.89% and a return on equity of 10.17%. The firm had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the prior year, the firm posted $1.12 EPS. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, analysts forecast that PG&E will post 3.82 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in PG&E by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 37,970,163 shares of the utilities provider’s stock worth $1,747,007,000 after purchasing an additional 639,656 shares during the last quarter. Vanguard Group Inc raised its holdings in PG&E by 1.7% during the 3rd quarter. Vanguard Group Inc now owns 37,970,163 shares of the utilities provider’s stock worth $1,747,007,000 after purchasing an additional 639,656 shares during the last quarter. Baupost Group LLC MA raised its holdings in PG&E by 321.8% during the 3rd quarter. Baupost Group LLC MA now owns 18,979,790 shares of the utilities provider’s stock worth $873,260,000 after purchasing an additional 14,479,790 shares during the last quarter. FMR LLC raised its holdings in PG&E by 57.1% during the 3rd quarter. FMR LLC now owns 12,270,405 shares of the utilities provider’s stock worth $564,561,000 after purchasing an additional 4,459,321 shares during the last quarter. Finally, Hound Partners LLC bought a new stake in PG&E during the 3rd quarter worth about $307,087,000. Institutional investors and hedge funds own 82.57% of the company’s stock.

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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