BlueCrest Capital Management Ltd Invests $353,000 in PG&E Co. (NYSE:PCG)

BlueCrest Capital Management Ltd bought a new stake in PG&E Co. (NYSE:PCG) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,849 shares of the utilities provider’s stock, valued at approximately $353,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. King Street Capital Management L.P. bought a new position in PG&E in the second quarter valued at approximately $1,964,250,000. Massachusetts Financial Services Co. MA grew its stake in shares of PG&E by 17.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 101,910,190 shares of the utilities provider’s stock valued at $1,779,352,000 after buying an additional 14,998,472 shares in the last quarter. FMR LLC grew its stake in shares of PG&E by 5.1% in the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock valued at $3,496,115,000 after buying an additional 8,604,396 shares in the last quarter. Clearbridge Investments LLC acquired a new position in PG&E during the second quarter worth $56,679,000. Finally, Marshall Wace LLP raised its position in PG&E by 2,850.3% during the second quarter. Marshall Wace LLP now owns 1,946,520 shares of the utilities provider’s stock worth $33,986,000 after acquiring an additional 1,880,542 shares in the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. UBS Group lifted their price objective on shares of PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Mizuho lifted their price target on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley upped their price objective on PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Barclays lifted their target price on PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, Bank of America assumed coverage on PG&E in a research note on Thursday, September 12th. They issued a “buy” rating and a $24.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, PG&E currently has an average rating of “Moderate Buy” and a consensus price target of $23.10.

PG&E Stock Performance

Shares of NYSE PCG opened at $21.63 on Friday. PG&E Co. has a one year low of $15.94 and a one year high of $21.72. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99. The firm has a market cap of $56.57 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 1.66 and a beta of 1.03. The stock’s fifty day moving average price is $20.44 and its two-hundred day moving average price is $19.13.

PG&E (NYSE:PCG) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $6.58 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities analysts forecast that PG&E Co. will post 1.36 EPS for the current year.

PG&E Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date was Monday, September 30th. PG&E’s dividend payout ratio is currently 3.13%.

PG&E 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.