CIBC Asset Management Inc Buys 20,031 Shares of PG&E Co. (NYSE:PCG)

CIBC Asset Management Inc boosted its position in PG&E Co. (NYSE:PCG) by 6.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 331,470 shares of the utilities provider’s stock after purchasing an additional 20,031 shares during the quarter. CIBC Asset Management Inc’s holdings in PG&E were worth $6,689,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Czech National Bank grew its position in shares of PG&E by 8.9% in the 4th quarter. Czech National Bank now owns 474,013 shares of the utilities provider’s stock worth $9,566,000 after buying an additional 38,590 shares during the last quarter. New York State Teachers Retirement System grew its holdings in PG&E by 8.2% in the fourth quarter. New York State Teachers Retirement System now owns 1,974,070 shares of the utilities provider’s stock worth $39,837,000 after purchasing an additional 148,860 shares during the last quarter. State Street Corp increased its position in shares of PG&E by 5.0% during the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock worth $2,155,093,000 after purchasing an additional 5,191,463 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of PG&E by 259.6% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 61,850 shares of the utilities provider’s stock valued at $1,223,000 after purchasing an additional 44,650 shares during the last quarter. Finally, McElhenny Sheffield Capital Management LLC acquired a new stake in shares of PG&E in the 4th quarter worth $514,000. 78.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PCG has been the topic of several recent analyst reports. Guggenheim lowered PG&E from a “buy” rating to a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $22.00 price objective on shares of PG&E in a research report on Wednesday, February 12th. Morgan Stanley downgraded shares of PG&E from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $20.00 to $16.50 in a research report on Friday, February 14th. UBS Group decreased their price target on shares of PG&E from $24.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Finally, Mizuho boosted their price objective on shares of PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.23.

PG&E Stock Performance

Shares of PCG stock opened at $15.68 on Thursday. The stock has a market cap of $41.89 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.07 and a beta of 0.99. PG&E Co. has a 52-week low of $14.99 and a 52-week high of $21.72. The business has a 50-day simple moving average of $17.66 and a 200-day simple moving average of $19.14. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 1.86.

PG&E (NYSE:PCG) last released its quarterly earnings data on Thursday, February 13th. The utilities provider reported $0.31 EPS for the quarter, hitting the consensus estimate of $0.31. The business had revenue of $6.63 billion for the quarter, compared to analyst estimates of $7.29 billion. PG&E had a return on equity of 10.94% and a net margin of 10.27%. During the same quarter in the prior year, the firm posted $0.47 EPS. On average, equities analysts expect that PG&E Co. will post 1.49 EPS for the current year.

Insider Activity at PG&E

In other news, CEO Patricia K. Poppe sold 55,555 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $20.66, for a total transaction of $1,147,766.30. Following the sale, the chief executive officer now directly owns 1,460,222 shares of the company’s stock, valued at $30,168,186.52. This represents a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.15% of the stock is owned by company insiders.

About PG&E

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.