Manchester Financial Inc. boosted its stake in PG&E Co. (NYSE:PCG) by 98.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,002 shares of the utilities provider’s stock after purchasing an additional 6,933 shares during the quarter. Manchester Financial Inc.’s holdings in PG&E were worth $140,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Aperio Group LLC bought a new position in shares of PG&E in the second quarter valued at $35,000. Sageworth Trust Co bought a new position in shares of PG&E during the second quarter valued at about $42,000. NEXT Financial Group Inc bought a new position in shares of PG&E during the second quarter valued at about $43,000. Liberty Wealth Management LLC lifted its position in shares of PG&E by 836.1% during the second quarter. Liberty Wealth Management LLC now owns 2,022 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 1,806 shares in the last quarter. Finally, Coastal Investment Advisors Inc. lifted its position in shares of PG&E by 444.0% during the second quarter. Coastal Investment Advisors Inc. now owns 2,720 shares of the utilities provider’s stock valued at $62,000 after purchasing an additional 2,220 shares in the last quarter. 90.55% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on PCG shares. Evercore ISI set a $25.00 price target on shares of PG&E and gave the company a “hold” rating in a research report on Monday, August 12th. Wells Fargo & Co set a $12.00 price target on shares of PG&E and gave the company a “hold” rating in a research report on Sunday, September 15th. UBS Group dropped their price target on shares of PG&E from $24.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 20th. Zacks Investment Research raised shares of PG&E from a “sell” rating to a “hold” rating and set a $19.00 price target on the stock in a research report on Tuesday, July 23rd. Finally, Morgan Stanley dropped their price target on shares of PG&E from $23.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $17.41.
PG&E (NYSE:PCG) last announced its quarterly earnings data on Friday, August 9th. The utilities provider reported $1.10 EPS for the quarter, topping the consensus estimate of $0.99 by $0.11. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $4.30 billion. PG&E had a negative net margin of 53.07% and a positive return on equity of 15.16%. During the same quarter in the previous year, the firm posted $1.16 earnings per share. Equities analysts anticipate that PG&E Co. will post 3.88 earnings per share for the current year.
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 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.
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