First Trust Advisors LP grew its stake in shares of PG&E Co. (NYSE:PCG) by 43.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 598,276 shares of the utilities provider’s stock after buying an additional 180,334 shares during the quarter. First Trust Advisors LP owned 0.11% of PG&E worth $10,649,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of PCG. First Pacific Advisors LP boosted its position in shares of PG&E by 6.9% in the first quarter. First Pacific Advisors LP now owns 5,329,333 shares of the utilities provider’s stock worth $94,862,000 after purchasing an additional 345,105 shares during the period. Electron Capital Partners LLC purchased a new position in shares of PG&E in the first quarter worth $22,673,000. Dynamic Capital Management Ltd purchased a new position in shares of PG&E in the first quarter worth $784,000. MFN Partners Management LP raised its stake in PG&E by 281.0% during the first quarter. MFN Partners Management LP now owns 4,000,000 shares of the utilities provider’s stock valued at $71,200,000 after purchasing an additional 2,950,000 shares in the last quarter. Finally, Pennant Investors LP purchased a new stake in PG&E during the first quarter valued at $3,827,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. Morgan Stanley set a $70.00 target price on shares of Edison International and gave the company a “hold” rating in a research note on Monday, July 15th. Wolfe Research upgraded shares of Covenant Transportation Group from an “underperform” rating to a “peer perform” rating in a report on Friday, June 28th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $24.45.
PG&E (NYSE:PCG) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.14. PG&E had a negative net margin of 42.76% and a positive return on equity of 13.30%. The company had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $4.19 billion. On average, analysts forecast that PG&E Co. will post 3.82 earnings per share for the current fiscal year.
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 107,000 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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