Citigroup Lowers PG&E (NYSE:PCG) to Sell

Citigroup downgraded shares of PG&E (NYSE:PCG) from a buy rating to a sell rating in a research report sent to investors on Monday, BenzingaRatingsTable reports. They currently have $4.00 target price on the utilities provider’s stock, down from their prior target price of $33.00.

A number of other equities research analysts also recently issued reports on the stock. Evercore ISI set a $25.00 target price on shares of PG&E and gave the company a hold rating in a report on Monday, August 12th. Wolfe Research downgraded shares of PG&E from an outperform rating to a peer perform rating in a research note on Friday, June 28th. Morgan Stanley boosted their price objective on shares of PG&E from $17.50 to $23.00 and gave the stock an equal weight rating in a research note on Monday, July 15th. Zacks Investment Research upgraded shares of PG&E from a sell rating to a hold rating and set a $19.00 price objective for the company in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Co set a $25.00 price objective on shares of PG&E and gave the stock a hold rating in a research note on Monday, August 12th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $20.12.

PG&E stock opened at $12.25 on Monday. PG&E has a 1 year low of $5.07 and a 1 year high of $49.42. The firm has a 50 day moving average price of $18.13 and a 200 day moving average price of $18.86. The company has a market cap of $7.56 billion, a price-to-earnings ratio of 3.06, a PEG ratio of 1.63 and a beta of 0.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.92 and a current ratio of 2.03.

PG&E (NYSE:PCG) last released its earnings results on Friday, August 9th. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.11. PG&E had a negative net margin of 53.07% and a positive return on equity of 15.16%. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. Sell-side analysts predict that PG&E will post 3.9 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Abrams Capital Management L.P. purchased a new position in shares of PG&E in the first quarter valued at $445,000,000. Gallagher Fiduciary Advisors LLC acquired a new stake in PG&E in the first quarter valued at $394,618,000. King Street Capital Management L.P. raised its holdings in PG&E by 400.0% in the second quarter. King Street Capital Management L.P. now owns 5,000,000 shares of the utilities provider’s stock valued at $114,600,000 after acquiring an additional 4,000,000 shares in the last quarter. Invesco Ltd. raised its holdings in PG&E by 304.0% in the second quarter. Invesco Ltd. now owns 4,189,222 shares of the utilities provider’s stock valued at $96,016,000 after acquiring an additional 3,152,303 shares in the last quarter. Finally, Paulson & CO. Inc. acquired a new stake in PG&E in the second quarter valued at $68,779,000. Institutional investors own 91.53% of the company’s stock.

About PG&E

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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Analyst Recommendations for PG&E (NYSE:PCG)

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