Norden Group LLC Raises Stock Position in PG&E Co. (NYSE:PCG)

Norden Group LLC grew its stake in shares of PG&E Co. (NYSE:PCG) by 2,840.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 682,380 shares of the utilities provider’s stock after acquiring an additional 659,177 shares during the period. Norden Group LLC’s holdings in PG&E were worth $11,437,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Raymond James Trust N.A. lifted its stake in PG&E by 4.2% in the 4th quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider’s stock valued at $307,000 after buying an additional 680 shares in the last quarter. Bleakley Financial Group LLC boosted its position in PG&E by 1.5% during the fourth quarter. Bleakley Financial Group LLC now owns 45,332 shares of the utilities provider’s stock worth $817,000 after acquiring an additional 691 shares during the last quarter. Parallel Advisors LLC grew its stake in PG&E by 2.1% in the 4th quarter. Parallel Advisors LLC now owns 35,427 shares of the utilities provider’s stock worth $639,000 after acquiring an additional 712 shares during the period. Glenmede Trust Co. NA raised its holdings in PG&E by 5.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 15,982 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 835 shares during the last quarter. Finally, Caprock Group LLC lifted its stake in shares of PG&E by 5.1% during the 4th quarter. Caprock Group LLC now owns 20,496 shares of the utilities provider’s stock worth $370,000 after purchasing an additional 999 shares during the period. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Insider Activity

In other PG&E news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the transaction, the chief executive officer now owns 1,515,777 shares in the company, valued at approximately $25,889,471.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Citigroup raised their price objective on PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Mizuho raised their price target on PG&E from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. JPMorgan Chase & Co. raised shares of PG&E from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $19.00 to $22.00 in a research note on Monday, June 10th. Morgan Stanley decreased their target price on shares of PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. Finally, Barclays cut their price target on shares of PG&E from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Monday, June 17th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, PG&E has an average rating of “Moderate Buy” and a consensus target price of $20.11.

PG&E Trading Up 0.7 %

Shares of PCG stock opened at $17.20 on Thursday. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08. PG&E Co. has a fifty-two week low of $14.71 and a fifty-two week high of $18.95. The firm’s 50 day moving average price is $17.93 and its two-hundred day moving average price is $17.24. The stock has a market cap of $49.52 billion, a price-to-earnings ratio of 15.36 and a beta of 1.08.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. PG&E had a net margin of 10.05% and a return on equity of 11.32%. The firm had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $6.60 billion. During the same period in the prior year, the company earned $0.29 EPS. The firm’s revenue was down 5.6% on a year-over-year basis. On average, analysts anticipate that PG&E Co. will post 1.35 EPS for the current year.

PG&E Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.23%. PG&E’s payout ratio is currently 3.57%.

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 customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.