Parallel Advisors LLC Sells 1,276 Shares of PG&E Co. (NYSE:PCG)

Parallel Advisors LLC lowered its stake in PG&E Co. (NYSE:PCG) by 3.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,211 shares of the utilities provider’s stock after selling 1,276 shares during the quarter. Parallel Advisors LLC’s holdings in PG&E were worth $597,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Meeder Advisory Services Inc. raised its holdings in PG&E by 53.1% in the 2nd quarter. Meeder Advisory Services Inc. now owns 18,928 shares of the utilities provider’s stock valued at $330,000 after buying an additional 6,565 shares during the last quarter. BOKF NA raised its holdings in PG&E by 4,189.5% in the 2nd quarter. BOKF NA now owns 17,501 shares of the utilities provider’s stock valued at $306,000 after buying an additional 17,093 shares during the last quarter. Cornercap Investment Counsel Inc. bought a new position in PG&E in the 2nd quarter valued at approximately $2,166,000. American Century Companies Inc. raised its holdings in PG&E by 1.1% in the 2nd quarter. American Century Companies Inc. now owns 1,193,627 shares of the utilities provider’s stock valued at $20,841,000 after buying an additional 13,196 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in PG&E by 1.7% in the 2nd quarter. LPL Financial LLC now owns 1,977,153 shares of the utilities provider’s stock valued at $34,521,000 after buying an additional 32,989 shares during the last quarter. Institutional investors own 78.56% of the company’s stock.

PG&E Stock Performance

Shares of PCG stock opened at $19.86 on Wednesday. The company has a market cap of $51.94 billion, a price-to-earnings ratio of 17.73 and a beta of 1.01. PG&E Co. has a 52 week low of $14.71 and a 52 week high of $20.65. The company has a quick ratio of 0.86, a current ratio of 0.90 and a debt-to-equity ratio of 1.99. The firm has a 50 day moving average of $18.72 and a 200-day moving average of $17.82.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01. The company had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.86 billion. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The company’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 EPS. On average, equities analysts forecast that PG&E Co. will post 1.35 earnings per share for the current year.

Insider Activity at PG&E

In related news, VP Stephanie N. Williams sold 38,601 shares of PG&E stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $18.32, for a total value of $707,170.32. Following the completion of the sale, the vice president now owns 19,114 shares of the company’s stock, valued at approximately $350,168.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PCG shares. UBS Group raised their price objective on shares of PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Barclays increased their target price on shares of PG&E from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Wells Fargo & Company increased their target price on shares of PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. raised shares of PG&E from a “neutral” rating to an “overweight” rating and increased their target price for the company from $19.00 to $22.00 in a research report on Monday, June 10th. Finally, Morgan Stanley increased their target price on shares of PG&E from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, August 23rd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.45.

PG&E Profile

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.