Corient Private Wealth LLC Cuts Stock Position in PG&E Co. (NYSE:PCG) (2024)

Posted by Defense World Staff on Jun 4th, 2024

Corient Private Wealth LLC lessened its holdings in PG&E Co. (NYSE:PCG – Free Report) by 23.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,925 shares of the utilities provider’s stock after selling 15,876 shares during the quarter. Corient Private Wealth LLC’s holdings in PG&E were worth $954,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James Trust N.A. raised its stake in shares of PG&E by 4.2% during the fourth quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider’s stock valued at $307,000 after acquiring an additional 680 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of PG&E by 1.5% in the 4th quarter. Bleakley Financial Group LLC now owns 45,332 shares of the utilities provider’s stock worth $817,000 after buying an additional 691 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of PG&E by 5.5% in the third quarter. Glenmede Trust Co. NA now owns 15,982 shares of the utilities provider’s stock worth $258,000 after acquiring an additional 835 shares during the last quarter. Caprock Group LLC increased its stake in PG&E by 5.1% during the 4th quarter. Caprock Group LLC now owns 20,496 shares of the utilities provider’s stock valued at $370,000 after purchasing an additional 999 shares in the last quarter. Finally, Lindbrook Capital LLC raised its holdings in PG&E by 6.7% in the 4th quarter. Lindbrook Capital LLC now owns 16,431 shares of the utilities provider’s stock worth $296,000 after acquiring an additional 1,038 shares during the last quarter. Institutional investors own 78.56% of the company’s stock.

PG&E Trading Down 1.6 %

Shares of PCG opened at $18.24 on Tuesday. The company has a market cap of $52.52 billion, a P/E ratio of 16.29 and a beta of 1.19. PG&E Co. has a twelve month low of $14.71 and a twelve month high of $18.95. The company’s fifty day simple moving average is $17.41 and its 200-day simple moving average is $17.20. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 2.08.

PG&E (NYSE:PCG – Get Free Report) last posted its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. PG&E had a net margin of 10.05% and a return on equity of 11.32%. The company had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $6.60 billion. During the same quarter last year, the firm posted $0.29 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year. As a group, analysts expect 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. Shareholders of record on Friday, June 28th will be paid a $0.01 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.04 annualized dividend and a yield of 0.22%. PG&E’s dividend payout ratio (DPR) is 3.57%.

Insider Transactions at PG&E

In other PG&E news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total transaction of $1,007,720.00. Following the sale, the chief executive officer now owns 1,515,777 shares of the company’s stock, valued at approximately $25,889,471.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PCG shares. JPMorgan Chase & Co. upped their target price on shares of PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, April 23rd. Morgan Stanley boosted their price target on PG&E from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, May 28th. The Goldman Sachs Group started coverage on shares of PG&E in a research note on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price objective for the company. Barclays boosted their price target on PG&E from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. Finally, Mizuho boosted their target price on PG&E from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PG&E currently has a consensus rating of “Moderate Buy” and an average price target of $19.75.

View Our Latest Research Report on PCG

About PG&E

(Free Report)

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.

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