National Bank of Canada FI Sells 577,951 Shares of PG&E Co. (NYSE:PCG)

National Bank of Canada FI reduced its stake in PG&E Co. (NYSE:PCG) by 21.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,079,429 shares of the utilities provider’s stock after selling 577,951 shares during the period. National Bank of Canada FI owned approximately 0.08% of PG&E worth $41,109,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. King Street Capital Management L.P. acquired a new position in shares of PG&E in the 2nd quarter valued at approximately $1,964,250,000. Massachusetts Financial Services Co. MA increased its holdings in shares of PG&E by 17.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 101,910,190 shares of the utilities provider’s stock worth $1,779,352,000 after buying an additional 14,998,472 shares in the last quarter. FMR LLC raised its position in PG&E by 5.1% in the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock valued at $3,496,115,000 after purchasing an additional 8,604,396 shares during the last quarter. State Street Corp raised its holdings in PG&E by 5.0% in the 3rd quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after buying an additional 5,191,463 shares during the last quarter. Finally, Brookfield Corp ON raised its stake in shares of PG&E by 45.6% during the third quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider’s stock valued at $249,954,000 after acquiring an additional 3,958,495 shares during the last quarter. Institutional investors own 78.56% of the company’s stock.

Insider Buying and Selling at PG&E

In other news, CEO Patricia K. Poppe sold 55,555 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.66, for a total transaction of $1,147,766.30. Following the completion of the transaction, the chief executive officer now directly owns 1,460,222 shares of the company’s stock, valued at $30,168,186.52. This represents a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

PCG has been the topic of several analyst reports. Barclays upped their target price on PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Jefferies Financial Group began coverage on PG&E in a research note on Monday, October 14th. They issued a “buy” rating and a $24.00 target price for the company. Mizuho upped their price target on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. UBS Group raised their price objective on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Bank of America initiated coverage on PG&E in a report on Thursday, September 12th. They issued a “buy” rating and a $24.00 target price on the stock. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PG&E has a consensus rating of “Moderate Buy” and a consensus target price of $23.10.

PG&E Stock Performance

Shares of PCG stock opened at $20.33 on Monday. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99. The firm has a 50-day moving average of $20.51 and a 200-day moving average of $19.21. PG&E Co. has a one year low of $15.94 and a one year high of $21.72. The company has a market cap of $53.17 billion, a P/E ratio of 15.88, a P/E/G ratio of 1.55 and a beta of 1.01.

PG&E (NYSE:PCG) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same quarter last year, the business posted $0.24 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts forecast that PG&E Co. will post 1.36 EPS for the current fiscal year.

PG&E Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.025 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.10 annualized dividend and a yield of 0.49%. This is a boost from PG&E’s previous quarterly dividend of $0.01. PG&E’s payout ratio is currently 3.13%.

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