PG&E (NYSE:PCG) Upgraded by JPMorgan Chase & Co. to “Overweight”

JPMorgan Chase & Co. upgraded shares of PG&E (NYSE:PCGFree Report) from a neutral rating to an overweight rating in a research note published on Monday, MarketBeat Ratings reports. The firm currently has $22.00 target price on the utilities provider’s stock, up from their previous target price of $19.00.

A number of other brokerages have also recently weighed in on PCG. Morgan Stanley increased their price target on PG&E from $16.00 to $18.00 and gave the stock an equal weight rating in a research report on Tuesday, May 28th. The Goldman Sachs Group began coverage on PG&E in a research report on Wednesday, April 10th. They set a buy rating and a $21.00 price target on the stock. Mizuho increased their price target on PG&E from $21.00 to $23.00 and gave the stock a buy rating in a research report on Friday, May 17th. Finally, Barclays increased their price target on PG&E from $21.00 to $22.00 and gave the stock an overweight rating in a research report on Wednesday, June 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $20.25.

Check Out Our Latest Report on PG&E

PG&E Trading Down 0.9 %

Shares of NYSE PCG opened at $18.14 on Monday. The stock’s 50 day moving average price is $17.64 and its two-hundred day moving average price is $17.22. PG&E has a 52-week low of $14.71 and a 52-week high of $18.95. The stock has a market capitalization of $52.23 billion, a P/E ratio of 16.20 and a beta of 1.19. 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 (NYSE:PCGGet Free Report) 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. The business had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $6.60 billion. PG&E had a return on equity of 11.32% and a net margin of 10.05%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 EPS. On average, analysts anticipate that PG&E will post 1.35 earnings per share for the current fiscal year.

PG&E Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date is Friday, June 28th. PG&E’s dividend payout ratio (DPR) is 3.57%.

Insider Buying and Selling at PG&E

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

Hedge Funds Weigh In On PG&E

Several hedge funds have recently modified their holdings of the company. Axxcess Wealth Management LLC increased its position in shares of PG&E by 3.5% during the 1st quarter. Axxcess Wealth Management LLC now owns 18,217 shares of the utilities provider’s stock valued at $305,000 after purchasing an additional 614 shares during the period. Raymond James Trust N.A. increased its position in shares of PG&E by 4.2% during the 4th quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider’s stock valued at $307,000 after purchasing an additional 680 shares during the period. Bleakley Financial Group LLC increased its position in shares of PG&E by 1.5% during the 4th quarter. Bleakley Financial Group LLC now owns 45,332 shares of the utilities provider’s stock valued at $817,000 after purchasing an additional 691 shares during the period. Global Retirement Partners LLC increased its position in shares of PG&E by 8.0% during the 1st quarter. Global Retirement Partners LLC now owns 9,275 shares of the utilities provider’s stock valued at $155,000 after purchasing an additional 691 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of PG&E by 2.1% during the 4th quarter. Parallel Advisors LLC now owns 35,427 shares of the utilities provider’s stock valued at $639,000 after purchasing an additional 712 shares during the period. 78.56% of the stock is currently owned by institutional investors and hedge funds.

About PG&E

(Get 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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Analyst Recommendations for PG&E (NYSE:PCG)

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