CIBC Asset Management Inc Grows Position in PG&E Co. (NYSE:PCG)

CIBC Asset Management Inc raised its stake in PG&E Co. (NYSE:PCG) by 8.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 311,439 shares of the utilities provider’s stock after buying an additional 24,047 shares during the period. CIBC Asset Management Inc’s holdings in PG&E were worth $6,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Bayesian Capital Management LP purchased a new stake in PG&E in the 1st quarter valued at about $2,377,000. Scientech Research LLC purchased a new stake in PG&E in the 2nd quarter valued at about $1,122,000. Allspring Global Investments Holdings LLC boosted its position in PG&E by 808.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock valued at $21,703,000 after buying an additional 1,106,200 shares during the period. Van ECK Associates Corp boosted its position in PG&E by 23.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,387,786 shares of the utilities provider’s stock valued at $24,230,000 after buying an additional 265,694 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of PG&E by 259.6% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 61,850 shares of the utilities provider’s stock valued at $1,223,000 after purchasing an additional 44,650 shares in the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Bank of America assumed coverage on shares of PG&E in a report on Thursday, September 12th. They issued a “buy” rating and a $24.00 price target for the company. Jefferies Financial Group assumed coverage on shares of PG&E in a report on Monday, October 14th. They issued a “buy” rating and a $24.00 price target for the company. Morgan Stanley boosted their price target on shares of PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Barclays boosted their price target on shares of PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Finally, UBS Group boosted their price objective on shares of PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.80.

PG&E Stock Up 0.2 %

PCG stock opened at $21.04 on Monday. The firm’s fifty day simple moving average is $20.12 and its 200-day simple moving average is $18.89. The company has a market capitalization of $55.03 billion, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 1.62 and a beta of 1.03. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99. PG&E Co. has a 12 month low of $15.94 and a 12 month high of $21.51.

PG&E (NYSE:PCG) last released 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 business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $6.58 billion. During the same period in the prior year, the firm earned $0.24 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities research analysts forecast that PG&E Co. will post 1.36 earnings per share for the current year.

PG&E Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date was Monday, September 30th. PG&E’s dividend payout ratio (DPR) is presently 3.13%.

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.