Longboard Asset Management LP Takes $203,000 Position in PG&E Co. (NYSE:PCG)

Longboard Asset Management LP acquired a new stake in shares of PG&E Co. (NYSE:PCG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,057 shares of the utilities provider’s stock, valued at approximately $203,000.

Other hedge funds have also recently made changes to their positions in the company. Czech National Bank grew its holdings in shares of PG&E by 8.9% during the fourth quarter. Czech National Bank now owns 474,013 shares of the utilities provider’s stock valued at $9,566,000 after buying an additional 38,590 shares during the last quarter. State Street Corp grew its holdings in shares of PG&E by 5.0% during the third 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. Tokio Marine Asset Management Co. Ltd. boosted its holdings in PG&E by 259.6% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 61,850 shares of the utilities provider’s stock worth $1,223,000 after purchasing an additional 44,650 shares during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in PG&E during the fourth quarter worth about $514,000. Finally, Merit Financial Group LLC purchased a new position in PG&E during the fourth quarter worth about $336,000. 78.56% of the stock is currently owned by institutional investors and hedge funds.

PG&E Stock Performance

NYSE PCG opened at $15.21 on Wednesday. The company’s 50 day moving average is $18.77 and its 200-day moving average is $19.35. PG&E Co. has a 12-month low of $14.99 and a 12-month high of $21.72. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 2.02. The firm has a market cap of $39.77 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99.

PG&E (NYSE:PCG) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (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 company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $6.58 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts predict that PG&E Co. will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on PCG shares. BMO Capital Markets started coverage on shares of PG&E in a report on Monday, January 13th. They set an “outperform” rating and a $21.00 price target on the stock. UBS Group cut their price target on shares of PG&E from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. Barclays cut their price target on shares of PG&E from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, January 27th. Mizuho boosted their price target on shares of PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. Finally, Jefferies Financial Group assumed coverage on shares of PG&E in a report on Monday, October 14th. They set a “buy” rating and a $24.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.36.

Insider Activity

In related news, CEO Patricia K. Poppe sold 55,555 shares of the company’s 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 sale, the chief executive officer now owns 1,460,222 shares of the company’s stock, valued at approximately $30,168,186.52. This represents a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.15% of the company’s stock.

PG&E Company Profile

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.