PG&E (PCG) Lowered to “Neutral” at JPMorgan Chase & Co.

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PG&E (NYSE:PCG) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Monday, The Fly reports.

Several other research analysts also recently weighed in on PCG. Zacks Investment Research downgraded shares of PG&E from a “buy” rating to a “hold” rating in a research report on Thursday, December 20th. Mizuho decreased their price target on shares of PG&E from $27.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 8th. Bank of America decreased their price target on shares of PG&E from $44.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, January 9th. Citigroup set a $48.00 price target on shares of PG&E and gave the stock a “hold” rating in a research report on Monday, October 8th. Finally, Barclays restated a “hold” rating and set a $19.00 price objective on shares of PG&E in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $35.62.

PCG opened at $17.59 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.62 and a current ratio of 0.67. PG&E has a 1-year low of $15.78 and a 1-year high of $49.42. The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 4.78, a price-to-earnings-growth ratio of 1.27 and a beta of 0.01.

PG&E (NYSE:PCG) last released its quarterly earnings results on Monday, November 5th. The utilities provider reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.01). PG&E had a return on equity of 10.17% and a net margin of 0.89%. The business had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the previous year, the business posted $1.12 earnings per share. The firm’s revenue was down 3.0% on a year-over-year basis. On average, equities analysts anticipate that PG&E will post 3.82 EPS for the current year.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of PG&E by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 37,970,163 shares of the utilities provider’s stock valued at $1,747,007,000 after purchasing an additional 639,656 shares during the period. Vanguard Group Inc increased its holdings in PG&E by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 37,970,163 shares of the utilities provider’s stock valued at $1,747,007,000 after acquiring an additional 639,656 shares during the last quarter. Baupost Group LLC MA increased its holdings in PG&E by 321.8% in the 3rd quarter. Baupost Group LLC MA now owns 18,979,790 shares of the utilities provider’s stock valued at $873,260,000 after acquiring an additional 14,479,790 shares during the last quarter. FMR LLC increased its holdings in PG&E by 57.1% in the 3rd quarter. FMR LLC now owns 12,270,405 shares of the utilities provider’s stock valued at $564,561,000 after acquiring an additional 4,459,321 shares during the last quarter. Finally, Hound Partners LLC bought a new stake in PG&E in the 3rd quarter valued at $307,087,000. Hedge funds and other institutional investors own 82.59% of the company’s stock.

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 residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.

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