Seven Eight Capital LP Has $626,000 Stock Position in PG&E Co. (NYSE:PCG)

Seven Eight Capital LP raised its stake in shares of PG&E Co. (NYSE:PCG) by 264.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,329 shares of the utilities provider’s stock after purchasing an additional 27,089 shares during the quarter. Seven Eight Capital LP’s holdings in PG&E were worth $626,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Raymond James Trust N.A. boosted its holdings in shares of PG&E by 4.2% in the 4th quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider’s stock worth $307,000 after acquiring an additional 680 shares in the last quarter. SG Americas Securities LLC raised its position in shares of PG&E by 24.5% during the 4th quarter. SG Americas Securities LLC now owns 98,099 shares of the utilities provider’s stock valued at $1,769,000 after acquiring an additional 19,324 shares during the last quarter. Raymond James & Associates raised its position in shares of PG&E by 2.5% during the 4th quarter. Raymond James & Associates now owns 811,522 shares of the utilities provider’s stock valued at $14,632,000 after acquiring an additional 19,425 shares during the last quarter. CVA Family Office LLC bought a new stake in shares of PG&E in the 4th quarter valued at $43,000. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of PG&E in the 4th quarter valued at $215,000. 78.56% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PG&E

In related news, CEO Patricia K. Poppe sold 59,000 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PCG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upgraded shares of PG&E from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $19.00 to $22.00 in a research report on Monday, June 10th. The Goldman Sachs Group assumed coverage on shares of PG&E in a research report on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price objective for the company. Morgan Stanley lowered their target price on PG&E from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, June 24th. Citigroup increased their target price on PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Finally, Mizuho increased their target price on PG&E from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.22.

PG&E Stock Up 0.5 %

Shares of PG&E stock traded up $0.09 during trading hours on Wednesday, reaching $18.25. 10,786,130 shares of the company’s stock were exchanged, compared to its average volume of 14,395,859. The company has a 50 day moving average of $17.98 and a two-hundred day moving average of $17.23. PG&E Co. has a fifty-two week low of $14.71 and a fifty-two week high of $18.95. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 2.08. The stock has a market cap of $52.55 billion, a P/E ratio of 16.34 and a beta of 1.08.

PG&E (NYSE:PCG) last posted its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. PG&E had a net margin of 10.05% and a return on equity of 11.32%. The company had revenue of $5.86 billion during the quarter, compared to the consensus estimate of $6.60 billion. During the same period in the prior year, the business posted $0.29 EPS. The company’s quarterly revenue was down 5.6% on a year-over-year basis. On average, sell-side analysts forecast that PG&E Co. will post 1.35 EPS for the current fiscal year.

PG&E Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.01 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.04 annualized dividend and a yield of 0.22%. PG&E’s dividend payout ratio (DPR) is currently 3.57%.

PG&E 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.