Stock Traders Purchase Large Volume of Put Options on PG&E (NYSE:PCG)

PG&E Co. (NYSE:PCG) saw some unusual options trading on Monday. Stock investors bought 123,993 put options on the company. This represents an increase of 1,207% compared to the typical volume of 9,490 put options.

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in PG&E by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 38,864,982 shares of the utilities provider’s stock valued at $890,785,000 after buying an additional 1,270,818 shares in the last quarter. Attestor Capital LLP increased its stake in PG&E by 29.3% during the 3rd quarter. Attestor Capital LLP now owns 11,018,514 shares of the utilities provider’s stock valued at $110,185,000 after buying an additional 2,500,000 shares during the period. Eminence Capital LP increased its stake in PG&E by 38.8% during the 2nd quarter. Eminence Capital LP now owns 7,971,802 shares of the utilities provider’s stock valued at $182,714,000 after buying an additional 2,229,983 shares during the period. Steadfast Capital Management LP raised its position in shares of PG&E by 4.8% during the 2nd quarter. Steadfast Capital Management LP now owns 7,042,258 shares of the utilities provider’s stock worth $161,409,000 after buying an additional 324,593 shares in the last quarter. Finally, Columbus Hill Capital Management L.P. raised its position in shares of PG&E by 8.4% during the 2nd quarter. Columbus Hill Capital Management L.P. now owns 6,984,057 shares of the utilities provider’s stock worth $160,075,000 after buying an additional 540,688 shares in the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have recently commented on PCG shares. Barclays lowered their target price on PG&E from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Morgan Stanley dropped their price target on PG&E from $23.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Co reissued a “hold” rating on shares of PG&E in a report on Monday, October 28th. Citigroup restated a “sell” rating and set a $5.00 price objective on shares of PG&E in a research report on Monday, November 25th. Finally, ValuEngine upgraded PG&E from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. PG&E currently has an average rating of “Hold” and an average price target of $14.83.

NYSE PCG opened at $11.18 on Tuesday. The company has a 50-day moving average price of $7.26 and a two-hundred day moving average price of $13.53. PG&E has a 52 week low of $3.55 and a 52 week high of $27.38. The stock has a market cap of $5.11 billion, a price-to-earnings ratio of 2.80, a price-to-earnings-growth ratio of 0.99 and a beta of 0.39. The company has a current ratio of 1.79, a quick ratio of 1.69 and a debt-to-equity ratio of 0.21.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.10. The company had revenue of $4.43 billion for the quarter, compared to analysts’ expectations of $4.39 billion. PG&E had a positive return on equity of 18.81% and a negative net margin of 66.15%. As a group, equities research analysts expect that PG&E will post 3.89 earnings per share for the current fiscal year.

PG&E Company Profile

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 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.

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