Vennlight Capital Management LP Takes Position in PG&E Co. (NYSE:PCG)

Vennlight Capital Management LP bought a new position in PG&E Co. (NYSE:PCG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 369,900 shares of the utilities provider’s stock, valued at approximately $7,465,000. PG&E accounts for approximately 7.1% of Vennlight Capital Management LP’s holdings, making the stock its 8th biggest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in shares of PG&E by 1,233.6% in the 4th quarter. True Wealth Design LLC now owns 1,827 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 1,690 shares in the last quarter. Colonial Trust Co SC raised its holdings in PG&E by 563.0% in the fourth quarter. Colonial Trust Co SC now owns 1,916 shares of the utilities provider’s stock valued at $39,000 after buying an additional 1,627 shares during the period. UMB Bank n.a. raised its holdings in PG&E by 61.5% in the fourth quarter. UMB Bank n.a. now owns 3,956 shares of the utilities provider’s stock valued at $80,000 after buying an additional 1,506 shares during the period. Optiver Holding B.V. raised its holdings in PG&E by 23.9% in the fourth quarter. Optiver Holding B.V. now owns 4,271 shares of the utilities provider’s stock valued at $86,000 after buying an additional 825 shares during the period. Finally, First Horizon Advisors Inc. raised its holdings in PG&E by 746.0% in the fourth quarter. First Horizon Advisors Inc. now owns 5,465 shares of the utilities provider’s stock valued at $110,000 after buying an additional 4,819 shares during the period. Institutional investors and hedge funds own 78.56% of the company’s stock.

PG&E Stock Up 3.0%

Shares of NYSE:PCG opened at $17.85 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 1.86. PG&E Co. has a 52-week low of $14.99 and a 52-week high of $21.72. The company has a 50 day moving average of $17.00 and a two-hundred day moving average of $17.91. The company has a market capitalization of $47.76 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 1.09 and a beta of 0.63.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, April 24th. The utilities provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). PG&E had a return on equity of 10.94% and a net margin of 10.27%. The company had revenue of $5.98 billion for the quarter, compared to analyst estimates of $6.23 billion. During the same period in the previous year, the business posted $0.37 EPS. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, analysts forecast that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date was Monday, March 31st. PG&E’s payout ratio is currently 9.17%.

Insider Transactions at PG&E

In other PG&E news, Director Arno Lockheart Harris acquired 6,389 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was acquired at an average price of $15.66 per share, with a total value of $100,051.74. Following the transaction, the director now directly owns 14,864 shares in the company, valued at approximately $232,770.24. This represents a 75.39% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Carla J. Peterman sold 32,521 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $16.37, for a total transaction of $532,368.77. Following the sale, the executive vice president now directly owns 183,635 shares of the company’s stock, valued at approximately $3,006,104.95. This represents a 15.05% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

PCG has been the topic of several research reports. BMO Capital Markets cut their price target on shares of PG&E from $23.00 to $22.00 and set an “outperform” rating on the stock in a report on Monday, April 14th. Guggenheim raised their price target on shares of PG&E from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Friday, April 25th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $22.00 price target on shares of PG&E in a report on Wednesday, February 12th. Jefferies Financial Group raised their price target on shares of PG&E from $20.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $24.00 price target on shares of PG&E in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $21.13.

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.