Legal & General Group Plc Takes $398.92 Million Position in Pacific Gas & Electric Co. $PCG

Legal & General Group Plc bought a new position in shares of Pacific Gas & Electric Co. (NYSE:PCG) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 23,716,734 shares of the utilities provider’s stock, valued at approximately $398,915,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Pacific Gas & Electric during the second quarter worth $314,855,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Pacific Gas & Electric in the second quarter valued at about $90,898,000. Danica Pension Livsforsikringsaktieselskab acquired a new stake in Pacific Gas & Electric during the second quarter worth about $76,721,000. Ieq Capital LLC purchased a new position in Pacific Gas & Electric during the second quarter worth about $72,739,000. Finally, Bank of Nova Scotia acquired a new position in Pacific Gas & Electric in the 2nd quarter valued at about $61,711,000. 78.56% of the stock is owned by hedge funds and other institutional investors.

Pacific Gas & Electric Stock Performance

NYSE PCG opened at $18.33 on Wednesday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.22 and a quick ratio of 1.15. The company has a market cap of $49.12 billion, a P/E ratio of 13.28, a P/E/G ratio of 1.18 and a beta of 0.28. The stock has a 50-day moving average of $17.34 and a two-hundred day moving average of $17.31. Pacific Gas & Electric Co. has a 1-year low of $14.34 and a 1-year high of $19.16.

Pacific Gas & Electric (NYSE:PCG) last posted its quarterly earnings data on Thursday, July 23rd. The utilities provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. Pacific Gas & Electric had a net margin of 12.25% and a return on equity of 12.48%. The business had revenue of $5.90 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same quarter last year, the firm posted $0.31 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Pacific Gas & Electric has set its FY 2026 guidance at 1.640-1.660 EPS. As a group, analysts anticipate that Pacific Gas & Electric Co. will post 1.65 EPS for the current year.

Insider Activity

In related news, EVP Marlene Santos sold 158,250 shares of Pacific Gas & Electric stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $18.00, for a total value of $2,848,500.00. Following the completion of the transaction, the executive vice president directly owned 230,885 shares in the company, valued at approximately $4,155,930. This trade represents a 40.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on PCG. UBS Group reiterated a “buy” rating on shares of Pacific Gas & Electric in a report on Tuesday, August 18th. JPMorgan Chase & Co. lowered their price target on Pacific Gas & Electric from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, May 15th. Morgan Stanley cut their price objective on Pacific Gas & Electric from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Friday, August 21st. BMO Capital Markets lowered their target price on shares of Pacific Gas & Electric from $28.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, July 24th. Finally, Weiss Ratings downgraded shares of Pacific Gas & Electric from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.20.

Pacific Gas & Electric Profile

Pacific Gas & Electric (NYSE: PCG) is an investor-owned utility holding company whose principal operating subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas service in northern and central California. The company’s core activities include the generation, procurement, transmission and distribution of electric power, as well as the transmission and distribution of natural gas. PG&E serves a broad mix of residential, commercial, and industrial customers across urban and rural communities within its California service territory.

PG&E’s operations encompass utility infrastructure planning and construction, grid operations, customer service and energy procurement.