Fidelity Management & Research Co.. recently announced the acquisition of new stake in PG&E Corporation (NYSE:PCG). The institutional investor has increased its shareholding in the Utilities company by 1,645.85% to 106.53 million shares with purchase of 100.43 million shares. This fresh investment now brings its stake to 5.49% valued currently at $996.1 million. In addition, Zimmer Partners LP raised its holdings by 66.75 million to 75.0 million shares. And The Vanguard Group, Inc. has lifted its position by 74.11% or 29.16 million shares – to 68.5 million shares.
With over 74.51 million PG&E Corporation (PCG) shares trading Monday and a closing price of $9.26 on the day, the dollar volume was approximately $689.92 million. The shares have shown a positive weekly performance of 1.42% and its price on 08/31/20 gained nearly 1.42%. Currently, there are 1.99B common shares owned by the public and among those 1.43B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for PCG have a consensus price objective of $12.77. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $10.50 should the stock experience a downside. Incidentally, analysts’ outlook for the PG&E Corporation stock is 2.40 for the next 12 months. The average price target is 29.53% above its last price level and an upside to the estimated low will see the stock gain 11.81% over that period. But an upside of 38.27% will see the stock hit the forecast high price target while mean target price for the stock is $13.00.
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 32 of these insider trades were purchases, accounting for 1,666,737 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 90,563 shares.
The top 3 mutual fund holders in PG&E Corporation are Vanguard Total Stock Market Index, Vanguard Small Cap Index Fund, and American Funds Growth Fund of Ame. Vanguard Total Stock Market Index owns 27.16 million shares of the company’s stock, all valued at over $253.98 million. The company sold 19059.0 shares recently to bring their total holdings to about 1.40% of the shares outstanding. Vanguard Small Cap Index Fund sold -0.18 million shares to see its total holdings shrink to 23.69 million shares valued at over $221.46 million and representing 1.22% of the shares outstanding. American Funds Growth Fund of Ame bought 21.14 million shares to bring its total holdings to over 21.14 million shares at a value of $197.65 million. American Funds Growth Fund of Ame now owns shares totaling to 1.09% of the shares outstanding.
Shares of PG&E Corporation (NYSE: PCG) opened at $9.12, down -$0.01 from a prior closing price of $9.13. However, the script later closed the day at $9.26, up 1.42%. The company’s stock has a 5-day price change of 1.42% and -21.79% over the past three months. PCG shares are trading -14.81% year to date (YTD), with the 12-month market performance down to -11.39% lower. It has a 12-month low price of $3.55 and touched a high of $18.34 over the same period. Currently, 74.51 million shares have been traded, compared to an average intraday trading volume of 23.59 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.24%, 0.33%, and -15.95% respectively.
Institutional ownership of PG&E Corporation (NYSE: PCG) shares accounts for 55.30% of the company’s 1.99B shares outstanding. Mutual fund holders own 24.78%, while other institutional holders and individual stakeholders account for 43.61% and 11.65% respectively.
It has a market capitalization of $18.06B and a beta (3y monthly) value of 1.09. The earnings-per-share (ttm) stands at -$13.07. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.11% over the week and 2.93% over the month.
Analysts forecast that PG&E Corporation (PCG) will achieve an EPS of $0.28 for the current quarter, $0.24 for the next quarter and $1.22 for 2021. The lowest estimate earnings-per-share for the quarter is $0.11 while analysts give the company a high EPS estimate of $0.46. Comparatively, EPS for the current quarter was $1.11 a year ago. Earnings per share for the fiscal year are expected to decrease by -9.20%, and -30.95% over the next financial year. EPS should grow at an annualized rate of 3.67% over the next five years, compared to -46.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate PG&E Corporation (PCG) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 6 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PCG, a number of firms have released research notes about the stock. Goldman stated their Buy rating for the stock in a research note on July 27, 2020, with the firm’s price target at $14. Vertical Research coverage for the PG&E Corporation (PCG) stock in a research note released on June 24, 2020 offered a Buy rating with a price target of $14. Seaport Global Securities was of a view on June 23, 2020 that the stock is Neutral, while BofA/Merrill gave the stock Buy rating on June 05, 2020, issuing a price target of $14. Barclays on their part issued Overweight rating on May 15, 2020.