The Vanguard Group, Inc. recently announced the acquisition of new stake in PG&E Corp. (NYSE:PCG). The institutional investor has increased its shareholding in the Utilities company by 8.38% to 259.47 million shares with purchase of 20.07 million shares. This fresh investment now brings its stake to 12.16% valued currently at $4.46 billion. In addition, Capital Research & Management Co raised its holdings by 7.39 million to 108.41 million shares. And BlackRock Fund Advisors has lifted its position by 15.56% or 14.04 million shares – to 104.32 million shares.
With over 15.66 million PG&E Corp. (PCG) shares trading Friday and a closing price of $17.89 on the day, the dollar volume was approximately $280.11 million. The shares have shown a positive half year performance of 2.82% and its price on 01/05/24 gained nearly 1.02%. Currently, there are 2.13B common shares owned by the public and among those 2.01B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for PCG have a consensus price objective of $19.38. The analysts have set the share’s price value over the next 12 months at a high of $21.00 and a low of $17.00. The average price target is 7.69% above its recent price level and a downside to the estimated low will see the stock lose -5.24% over that period. But an upside of 14.81% will see the stock hit the forecast high price target while median target price for the stock is $19.00.
Insiders at the company have transacted a total of 52 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 1,038,547 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 61,038,442 shares.
The top 3 mutual fund holders in PG&E Corp. are Vanguard Total Stock Market ETF, American Funds Investment Company, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 76.44 million shares of the company’s stock, all valued at over $1.31 billion. The company bought an additional 0.14 million shares recently to bring their total holdings to about 3.58% of the shares outstanding. American Funds Investment Company bought 13.71 million shares to see its total holdings expand to 72.1 million shares valued at over $1.24 billion and representing 3.38% of the shares outstanding. Vanguard Mid Cap Index Fund bought 0.13 million shares to bring its total holdings to over 55.41 million shares at a value of $951.43 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.60% of the shares outstanding.
Shares of PG&E Corp. (NYSE: PCG) opened at $17.81, up $0.1 from a prior closing price of $17.71. However, the script later moved the day high at 17.91, up 1.02%. The company’s stock has a 5-day price change of -1.00% and 16.62% over the past three months. PCG shares are trading -0.78% year to date (YTD), with the 12-month market performance up to 12.66% higher. It has a 12-month low price of $14.71 and touched a high of $18.32 over the same period. PCG has an average intraday trading volume of 17.69 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 0.96%, 3.46%, and 5.49% respectively.
Institutional ownership of PG&E Corp. (NYSE: PCG) shares accounts for 91.10% of the company’s 2.13B shares outstanding. Mutual fund holders own 32.89%, while other institutional holders and individual stakeholders account for 58.98% and 14.72% respectively.
It has a market capitalization of $38.17B and a beta (3y monthly) value of 1.38. The stock’s trailing 12-month PE ratio is 20.39, while the earnings-per-share (ttm) stands at $0.88. The company has a PEG of 1.94 and a Quick Ratio of 0.79 with the debt-to-equity ratio at 2.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.67% over the week and 1.81% over the month.
Analysts forecast that PG&E Corp. (PCG) will achieve an EPS of $0.45 for the current quarter, $0.33 for the next quarter and $1.35 for 2024. The lowest estimate earnings-per-share for the quarter is $0.43 while analysts give the company a high EPS estimate of $0.47. Comparatively, EPS for the current quarter was $0.26 a year ago. Earnings per share for the fiscal year are expected to increase by 10.31%, and 11.24% over the next financial year. EPS should grow at an annualized rate of 10.50% over the next five years, compared to -23.43% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate PG&E Corp. (PCG) as a “Strong Buy” at a consensus score of 1.87. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 4 of the 15 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. Evercore ISI stated their In-line rating for the stock in a research note on October 23, 2023, with the firm’s price target at $16.
