PG&E (NYSE:PCG) Price Target Increased to $22.00 by Analysts at Wells Fargo & Company

PG&E (NYSE:PCG) had its target price boosted by Wells Fargo & Company from $21.00 to $22.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

A number of other research firms also recently commented on PCG. JPMorgan Chase & Co. upgraded PG&E from a neutral rating to an overweight rating and raised their price objective for the stock from $19.00 to $22.00 in a report on Monday, June 10th. Barclays raised their price objective on PG&E from $21.00 to $22.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Mizuho raised their price objective on PG&E from $21.00 to $23.00 and gave the stock a buy rating in a report on Friday, May 17th. Morgan Stanley cut their price objective on PG&E from $18.00 to $17.00 and set an equal weight rating on the stock in a report on Monday, June 24th. Finally, Citigroup raised their price objective on PG&E from $19.00 to $21.00 and gave the stock a buy rating in a report on Friday, June 14th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, PG&E presently has an average rating of Moderate Buy and an average target price of $20.40.

PG&E Stock Performance

NYSE PCG opened at $18.28 on Friday. The business’s 50-day moving average price is $17.95 and its 200 day moving average price is $17.23. PG&E has a twelve month low of $14.71 and a twelve month high of $18.95. The company has a market capitalization of $47.81 billion, a PE ratio of 16.32 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.86 and a debt-to-equity ratio of 1.99.

PG&E (NYSE:PCG) last released its earnings results on Thursday, July 25th. The utilities provider reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.01. PG&E had a return on equity of 11.76% and a net margin of 10.22%. The firm had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the prior year, the business posted $0.23 earnings per share. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. On average, research analysts predict that PG&E will post 1.35 earnings per share for the current year.

PG&E Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $0.01 per share. The ex-dividend date was Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. PG&E’s dividend payout ratio (DPR) is presently 3.57%.

Institutional Investors Weigh In On PG&E

Hedge funds have recently bought and sold shares of the business. Planned Solutions Inc. acquired a new stake in PG&E during the 4th quarter valued at approximately $37,000. UMB Bank n.a. grew its stake in PG&E by 84.7% during the 2nd quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 1,011 shares in the last quarter. Blue Trust Inc. grew its stake in PG&E by 77.0% during the 2nd quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 1,027 shares in the last quarter. Vima LLC acquired a new stake in PG&E during the 4th quarter valued at approximately $41,000. Finally, CVA Family Office LLC acquired a new stake in PG&E during the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 78.56% of the company’s stock.

About PG&E

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.