PG&E Co. (PCG) Stake Lessened by Investment Counsel Inc.

Investment Counsel Inc. cut its holdings in shares of PG&E Co. (NYSE:PCG) by 20.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,999 shares of the utilities provider’s stock after selling 3,120 shares during the period. Investment Counsel Inc.’s holdings in PG&E were worth $561,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PCG. NEXT Financial Group Inc acquired a new position in shares of PG&E in the 3rd quarter valued at $104,000. FNY Investment Advisers LLC increased its position in shares of PG&E by 35,614.3% in the 3rd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the utilities provider’s stock valued at $115,000 after acquiring an additional 2,493 shares during the period. CenterStar Asset Management LLC increased its position in shares of PG&E by 201.2% in the 2nd quarter. CenterStar Asset Management LLC now owns 2,980 shares of the utilities provider’s stock valued at $127,000 after acquiring an additional 5,924 shares during the period. Gradient Investments LLC acquired a new position in shares of PG&E in the 2nd quarter valued at $146,000. Finally, Cerebellum GP LLC acquired a new position in shares of PG&E in the 2nd quarter valued at $176,000. 81.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of PCG opened at $46.93 on Wednesday. The stock has a market cap of $23.94 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 3.52 and a beta of -0.07. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.60 and a current ratio of 0.65. PG&E Co. has a fifty-two week low of $37.30 and a fifty-two week high of $58.38.

In other PG&E news, COO Nickolas Stavropoulos sold 1,161 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $44.79, for a total transaction of $52,001.19. Following the sale, the chief operating officer now directly owns 78,223 shares of the company’s stock, valued at approximately $3,503,608.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

PCG has been the topic of several research reports. Citigroup reissued a “hold” rating and issued a $45.00 target price (down from $46.00) on shares of PG&E in a research report on Friday, July 6th. Bank of America upped their target price on PG&E from $43.00 to $50.00 and gave the company a “neutral” rating in a research report on Monday, July 9th. Barclays initiated coverage on PG&E in a research report on Tuesday, July 10th. They set an “equal weight” rating and a $53.00 price target on the stock. Morgan Stanley increased their price target on PG&E from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, July 16th. Finally, Wells Fargo & Co increased their price target on PG&E from $46.00 to $48.00 and gave the stock a “market perform” rating in a research report on Friday, July 27th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.51.

PG&E Company Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.

Further Reading: Fundamental Analysis

Want to see what other hedge funds are holding PCG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PG&E Co. (NYSE:PCG).

Institutional Ownership by Quarter for PG&E (NYSE:PCG)

Receive News & Ratings for PG&E Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PG&E and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply