PG&E (PCG) Cut to “Neutral” at Citigroup

Citigroup downgraded shares of PG&E (NYSE:PCG) from a buy rating to a neutral rating in a research note released on Monday morning, Marketbeat reports.

Several other research analysts have also recently commented on PCG. Deutsche Bank cut shares of PG&E from a buy rating to a hold rating and lowered their target price for the stock from $28.00 to $10.00 in a report on Monday. Evercore ISI cut shares of PG&E to an outperform rating in a report on Monday. JPMorgan Chase & Co. cut shares of PG&E from an overweight rating to a neutral rating and lowered their target price for the stock from $39.00 to $22.00 in a report on Monday. Barclays reaffirmed a hold rating and set a $19.00 target price on shares of PG&E in a report on Friday, January 11th. Finally, Bank of America lowered their target price on shares of PG&E from $44.00 to $22.00 and set a buy rating on the stock in a report on Wednesday, January 9th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $25.70.

PG&E stock opened at $7.03 on Monday. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 1.91, a P/E/G ratio of 0.50 and a beta of 0.01. The company has a current ratio of 0.67, a quick ratio of 0.62 and a debt-to-equity ratio of 0.93. PG&E has a twelve month low of $5.07 and a twelve month high of $49.42.

PG&E (NYSE:PCG) last released its quarterly earnings results on Monday, November 5th. The utilities provider reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.01). The company had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.77 billion. PG&E had a net margin of 0.89% and a return on equity of 10.17%. The firm’s revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.12 earnings per share. As a group, equities analysts forecast that PG&E will post 3.82 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in PG&E by 1.7% in the third quarter. Vanguard Group Inc. now owns 37,970,163 shares of the utilities provider’s stock valued at $1,747,007,000 after acquiring an additional 639,656 shares during the last quarter. Vanguard Group Inc increased its stake in PG&E by 1.7% in the third quarter. Vanguard Group Inc now owns 37,970,163 shares of the utilities provider’s stock valued at $1,747,007,000 after acquiring an additional 639,656 shares during the last quarter. Baupost Group LLC MA increased its stake in PG&E by 321.8% in the third quarter. Baupost Group LLC MA now owns 18,979,790 shares of the utilities provider’s stock valued at $873,260,000 after acquiring an additional 14,479,790 shares during the last quarter. FMR LLC increased its stake in PG&E by 57.1% in the third quarter. FMR LLC now owns 12,270,405 shares of the utilities provider’s stock valued at $564,561,000 after acquiring an additional 4,459,321 shares during the last quarter. Finally, Hound Partners LLC bought a new position in PG&E in the third quarter valued at approximately $307,087,000. 82.57% of the stock is currently owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for PG&E (NYSE:PCG)

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