Morgan Stanley Raises PG&E (NYSE:PCG) Price Target to $23.00

PG&E (NYSE:PCG) had its target price lifted by Morgan Stanley from $17.50 to $23.00 in a report issued on Monday morning, BenzingaRatingsTable reports. The firm currently has an equal weight rating on the utilities provider’s stock.

Separately, Wolfe Research upgraded shares of Covenant Transportation Group from an underperform rating to a peer perform rating in a research report on Friday, June 28th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $24.45.

Shares of NYSE PCG opened at $18.46 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.11 and a current ratio of 2.22. PG&E has a 52-week low of $5.07 and a 52-week high of $49.42. The company has a 50 day simple moving average of $20.34. The firm has a market cap of $9.59 billion, a PE ratio of 4.62, a P/E/G ratio of 2.10 and a beta of 0.32.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.14. PG&E had a negative net margin of 42.76% and a positive return on equity of 13.30%. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.19 billion. On average, analysts expect that PG&E will post 3.83 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of PCG. Penserra Capital Management LLC acquired a new stake in shares of PG&E during the first quarter worth $42,000. NEXT Financial Group Inc acquired a new stake in shares of PG&E during the second quarter worth $43,000. Picton Mahoney Asset Management acquired a new stake in shares of PG&E during the first quarter worth $153,000. Rational Advisors LLC increased its position in shares of PG&E by 266.3% during the first quarter. Rational Advisors LLC now owns 9,219 shares of the utilities provider’s stock worth $164,000 after buying an additional 6,702 shares during the period. Finally, Castle Rock Wealth Management LLC acquired a new stake in shares of PG&E during the fourth quarter worth $214,000. Institutional investors own 88.70% 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 residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,000 circuit miles of distribution lines, 50 transmission switching substations, and 769 distribution substations; and electricity transmission network comprises approximately 18,000 circuit miles of interconnected transmission lines and 84 electric transmission substations.

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Analyst Recommendations for PG&E (NYSE:PCG)

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