The Vanguard Group, Inc. recently announced the acquisition of new stake in PG&E Corporation (NYSE:PCG). The institutional investor has increased its shareholding in the Utilities company by 15.49% to 214.89 million shares with purchase of 28.82 million shares. This fresh investment now brings its stake to 8.72% valued currently at $3.21 billion. In addition, Capital Research & Management Co raised its holdings by 14.12 million to 200.53 million shares. And SSgA Funds Management, Inc. has lifted its position by 121.30% or 47.17 million shares – to 86.05 million shares.
With over 11.66 million PG&E Corporation (PCG) shares trading Friday and a closing price of $15.02 on the day, the dollar volume was approximately $175.15 million. The shares have shown a positive half year performance of 27.94% and its price on 11/18/22 gained nearly 3.02%. Currently, there are 2.47B common shares owned by the public and among those 2.11B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for PCG have a consensus price objective of $17.27. The analysts have set the share’s price value over the next 12 months at a high of $19.00 and a low of $14.00. The average price target is 12.52% above its recent price level and a downside to the estimated low will see the stock lose -7.29% over that period. But an upside of 20.95% will see the stock hit the forecast high price target while median target price for the stock is $18.00.
Insiders at the company have transacted a total of 42 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 200,336 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 171,095,465 shares.
The top 3 mutual fund holders in PG&E Corporation are American Funds Investment Company, American Funds Growth Fund of Ame, and Vanguard Total Stock Market Index. American Funds Investment Company owns 91.36 million shares of the company’s stock, all valued at over $1.36 billion. American Funds Growth Fund of Ame sold 82237.0 shares to see its total holdings shrink to 87.19 million shares valued at over $1.3 billion and representing 3.54% of the shares outstanding. Vanguard Total Stock Market Index bought 0.36 million shares to bring its total holdings to over 62.9 million shares at a value of $939.04 million. Vanguard Total Stock Market Index now owns shares totaling to 2.55% of the shares outstanding.
Shares of PG&E Corporation (NYSE: PCG) opened at $14.75, up $0.17 from a prior closing price of $14.58. However, the script later moved the day high at 15.03, up 3.02%. The company’s stock has a 5-day price change of 1.76% and 28.16% over the past three months. PCG shares are trading 23.72% year to date (YTD), with the 12-month market performance up to 24.13% higher. It has a 12-month low price of $9.64 and touched a high of $15.60 over the same period. PCG has an average intraday trading volume of 27.71 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 0.74%, 6.80%, and 23.33% respectively.
Institutional ownership of PG&E Corporation (NYSE: PCG) shares accounts for 73.20% of the company’s 2.47B shares outstanding. Mutual fund holders own 27.45%, while other institutional holders and individual stakeholders account for 42.19% and 12.75% respectively.
It has a market capitalization of $35.95B and a beta (3y monthly) value of 1.14. The stock’s trailing 12-month PE ratio is 17.86, while the earnings-per-share (ttm) stands at $0.84. The company has a PEG of 3.76 and a Quick Ratio of 0.80 with the debt-to-equity ratio at 2.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.61% over the week and 2.88% over the month.
Analysts forecast that PG&E Corporation (PCG) will achieve an EPS of $0.32 for the current quarter, $0.25 for the next quarter and $1.23 for 2023. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.47. Comparatively, EPS for the current quarter was $0.22 a year ago. Earnings per share for the fiscal year are expected to increase by 95.10%, and 10.81% over the next financial year. EPS should grow at an annualized rate of 4.74% over the next five years, compared to -15.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate PG&E Corporation (PCG) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 3 of the 13 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. Credit Suisse stated their Outperform rating for the stock in a research note on April 26, 2022, with the firm’s price target at $17. RBC Capital Mkts coverage for the PG&E Corporation (PCG) stock in a research note released on August 16, 2021 offered a Outperform rating with a price target of $14. Wells Fargo was of a view on May 03, 2021 that the stock is Overweight, while Wells Fargo gave the stock Equal Weight rating on March 04, 2021, issuing a price target of $12. Wells Fargo on their part issued Underweight rating on January 06, 2021.