Pacific Gas & Electric Co. to Issue Quarterly Dividend of $0.03 (NYSE:PCG)

Pacific Gas & Electric Co. (NYSE:PCG) announced a quarterly dividend on Friday, May 23rd, RTT News reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.025 per share by the utilities provider on Tuesday, July 15th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date is Monday, June 30th.

Pacific Gas & Electric has a dividend payout ratio of 6.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Pacific Gas & Electric to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.10 annual dividend with an expected future payout ratio of 6.1%.

Pacific Gas & Electric Trading Down 0.7%

Pacific Gas & Electric stock opened at $13.98 on Friday. The stock has a 50-day simple moving average of $16.13 and a 200 day simple moving average of $16.83. The stock has a market capitalization of $37.39 billion, a P/E ratio of 12.82, a PEG ratio of 1.00 and a beta of 0.60. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.90 and a current ratio of 0.95. Pacific Gas & Electric has a 52 week low of $13.34 and a 52 week high of $21.72.

Pacific Gas & Electric (NYSE:PCG) last released its quarterly earnings data on Thursday, April 24th. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). Pacific Gas & Electric had a net margin of 9.81% and a return on equity of 10.35%. The business had revenue of $5.98 billion during the quarter, compared to analyst estimates of $6.23 billion. During the same period in the previous year, the business earned $0.37 earnings per share. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Analysts expect that Pacific Gas & Electric will post 1.49 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on PCG. UBS Group downgraded Pacific Gas & Electric from a “buy” rating to a “neutral” rating and cut their price target for the company from $22.00 to $19.00 in a report on Wednesday, March 19th. Evercore ISI raised their target price on shares of Pacific Gas & Electric from $15.00 to $17.00 and gave the stock an “in-line” rating in a research note on Monday, April 28th. BMO Capital Markets decreased their price target on shares of Pacific Gas & Electric from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company reissued an “overweight” rating and issued a $24.00 price target on shares of Pacific Gas & Electric in a report on Friday, April 25th. Finally, Morgan Stanley set a $18.00 price objective on shares of Pacific Gas & Electric and gave the stock an “underweight” rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.73.

Insider Buying and Selling

In other Pacific Gas & Electric news, EVP Carla J. Peterman sold 32,519 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $17.30, for a total transaction of $562,578.70. Following the transaction, the executive vice president now owns 151,116 shares in the company, valued at $2,614,306.80. This represents a 17.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Pacific Gas & Electric

A number of hedge funds and other institutional investors have recently made changes to their positions in PCG. Woodline Partners LP grew its position in Pacific Gas & Electric by 41.2% during the first quarter. Woodline Partners LP now owns 185,324 shares of the utilities provider’s stock worth $3,184,000 after buying an additional 54,033 shares in the last quarter. Focus Partners Wealth raised its holdings in Pacific Gas & Electric by 93.0% in the 1st quarter. Focus Partners Wealth now owns 83,816 shares of the utilities provider’s stock valued at $1,440,000 after acquiring an additional 40,380 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Pacific Gas & Electric by 16.4% during the 1st quarter. Empowered Funds LLC now owns 46,936 shares of the utilities provider’s stock valued at $806,000 after acquiring an additional 6,601 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Pacific Gas & Electric during the 1st quarter valued at $203,000. 78.56% of the stock is currently owned by institutional investors and hedge funds.

Pacific Gas & Electric Company Profile

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.