Pacific Gas & Electric (NYSE:PCG) Price Target Lowered to $21.00 at JPMorgan Chase & Co.

Pacific Gas & Electric (NYSE:PCG) had its price objective reduced by JPMorgan Chase & Co. from $22.00 to $21.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

Several other analysts also recently issued reports on PCG. UBS Group upped their price objective on Pacific Gas & Electric from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, October 24th. Jefferies Financial Group upped their target price on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Barclays lifted their price target on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, October 1st. TD Cowen began coverage on shares of Pacific Gas & Electric in a research note on Thursday, October 16th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Zacks Research raised shares of Pacific Gas & Electric from a “strong sell” rating to a “hold” rating in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Pacific Gas & Electric presently has an average rating of “Moderate Buy” and an average target price of $20.55.

Pacific Gas & Electric Stock Performance

NYSE:PCG opened at $15.17 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $33.33 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 0.62 and a beta of 0.37. The firm has a 50-day moving average price of $16.03 and a two-hundred day moving average price of $15.17. Pacific Gas & Electric has a twelve month low of $12.97 and a twelve month high of $20.43.

Pacific Gas & Electric (NYSE:PCG) last released its quarterly earnings results on Monday, May 15th. The utilities provider reported $0.30 EPS for the quarter. Pacific Gas & Electric had a net margin of 10.93% and a return on equity of 11.10%. The business had revenue of $5.80 billion for the quarter. As a group, research analysts expect that Pacific Gas & Electric will post 1.49 earnings per share for the current fiscal year.

Pacific Gas & Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.05 dividend. This is a boost from Pacific Gas & Electric’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, December 31st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.3%. Pacific Gas & Electric’s dividend payout ratio (DPR) is 8.40%.

Insider Activity at Pacific Gas & Electric

In other news, Director John O. Larsen bought 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were acquired at an average cost of $15.96 per share, with a total value of $119,700.00. Following the transaction, the director owned 18,111 shares of the company’s stock, valued at $289,051.56. This represents a 70.68% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pacific Gas & Electric

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCG. Sessa Capital IM L.P. acquired a new stake in shares of Pacific Gas & Electric during the first quarter worth approximately $320,984,000. Canada Pension Plan Investment Board raised its holdings in Pacific Gas & Electric by 352.3% in the first quarter. Canada Pension Plan Investment Board now owns 19,172,519 shares of the utilities provider’s stock valued at $329,384,000 after acquiring an additional 14,933,364 shares in the last quarter. AQR Capital Management LLC boosted its stake in Pacific Gas & Electric by 317.2% during the 1st quarter. AQR Capital Management LLC now owns 16,464,333 shares of the utilities provider’s stock valued at $280,305,000 after acquiring an additional 12,518,011 shares during the last quarter. ATLAS Infrastructure Partners UK Ltd. grew its holdings in Pacific Gas & Electric by 193.4% during the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 10,428,328 shares of the utilities provider’s stock worth $179,159,000 after acquiring an additional 6,873,576 shares in the last quarter. Finally, Aberdeen Group plc increased its position in shares of Pacific Gas & Electric by 151.4% in the 1st quarter. Aberdeen Group plc now owns 4,077,811 shares of the utilities provider’s stock worth $69,506,000 after purchasing an additional 2,455,807 shares during the last quarter. 78.56% of the stock is currently owned by institutional investors and hedge funds.

About Pacific Gas & Electric

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.