UBS Group Lowers PG&E Price Target to $24.00

Investment analysts at UBS Group have recently lowered their price target for PG&E (NYSE: PCG) from $26.00 to $24.00. This decision was shared in a report released to investors on Thursday, where UBS Group maintained a "buy" rating on the utilities provider's stock. The new price target suggests a potential upside of about 24.03% based on the stock's previous closing price.

Analyst Updates on PG&E

PG&E has been discussed in several other analyst reports recently. For instance, Morgan Stanley raised their target price on PG&E from $19.00 to $20.00, and assigned an "equal weight" rating on September 25. On September 12, Bank of America initiated coverage on the company, giving it a "buy" rating alongside a $24.00 target price. Additionally, Barclays reduced their target from $25.00 to $24.00 while rating the stock as "overweight". Mizuho recently increased their target from $24.00 to $26.00, rating PG&E as "outperform" in a report dated November 27. Jefferies Financial Group also started coverage, issuing a "buy" rating with a target of $24.00 on October 14. Overall, the consensus among multiple analysts includes two hold ratings and nine buy ratings for the stock. MarketBeat reports a consensus rating of "Moderate Buy" with an average target price of $22.80.

Current Stock Performance

As of Thursday, PG&E shares opened at $19.35. The stock has a 50-day moving average of $20.51 and a 200-day moving average of $19.28. PG&E holds a current ratio of 1.04, a quick ratio of 0.99, and a debt-to-equity ratio of 2.02. Over the past year, shares have fluctuated, reaching a low of $15.94 and a high of $21.72. Currently, the company's market capitalization stands at approximately $50.61 billion, with a price-to-earnings ratio of 15.12 and a PEG ratio of 1.51.

Recent Earnings Results

PG&E published its latest earnings results on November 7, reporting earnings per share (EPS) of $0.37 for the quarter, which surpassed the consensus estimate of $0.32 by $0.05. However, the company's revenue of $5.94 billion fell short of analysts' expectations of $6.58 billion. The net profit margin stood at 11.11%, with a return on equity of 12.51%. Compared to the same quarter last year, PG&E’s revenue increased by 0.9%, while EPS rose from $0.24 a year prior. Analysts predict that PG&E will achieve an EPS of 1.36 for the current fiscal year.

Insider Transactions

In related news, PG&E’s CEO, Patricia K. Poppe, sold 55,555 shares on December 2, at an average price of $20.66, totaling approximately $1.15 million. After this transaction, Poppe retains ownership of 1,460,222 shares, valued at about $30.17 million, which represents a 3.67% reduction in her holdings. Insider transactions indicate that insiders own about 0.15% of the company’s stock.

Institutional Investor Activity

Several institutional investors have adjusted their positions in PG&E recently. For instance, State Street Corp increased its stake by 5.0% in the third quarter, owning over 108 million shares valued at $2.15 billion after acquiring more shares. Tokio Marine Asset Management raised its holdings significantly by 259.6%. Other firms, including Scientech Research LLC and Allspring Global Investments, also made notable investments, increasing their stakes substantially. Overall, institutional investors hold around 78.56% of PG&E's stock.

Company Overview

PG&E Corporation operates through its subsidiary, Pacific Gas and Electric Company, providing electricity and natural gas to customers in northern and central California. The company utilizes various sources, including nuclear, hydroelectric, fossil fuels, and photovoltaic energy, to generate electricity.

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