Crow Point Partners LLC Has $8.96 Million Position in PG&E Co. (PCG)
Crow Point Partners LLC lifted its position in PG&E Co. (NYSE:PCG) by 60.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,000 shares of the utilities provider’s stock after acquiring an additional 75,000 shares during the period. PG&E makes up approximately 1.4% of Crow Point Partners LLC’s holdings, making the stock its 20th biggest holding. Crow Point Partners LLC’s holdings in PG&E were worth $8,962,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Bank of Stockton acquired a new stake in shares of PG&E in the 3rd quarter valued at approximately $224,000. Vicus Capital acquired a new stake in shares of PG&E in the 3rd quarter valued at approximately $342,000. Park Avenue Securities LLC acquired a new stake in shares of PG&E in the 3rd quarter valued at approximately $415,000. Wealthsource Partners LLC acquired a new stake in shares of PG&E in the 2nd quarter valued at approximately $420,000. Finally, Zeke Capital Advisors LLC raised its position in shares of PG&E by 119.1% in the 3rd quarter. Zeke Capital Advisors LLC now owns 8,566 shares of the utilities provider’s stock valued at $583,000 after acquiring an additional 4,657 shares during the period. Institutional investors and hedge funds own 81.07% of the company’s stock.
In related news, VP David S. Thomason sold 700 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $56.82, for a total transaction of $39,774.00. Following the completion of the sale, the vice president now directly owns 6,657 shares of the company’s stock, valued at approximately $378,250.74. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.15% of the stock is currently owned by corporate insiders.
PG&E (NYSE:PCG) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.18. PG&E had a return on equity of 11.94% and a net margin of 12.59%. The business had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the business earned $0.94 EPS. PG&E’s revenue for the quarter was down 6.1% compared to the same quarter last year. analysts anticipate that PG&E Co. will post 3.69 EPS for the current fiscal year.
A number of brokerages recently weighed in on PCG. Zacks Investment Research downgraded shares of PG&E from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. Guggenheim downgraded shares of PG&E from a “neutral” rating to a “sell” rating in a research report on Tuesday, January 2nd. Goldman Sachs Group downgraded shares of PG&E from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research report on Tuesday, January 2nd. ValuEngine downgraded shares of PG&E from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Finally, Argus reiterated a “hold” rating and issued a $41.61 price target (down from $44.68) on shares of PG&E in a research report on Thursday, December 28th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. PG&E has a consensus rating of “Hold” and an average target price of $62.62.
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PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers.
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