Pacific Gas & Electric Co. $PCG Stock: Kornitzer Capital Management Inc. KS Reduces Stake

Kornitzer Capital Management Inc. KS lessened its holdings in shares of Pacific Gas & Electric Co. (NYSE:PCG) by 64.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,600 shares of the utilities provider’s stock after selling 150,000 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Pacific Gas & Electric were worth $1,012,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PCG. Legal & General Group Plc bought a new position in shares of Pacific Gas & Electric in the second quarter worth approximately $398,915,000. Canada Pension Plan Investment Board purchased a new stake in Pacific Gas & Electric in the second quarter valued at approximately $320,820,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Pacific Gas & Electric during the second quarter valued at approximately $314,855,000. Gallagher Fiduciary Advisors LLC bought a new stake in Pacific Gas & Electric during the second quarter valued at approximately $300,895,000. Finally, Man Group plc bought a new stake in Pacific Gas & Electric during the second quarter valued at approximately $188,513,000. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on PCG shares. JPMorgan Chase & Co. cut their price target on shares of Pacific Gas & Electric from $18.00 to $17.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. UBS Group raised their price objective on shares of Pacific Gas & Electric from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, October 30th. LADENBURG THALM/SH SH lowered their price objective on shares of Pacific Gas & Electric from $22.00 to $15.50 and set a “buy” rating on the stock in a research report on Tuesday, October 6th. Jefferies Financial Group dropped their price objective on shares of Pacific Gas & Electric from $19.00 to $14.00 in a report on Wednesday, October 21st. Finally, BMO Capital Markets upped their target price on shares of Pacific Gas & Electric from $21.00 to $22.00 and gave the stock a “market perform” rating in a research report on Monday, October 26th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $17.21.

Insider Transactions at Pacific Gas & Electric

In related news, Director William Fugate sold 6,500 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $13.76, for a total transaction of $89,440.00. Following the transaction, the director directly owned 73,530 shares in the company, valued at $1,011,772.80. This trade represents a 8.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John O. Larsen purchased 7,500 shares of Pacific Gas & Electric stock in a transaction that occurred on Wednesday, September 30th. The shares were bought at an average price of $12.20 per share, for a total transaction of $91,500.00. Following the completion of the transaction, the director owned 36,685 shares in the company, valued at $447,557. The trade was a 25.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.22% of the company’s stock.

Pacific Gas & Electric Trading Up 0.7%

PCG stock opened at $13.23 on Wednesday. The company has a market capitalization of $35.47 billion, a PE ratio of 9.80, a price-to-earnings-growth ratio of 1.05 and a beta of 0.17. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.97 and a current ratio of 1.03. Pacific Gas & Electric Co. has a one year low of $11.77 and a one year high of $19.16. The company’s 50 day moving average price is $13.09 and its two-hundred day moving average price is $16.15.

Pacific Gas & Electric (NYSE:PCG) last posted its quarterly earnings results on Thursday, October 22nd. The utilities provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). The business had revenue of $6.19 billion during the quarter, compared to the consensus estimate of $6.82 billion. Pacific Gas & Electric had a return on equity of 11.49% and a net margin of 12.00%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 earnings per share. As a group, analysts predict that Pacific Gas & Electric Co. will post 1.65 earnings per share for the current fiscal year.

Pacific Gas & Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, September 30th. Pacific Gas & Electric’s payout ratio is 14.81%.

Pacific Gas & Electric Profile

Pacific Gas and Electric Company (PG&E) is a regulated utility that provides electricity and natural gas to homes and businesses in Northern and Central California. Its services include generating, purchasing, transmitting and distributing electricity, as well as delivering natural gas through its pipeline network. The utility is a subsidiary of PG&E Corporation, whose common stock trades on the New York Stock Exchange under the symbol PCG. The company traces its roots to California’s early gas and electric utilities and was incorporated in 1905.