Synergy Asset Management LLC Acquires Shares of 47,255 PG&E Co. (NYSE:PCG)

Synergy Asset Management LLC purchased a new stake in PG&E Co. (NYSE:PCG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 47,255 shares of the utilities provider’s stock, valued at approximately $946,000.

A number of other large investors also recently made changes to their positions in PCG. FMR LLC grew its stake in shares of PG&E by 5.1% during the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock worth $3,496,115,000 after purchasing an additional 8,604,396 shares during the period. State Street Corp increased its stake in shares of PG&E by 5.0% in the 3rd quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after acquiring an additional 5,191,463 shares during the last quarter. Brookfield Corp ON raised its position in shares of PG&E by 45.6% in the 3rd quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider’s stock valued at $249,954,000 after acquiring an additional 3,958,495 shares during the period. Clearbridge Investments LLC acquired a new stake in shares of PG&E in the 2nd quarter valued at approximately $56,679,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in PG&E by 2.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider’s stock worth $2,072,824,000 after acquiring an additional 2,936,763 shares during the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

PG&E Price Performance

NYSE PCG opened at $15.79 on Thursday. PG&E Co. has a 12-month low of $15.74 and a 12-month high of $21.72. The firm’s 50 day moving average is $19.24 and its 200-day moving average is $19.41. The company has a market capitalization of $41.30 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 1.15 and a beta of 0.98. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 2.02.

PG&E (NYSE:PCG) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 EPS. Equities research analysts anticipate that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.025 per share. This is a positive change from PG&E’s previous quarterly dividend of $0.01. The ex-dividend date was Tuesday, December 31st. This represents a $0.10 annualized dividend and a dividend yield of 0.63%. PG&E’s payout ratio is 7.81%.

Analyst Ratings Changes

Several equities research analysts have weighed in on PCG shares. UBS Group cut their target price on shares of PG&E from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. BMO Capital Markets began coverage on PG&E in a report on Monday, January 13th. They set an “outperform” rating and a $21.00 target price on the stock. Jefferies Financial Group began coverage on PG&E in a research note on Monday, October 14th. They issued a “buy” rating and a $24.00 target price for the company. Mizuho raised their price target on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 27th. Finally, Barclays decreased their price objective on PG&E from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.55.

Insider Transactions at PG&E

In related news, CEO Patricia K. Poppe sold 55,555 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $20.66, for a total value of $1,147,766.30. Following the completion of the sale, the chief executive officer now directly owns 1,460,222 shares in the company, valued at approximately $30,168,186.52. This trade represents a 3.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.15% of the company’s stock.

About PG&E

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.