Jennison Associates LLC Lowers Stake in PG&E Co. (NYSE:PCG)

Jennison Associates LLC lowered its holdings in PG&E Co. (NYSE:PCG - Free Report) by 15.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,526,644 shares of the utilities provider's stock after selling 2,230,019 shares during the quarter. Jennison Associates LLC owned 0.48% of PG&E worth $247,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Rothschild Investment LLC bought a new stake in shares of PG&E in the second quarter worth $30,000. UMB Bank n.a. lifted its stake in shares of PG&E by 84.7% in the 2nd quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider's stock worth $38,000 after purchasing an additional 1,011 shares during the period. Blue Trust Inc. boosted its holdings in shares of PG&E by 77.0% in the second quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider's stock worth $40,000 after buying an additional 1,027 shares during the last quarter. Plato Investment Management Ltd bought a new stake in PG&E during the second quarter valued at approximately $44,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings in PG&E by 48.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 3,596 shares of the utilities provider's stock valued at $63,000 after buying an additional 1,179 shares during the last quarter. 78.56% of the stock is owned by institutional investors.

PG&E Price Performance

PCG traded up $0.07 during trading hours on Wednesday, hitting $21.07. The company's stock had a trading volume of 8,060,133 shares, compared to its average volume of 13,788,610. PG&E Co. has a 12 month low of $15.94 and a 12 month high of $21.51. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02. The business's 50-day moving average price is $20.18 and its 200-day moving average price is $18.95. The stock has a market cap of $55.10 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 1.62 and a beta of 1.03.

PG&E (NYSE:PCG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.05. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $6.58 billion. PG&E had a return on equity of 12.51% and a net margin of 11.11%. The company's quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share. Sell-side analysts expect that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date was Monday, September 30th. PG&E's dividend payout ratio (DPR) is 3.13%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PCG. Jefferies Financial Group initiated coverage on PG&E in a report on Monday, October 14th. They set a "buy" rating and a $24.00 price target for the company. Wells Fargo & Company upped their price target on shares of PG&E from $21.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, July 26th. Barclays increased their price objective on shares of PG&E from $24.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday, October 21st. Morgan Stanley upped their price objective on PG&E from $19.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. Finally, UBS Group lifted their target price on PG&E from $24.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.80.

About PG&E

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.