PG&E (PCG) Bonds Rise 2.4% During Trading

An issue of PG&E Co. (NYSE:PCG) debt rose 2.4% against its face value during trading on Tuesday. The debt issue has a 6.05% coupon and is set to mature on March 1, 2034. The debt is now trading at $93.48 and was trading at $88.63 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

Several research analysts have recently commented on the stock. Barclays set a $30.00 price objective on shares of PG&E and gave the company a “hold” rating in a research note on Monday, November 19th. Argus raised their target price on shares of PG&E to $36.00 and gave the company a “buy” rating in a report on Friday, November 16th. Zacks Investment Research cut shares of PG&E from a “buy” rating to a “hold” rating in a report on Thursday, December 20th. Citigroup cut shares of PG&E from a “buy” rating to a “neutral” rating in a report on Monday, January 14th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of PG&E in a report on Monday, December 24th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.39.

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PCG stock traded up $1.19 during midday trading on Thursday, reaching $19.40. 21,993,985 shares of the company were exchanged, compared to its average volume of 38,011,441. The company has a current ratio of 0.67, a quick ratio of 0.62 and a debt-to-equity ratio of 0.93. PG&E Co. has a 1-year low of $5.07 and a 1-year high of $49.42. The stock has a market cap of $9.44 billion, a P/E ratio of 5.27, a PEG ratio of 1.57 and a beta of -0.46.

A number of hedge funds have recently added to or reduced their stakes in the business. Castle Rock Wealth Management LLC acquired a new stake in PG&E during the fourth quarter worth approximately $214,000. Nordea Investment Management AB raised its holdings in PG&E by 0.3% during the fourth quarter. Nordea Investment Management AB now owns 5,009,154 shares of the utilities provider’s stock worth $118,967,000 after purchasing an additional 15,252 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in PG&E by 11.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 233,863 shares of the utilities provider’s stock worth $5,554,000 after purchasing an additional 23,232 shares in the last quarter. 683 Capital Management LLC raised its holdings in PG&E by 29.9% during the fourth quarter. 683 Capital Management LLC now owns 665,101 shares of the utilities provider’s stock worth $15,796,000 after purchasing an additional 153,191 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of PG&E by 94.0% in the 4th quarter. Millennium Management LLC now owns 3,980,267 shares of the utilities provider’s stock valued at $94,531,000 after acquiring an additional 1,929,047 shares during the period. 80.87% of the stock is currently owned by institutional investors.

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About PG&E (NYSE:PCG)

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.

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