Verition Fund Management Lowers stake in PG&E Corporation (PCG)

PG&E Corporation (PCG) : Verition Fund Management reduced its stake in PG&E Corporation by 57.45% during the most recent quarter end. The investment management company now holds a total of 87,380 shares of PG&E Corporation which is valued at $5.2 Million after selling 117,969 shares in PG&E Corporation , the firm said in a disclosure report filed with the SEC on May 13, 2016.PG&E Corporation makes up approximately 1.37% of Verition Fund Management’s portfolio.

Other Hedge Funds, Including , Hsbc Holdings Plc reduced its stake in PCG by selling 391,480 shares or 60.0% in the most recent quarter. The Hedge Fund company now holds 261,006 shares of PCG which is valued at $15.4 Million. PG&E Corporation makes up approx 0.05% of Hsbc Holdings Plc’s portfolio.Ftb Advisors reduced its stake in PCG by selling 15,421 shares or 85.05% in the most recent quarter. The Hedge Fund company now holds 2,710 shares of PCG which is valued at $160,351. PG&E Corporation makes up approx 0.02% of Ftb Advisors’s portfolio.Nationwide Fund Advisors reduced its stake in PCG by selling 35,315 shares or 4.05% in the most recent quarter. The Hedge Fund company now holds 835,996 shares of PCG which is valued at $49.3 Million. PG&E Corporation makes up approx 0.21% of Nationwide Fund Advisors’s portfolio.Nordea Investment Management Ab boosted its stake in PCG in the latest quarter, The investment management firm added 567,202 additional shares and now holds a total of 7,045,482 shares of PG&E Corporation which is valued at $410 Million. PG&E Corporation makes up approx 1.23% of Nordea Investment Management Ab’s portfolio.

PG&E Corporation closed down -0.09 points or -0.15% at $58.45 with 19,03,920 shares getting traded on Wednesday. Post opening the session at $58.26, the shares hit an intraday low of $58.065 and an intraday high of $58.74 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, PG&E Corporation reported $0.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.75. The company had revenue of $3974.00 million for the quarter, compared to analysts expectations of $4041.23 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 EPS.

Many Wall Street Analysts have commented on PG&E Corporation. Company shares were Reiterated by Mizuho on May 24, 2016 to “Buy”, Firm has raised the Price Target to $ 64 from a previous price target of $56 .

PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility). The Utility’s operations include electric utility operations and natural gas utility operations. It operates in northern and central California. 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. The Utility provides natural gas transportation services to customers which include small commercial and residential customers and to non-core customers which include industrial commercial and natural gas-fired electric generation facilities that are connected to the Utility’s gas system in its service territory.

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