Jefferies Sees Potential in PG&E: Analyst Coverage Initiated with Buy Rating
Analyst’s Price Target Indicates Positive Outlook
On October 14, 2024, Jefferies began covering PG&E (LSE:0QR3) with a Buy recommendation. The average one-year price target for PG&E stands at 22.44 GBX/share as of September 25, 2024, suggesting a possible rise of 14.57% from its latest closing price of 19.59 GBX/share. The forecasted prices vary, with a low of 16.91 GBX and a high of 27.23 GBX.
Projected Revenue and Earnings Outlook
PG&E is expected to generate an annual revenue of 24,285MM, reflecting a slight decline of 1.98%. Furthermore, the estimated annual non-GAAP EPS is projected at 1.36.
Institutional Ownership Trends
A total of 1,440 funds or institutions currently hold shares in PG&E, marking an increase of seven owners (0.49%) from the previous quarter. The average investment by these funds in PG&E stands at 0.48%, which is up by 5.37%. Over the last three months, institutional ownership rose by 1.91%, totaling 2,392,237K shares.
Key Shareholders Expanding Their Stakes
JP Morgan Chase now owns 129,795K shares, equating to 6.07% of the company. This represents a 2.83% increase from their previous holding of 126,127K shares. JP Morgan also expanded its portfolio allocation in PG&E by 4.11% this past quarter.
Capital International Investors holds 125,643K shares (5.88% ownership), up from 121,160K shares, reflecting a 3.57% increase. Their portfolio allocation for PG&E also rose by 9.85% over the last quarter.
Massachusetts Financial Services has increased its holdings to 101,910K shares (4.77% ownership), up by 14.72% from 86,912K shares. However, this firm cut its portfolio allocation in PG&E by 80.71% in the last quarter.
The Vanguard Total Stock Market Index Fund Investor Shares hold 82,702K shares (3.87% ownership), slightly up from 82,224K shares (a 0.58% increase). They have also increased their allocation in PG&E by 1.89% recently.
Similarly, the Vanguard Mid-Cap Index Fund Investor Shares possess 56,014K shares, which is 2.62% of the company. This marks a minor decrease from 56,738K shares, yet their portfolio allocation increased by 6.17% over the past quarter.
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This story originally appeared on Fintel.
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