PG&E Corp (PCG) Received its Third Buy in a Row

By Jason Carr

After Merrill Lynch and Deutsche Bank gave PG&E Corp (NYSE: PCG) a Buy rating last month, the company received another Buy, this time from Citigroup. Analyst Praful Mehta upgraded PG&E Corp to Buy today and set a price target of $40. The company’s shares closed on Friday at $24.40.

According to TipRanks.com, Mehta is a 4-star analyst with an average return of 9.5% and a 66.7% success rate. Mehta covers the Utilities sector, focusing on stocks such as Public Service Enterprise, Edison International, and Vistra Energy Corp.

PG&E Corp has an analyst consensus of Moderate Buy, with a price target consensus of $40.22, a 64.8% upside from current levels. In a report issued on November 6, Merrill Lynch also reiterated a Buy rating on the stock with a $63 price target.

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Based on PG&E Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $4.38 billion and net profit of $567 million. In comparison, last year the company earned revenue of $4.52 billion and had a net profit of $553 million.

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PG&E Corp. is a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. The company was founded in 1995 and is headquartered in San Francisco, CA.