5 Best Affordable Stocks Under $30

4. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 51

Share Price as of August 18: $16.97 

PG&E Corporation (NYSE:PCG) is one of the largest electric utility companies in the United States. It is engaged in the supply of electricity and natural gas to consumers. It operates plants using nuclear, photovoltaic, hydro-electric, and fuel cell sources. On July 27, PG&E Corporation (NYSE:PCG) announced a Q2 revenue of $5.29 billion and a non-GAAP EPS of $0.23, falling short of the market consensus by $200 million and $0.03, respectively. However, based on hedge fund sentiment, PG&E Corporation (NYSE:PCG) remains one of the best affordable stocks to buy. 

According to Insider Monkey’s second quarter database, a total of 51 hedge funds were bullish on PG&E Corporation (NYSE:PCG). In comparison, 52 hedge funds had invested in the company during the last quarter. Dan Loeb’s Third Point held the largest stake in PG&E Corporation (NYSE:PCG), with 54 million shares worth $933.1 million. 

Third Point Management said this about PG&E Corporation (NYSE:PCG) in its Q1 2023 investor letter:

“Our strategy is to preserve liquidity and buying power to take advantage of markets when they “break”. While overall indices remain elevated, we are finding more chances to provide liquidity across all three asset classes in which we invest – credit, structured credit, and equity – opportunities which have been key drivers of performance for the fund. Our portfolio is balanced across industries with a focus on event-driven names including companies involved in spin-offs, significant cost-cutting, or other types of under-appreciated business transformation. PG&E Corporation (NYSE:PCG), which is still our largest position, continues to deliver strong performance, down 50bps in the first quarter but up 6.2% for the year to date after the Fire Victims Trust sold another 60 million shares in a block trade.”