5 Most Undervalued Renewable Energy Stocks To Buy According To Hedge Funds

4. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 51

PG&E Corporation (NYSE:PCG), also known as Pacific Gas and Electric Company, is a California-based utility company. The company provides electricity to over 5 million customers in California. The company generates electricity through natural gas, solar plants, hydropower, and nuclear energy.

On August 7, UBS analyst Gregg Orrill upgraded PG&E Corporation (NYSE:PCG)’s stock from Neutral to Buy and raised the company’s price target to $21 from $19. The analyst revised his rating and price target on the company stock as he believes that PG&E Corporation (NYSE:PCG) has reduced the risk of a major wildfire with its equipment by 90% since 2017-18.

In Q2 2023, PG&E Corporation (NYSE:PCG)’s stock was owned by 51 hedge funds. Dan Loeb’s Third Point Management was the most prominent stakeholder in the company with 54 million shares worth $933.120 million.

Third Point Management made the following comment 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.”