Billionaire Chris Rokos is Selling These 5 Stocks in 2023

2. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 52

Headquartered in Oakland, PG&E Corporation (NYSE:PCG) is a holding company that serves as the parent company of Pacific Gas and Electric Company. This energy provider caters to approximately 16 million residents in Northern and Central California, covering a service area spanning 70,000 square miles. Ladenburg analyst Paul Fremont initiated coverage of PG&E Corporation (NYSE:PCG) on April 4, assigning it a ‘Buy’ rating and setting a price target of $20.50.

In Q2 2021, Rokos’ fund initiated a position in PG&E Corporation (NYSE:PCG) by acquiring shares worth $51.34 million, only to sell off its stake in Q1 2022. The fund then purchased 100,000 shares of the company in Q4 2022, but quickly offloaded them in Q1 2023.

According to Insider Monkey data, PG&E Corporation (NYSE:PCG) had 52 hedge funds at the end of the first quarter 2023. Dan Loeb’s Third Point is the company’s notable stakeholder in Q1 2023, with 59.25 million shares worth $958 million.

In its Q4 2022 investor letter, the ClearBridge Global Infrastructure Value Strategy offered its perspective on PG&E Corporation (NYSE: PCG) with the following comment:

“Turning to the U.S. and Canada, U.S. electric utility PG&E Corporation (NYSE:PCG) and U.S. water company American Water Works (AWK) also made strong contributions. PG&E is a regulated utility operating in central and northern California that serves 5.3 million electricity customers and 4.4 million gas customers in 47 of the state’s 58 counties. PG&E outperformed given several positive catalysts: it was included in the S&P 500 Index, the Fire Victim’s Trust sold some of its stake in the company, easing a market overhang, and the company displayed evidence of its operational improvements, with no major fires seen so far this fire season.”