We at Insider Monkey have gone over 742 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30. In this article, we look at what those funds think of PG&E Corporation (NYSE:PCG) based on that data.
Is PG&E Corporation (NYSE:PCG) an exceptional stock to buy now? Prominent investors are taking a pessimistic view. The number of bullish hedge fund positions fell by 3 in recent months. PCG was in 23 hedge funds’ portfolios at the end of September. There were 26 hedge funds in our database with PCG positions at the end of the previous quarter. At the end of this article we will also compare PCG to other stocks including Prudential Financial Inc (NYSE:PRU), Liberty Global PLC LiLAC Class C (NASDAQ:LILAK), and Air Products & Chemicals, Inc. (NYSE:APD) to get a better sense of its popularity.
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
Hedge fund activity in PG&E Corporation (NYSE:PCG)
At the end of the third quarter, a total of 23 of the hedge funds tracked by Insider Monkey were bullish on this stock, down by 12% from the previous quarter after flat sentiment in Q2. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were upping their stakes substantially (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Israel Englander’s Millennium Management has the biggest position in PG&E Corporation (NYSE:PCG), worth close to $389.9 million. On Millennium Management’s heels is AQR Capital Management, led by Cliff Asness, holding a $218.1 million position. Other hedge funds and institutional investors that are bullish contain Phill Gross and Robert Atchinson’s Adage Capital Management, Jonathan Barrett and Paul Segal’s Luminus Management, and Dmitry Balyasny’s Balyasny Asset Management.