Top 5 Stocks Billionaire Seth Klarman is Selling Off

2. PG&E Corporation (NYSE:PCG)

Net Amount of Shares Baupost Group Sold in Q4: 7.22 million

Number of Hedge Fund Holders: 59

Klarman also dumped his entire stake in PG&E Corporation (NYSE:PCG) during Q4, closing the position he opened in the first quarter of 2018. Hedge fund ownership of PCG has fallen by 31% since mid-2020. The holding didn’t work out for Klarman, to say the least, as PG&E shares are down by 74% since the end of Q1 2018.

PG&E Corporation (NYSE:PCG), which has been caught up in various scandals over the years related to wildfires and water contamination, has taken major steps to improve its safety record through improvements to its PSPS algorithm, the current iteration of which the company claims would have prevented 96% of the structural damage caused by fires that started from coming into contact with its electrical wires between 2012 and 2020.

PG&E Corporation (NYSE:PCG) delivered $0.28 in EPS during Q4, in line with estimates, and has guided for between $1.07 and $1.11 in EPS for 2022. PG&E expects 10% EPS growth over the longer term, alongside 8.5% rate base growth.