Top 5 Stocks to Buy According to Billionaire Investor Chris Rokos

2. PG&E Corporation (NYSE:PCG)

Value of Rokos Capital’s 13F Position: $48.43 million

Number of Hedge Fund Shareholders: 65

Rokos Capital Management slashed its PG&E Corporation (NYSE:PCG) holding by 21% during the fourth quarter, leaving it with even 4 million shares. Despite the selling, the company still represents Rokos’ second-largest long equity position as of December 31.

PG&E Corporation (NYSE:PCG) has fallen out of favor with hedge funds over the last year and a half, with ownership of the company sliding by 31% during that time. Billionaire money managers George Soros and Seth Klarman both sold off their stakes in PCG during the fourth quarter, while Steve Cohen and David Abrams unloaded their positions a quarter earlier.

PG&E Corporation (NYSE:PCG) issued GAAP earnings guidance of between $0.89 and $1.23 per share for 2022, which includes non-core items of up to $380 million owing to the expected costs related to wildfire damages triggered by its power lines and pending lawsuits. PG&E has taken major steps in recent years to improve its safety procedures, including expanding its usage of underground power lines.