PG&E Corp (NYSE:PCG) CEO Patricia Poppe has sold a significant portion of her stock in the company, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on April 30, involved the sale of 59,000 shares at an average price of $17.08 per share, totaling approximately $1,007,719.
The sale was conducted under a pre-arranged trading plan that complies with Rule 10b5-1(c), which allows insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. This plan had been adopted on December 11, 2023.
Prices for the shares sold ranged from $17.00 to $17.18, with the exact number of shares sold at each price available upon request. The transaction was executed indirectly, as the stocks were held by the Patricia K. Poppe Revocable Living Trust.
Following the sale, Poppe still retains a substantial interest in PG&E, with 1,515,777 shares remaining in her possession. This move by the CEO of the California-based electric utility company has caught the attention of investors, reflecting a notable change in her investment position.
The signature on the SEC filing was provided by J. Ellen Conti, attorney-in-fact for Patricia K. Poppe, indicating that the power of attorney is on file with the SEC and was signed on May 1, 2024.
Investors and analysts often watch insider transactions such as these for hints about executives' confidence in the company's future performance. However, transactions under Rule 10b5-1 plans are typically set up well in advance and may not necessarily reflect immediate market sentiment or insider perspectives.
InvestingPro Insights
PG&E Corp's (NYSE:PCG) recent insider trading activity, with CEO Patricia Poppe selling a significant number of shares, has sparked interest among investors regarding the company's valuation and future performance. To offer a clearer picture, certain key metrics and InvestingPro Tips can provide additional context for those following the company's financial health and market position.
InvestingPro Data indicates that PG&E has a market capitalization of $37.21 billion, with a P/E ratio of 15.16. Notably, the P/E ratio has adjusted to 13.19 for the last twelve months as of Q1 2024, suggesting a potentially more attractive valuation relative to the company's earnings. Additionally, the PEG ratio, which measures the stock's price relative to its earnings growth rate, stands at a favorable 0.59 for the same period, indicating that the stock may be undervalued based on expected growth.
From an operational standpoint, PG&E has demonstrated a revenue growth of 9.0% for the last twelve months as of Q1 2024, although there has been a quarterly revenue decline of -5.6% in Q1 2024. The company's gross profit margin remains robust at 35.66%, which is a critical factor in assessing its profitability and efficiency.
InvestingPro Tips highlight some noteworthy points for investors considering PCG stock. Firstly, the company is operating with a significant debt burden, which is an essential factor to consider when evaluating financial stability. Secondly, while three analysts have revised their earnings estimates downwards for the upcoming period, the company is still expected to be profitable this year, which is corroborated by its profitability over the last twelve months.
For investors seeking more in-depth analysis and additional insights on PG&E, there are more InvestingPro Tips available at https://www.investing.com/pro/PCG. To access these insights and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This offer includes access to a total of 5 InvestingPro Tips for PG&E, which can provide further guidance on the company's financials and market performance.
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