Rokos Capital Management 13F: Cuts PG&E (PCG) Stake by $33M

Rokos Capital Management Trims PG&E Holdings

Rokos Capital Management reduced its investment in PG&E Corporation (NYSE:PCG) during the quarter ended May 15, 2026, according to a Form 13F filed with the U.S. Securities and Exchange Commission. The fund cut its position by 39.3%, selling 1,964,703 shares during the period. Institutional filings look backward and may not reflect the investor's current position today.

Inside the Reduction in PCG Shares

Prior to the adjustment, Rokos Capital Management held 5,005,307 shares of the utility company. The sale of 1,964,703 shares brought the fund's ending ownership down to 3,040,604 shares. Based on market valuations around the reporting window, the remaining stake carried a value of approximately $51.1 million. Investors will need to watch future quarterly disclosures to see if the fund continues to scale back its exposure.

PG&E Stock Performance and Valuation

Shares of PG&E Corporation trade near $16.82, sitting inside a 52-week range defined by a low of $12.59 and a high of $19.16. The company features a price-to-earnings ratio of 9.3 and a forward P/E of 7.2. Its moving averages show the stock changing hands near its 50-day average of $16.41 and its 200-day average of $16.65.

Recent Analyst Updates on PCG

Wall Street firms have adjusted their views on the utility provider through the autumn. On October 12, 2026, Barclays maintained its Overweight rating while lowering its price target from $18.00 to $17.00. On the same day, JP Morgan maintained an Overweight rating and adjusted its target from $18.00 to $17.00. Earlier on September 23, 2026, UBS downgraded the stock to Neutral and cut its target from $19.00 to $14.00. Morgan Stanley kept an Equal-Weight rating on September 18, 2026, lowering its target from $22.00 to $20.00. B of A Securities maintained a Neutral stance on September 4, 2026, nudging its target from $13.00 to $14.00. Barclays also kept an Overweight rating on September 3, 2026, moving its target from $23.00 to $18.00, while Mizuho maintained a Neutral rating with a target shifted from $16.00 to $14.00. Finally, Truist Securities downgraded the stock to Hold on September 3, 2026, lowering its target from $21.00 to $17.00. Overall, the stock carries a consensus Buy rating and a mean price target of $19.53 across 16 analyst opinions.

What PG&E Corporation Does

Headquartered in Oakland, California, PG&E Corporation operates through its primary subsidiary to deliver electricity and natural gas to residential, commercial, industrial, and agricultural customers across northern and central California. The utility generates power using nuclear, hydroelectric, fossil fuel, fuel cell, and photovoltaic sources, maintaining an extensive network of transmission lines, substations, and storage systems.

Looking Ahead for the Fund and Company

Rokos Capital Management maintains a diverse portfolio spanning multiple sectors, frequently shifting its equity allocations across technology, energy, and financial assets. PG&E Corporation is scheduled to report its next round of earnings on October 22, 2026. Market participants will track upcoming institutional reports and financial results to gauge how large funds manage their utility holdings.