JP Morgan Cuts PG&E (PCG) Price Target to $17

JP Morgan has reiterated its Overweight rating on PG&E Corporation (NYSE: PCG) and set a new price target of $17.00, which is down from the previous target of $18.00. This change was announced on October 12, 2026.

The recent share price for PG&E is around $13.18 as of October 16, 2026, placing it about 22.5% below the new price target. This price adjustment reflects JP Morgan's updated outlook on the utility sector, where PG&E operates.

Other Institutional Activity in PG&E Corporation

Several other institutional investors have also been active in PG&E. Blackrock Inc. holds 203,140,117 shares worth approximately $2.66 billion, having increased its stake by 7,625,086 shares. Vanguard Capital Management LLC has 142,036,384 shares valued at about $1.86 billion after adding 973,335 shares. State Street Corporation owns 128,484,925 shares, worth around $1.68 billion, following a gain of 2,605,700 shares. FMR, LLC has 119,559,243 shares valued at about $1.57 billion after a smaller increase of 488,191 shares. Additionally, Vanguard Portfolio Management LLC added 1,810,632 shares, bringing its total to 110,884,839 shares worth around $1.45 billion.

PG&E Corporation Stock Up 1.7%

PG&E shares have recently been trading at $13.18, which is significantly lower than the new target price of $17.00 set by JP Morgan. This situation puts the stock at a considerable discount compared to analysts' expectations, reflecting potential market concerns.

Recent Earnings

In its latest financial results, PG&E reported a trailing twelve-month revenue of approximately $25.84 billion and earnings per share (EPS) of $1.39. The company's return on equity stands at 9.3%, while its net margin is 11.8%. The next earnings report is scheduled for October 22, 2026, which could provide further insights into the company’s performance.

Insider Buying and Selling at PG&E Corporation

Several insiders at PG&E have made trades recently. Director Kerry Whorton Cooper sold 1,250 shares at an average price of $18.00 on July 22, 2026. Divisional Officer Marlene Santos also sold 158,250 shares at the same price on the same date. Additionally, on September 4, 2026, Director William Craig Fugate sold 6,500 shares at $13.76. In contrast, Director John O. Larsen bought 7,500 shares at $12.20 on September 30, 2026.

Analysts Set New Price Targets

On October 12, 2026, both JP Morgan and Barclays maintained their Overweight ratings on PG&E with a price target of $17.00. This reflects a reduction from Barclays' previous target of $18.00. The consensus among analysts suggests a cautious outlook on the stock, with various firms adjusting their price targets in recent months.

About PG&E Corporation

PG&E Corporation, based in Oakland, California, is a leading utility company that delivers electricity and natural gas to customers in northern and central California. The company generates power from a range of sources, including nuclear, hydroelectric, and fossil fuels. This recent analyst activity signals ongoing interest in PG&E's performance as it navigates regulatory and market challenges.

Bottom Line

Investors should watch for PG&E's upcoming earnings report on October 22, 2026, which could provide insights into its financial health. Analyst opinions and price targets will continue to evolve based on the company's performance and market conditions.