PG&E CORP PCG
COM · Common Stock · CUSIP 69331C108 · ISIN US69331C1080
Parent and holding company of Pacific Gas and Electric Company
- SectorUtilities
- IndustryElectric & Other Services Combined
- HeadquartersOakland, CA
- Founded1995
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($126.9m this quarter). Holder counts are more reliable. Shares outstanding: 2.7bn as of 2026-02-04, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $16.08. Options: 42 managers hold calls ($532.8m notional), 34 hold puts ($285.6m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 442 |
| Q4 2022 | 524 |
| Q1 2023 | 543 |
| Q2 2023 | 560 |
| Q3 2023 | 599 |
| Q4 2023 | 636 |
| Q1 2024 | 657 |
| Q2 2024 | 662 |
| Q3 2024 | 679 |
| Q4 2024 | 733 |
| Q1 2025 | 753 |
| Q2 2025 | 761 |
| Q3 2025 | 832 |
| Q4 2025 | 882 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 339 | 281 |
| Q2 2024 | 345 | 271 |
| Q3 2024 | 371 | 266 |
| Q4 2024 | 421 | 237 |
| Q1 2025 | 428 | 339 |
| Q2 2025 | 422 | 335 |
| Q3 2025 | 464 | 338 |
| Q4 2025 | 488 | 321 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $651.2m | $283.2m | 0.43 |
| Q2 2025 | $948.3m | $449.6m | 0.47 |
| Q3 2025 | $1.7bn | $562.6m | 0.34 |
| Q4 2025 | $532.8m | $285.6m | 0.54 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +28.3m |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Added | +17.5m |
| HSBC HOLDINGS PLC | Added | +14.6m |
| CITADEL ADVISORS LLC | Added | +11.8m |
| Clearbridge Investments, LLC | Added | +10.8m |
| MILLENNIUM MANAGEMENT LLC | Added | +9.8m |
| Balyasny Asset Management L.P. | Added | +6.2m |
| BlackRock, Inc. | Added | +5.9m |
| Danica Pension, Livsforsikringsaktieselskab | New | +5.5m |
| Qube Research & Technologies Ltd | Added | +4.7m |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -38.4m |
| Capital Research Global Investors | Reduced | -36.4m |
| Capital International Investors | Reduced | -22.8m |
| Lombard Odier Asset Management (Europe) Ltd | Sold out | -19.0m |
| Third Point LLC | Reduced | -15.8m |
| Squarepoint Ops LLC | Reduced | -9.6m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -7.8m |
| BANK OF AMERICA CORP /DE/ | Reduced | -7.6m |
| FMR LLC | Reduced | -7.5m |
| MACQUARIE GROUP LTD | Reduced | -7.2m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $120.0m7.5m shares |
| NOMURA HOLDINGS INC | Reduced | $57.2m3.6m shares |
| Centiva Capital, LP | Reduced | $54.2m3.4m shares |
| UBS Group AG | Added | $52.6m3.3m shares |
| CITADEL ADVISORS LLC | Reduced | $32.5m2.0m shares |
| JANE STREET GROUP, LLC | Reduced | $29.5m1.8m shares |
| SIMPLEX TRADING, LLC | Reduced | $28.0m1.7m shares |
| Point72 Asset Management, L.P. | Added | $19.5m1.2m shares |
| LOCUST WOOD CAPITAL ADVISERS, LLC | Unchanged | $14.3m888.0k shares |
| IMC-Chicago, LLC | Reduced | $12.9m800.3k shares |
Biggest puts
| Portman Square Capital LLP | Added | $64.3m4.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $44.8m2.8m shares |
| BlueCrest Capital Management Ltd | New | $32.1m2.0m shares |
| JANE STREET GROUP, LLC | Reduced | $17.9m1.1m shares |
| CITADEL ADVISORS LLC | Reduced | $17.2m1.1m shares |
| Point72 Asset Management, L.P. | Added | $16.1m1.0m shares |
| SIMPLEX TRADING, LLC | Reduced | $16.0m997.2k shares |
| HSBC HOLDINGS PLC | Added | $8.7m540.9k shares |
| TWO SIGMA INVESTMENTS, LP | Reduced | $7.9m493.4k shares |
| Walleye Trading LLC | Reduced | $6.3m390.9k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-25 | 8.1% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.4% |
| FMR LLC 13G · institution -1.1 pts · filed 2025-08-06 | 6.0% |
| STATE STREET CORP 13G · institution +1.0 pts · filed 2025-05-13 | 5.2% |
| PointState Capital LP 13G · passive investor new · filed 2026-09-04 | 5.1% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-07-31 | 5.0% |
Fell to 5% or below in the last year: MASSACHUSETTS FINANCIAL SERVICES CO /MA/ (4.7%, 2026-08-12), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $1.0m | $1.0m |
| Q3 2024 | 0 | — | 1 | $707.2k | $707.2k |
| Q4 2024 | 0 | — | 1 | $1.1m | $1.1m |
| Q1 2025 | 5 | $321.9k | 2 | $775.3k | $775.3k |
| Q2 2025 | 0 | — | 1 | $562.6k | $562.6k |
| Q3 2025 | 0 | — | 1 | $106.0k | — |
| Q4 2025 | 1 | $119.7k | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-11-04 | LARSEN JOHN O Director | Bought | $119.7k7.5k shares |
| 2025-10-30 | Glickman Jason M EVP, EPS at PG&E Company | Sold | $470.1k29.5k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.06% of their portfolio | 264.2m $4.2bn | Added +2.7m |
| BlackRock, Inc. 0.06% of their portfolio | 204.2m $3.3bn | Added +5.9m |
| STATE STREET CORP 0.07% of their portfolio | 122.6m $2.0bn | Added +4.3m |
| FMR LLC 0.09% of their portfolio | 115.8m $1.9bn | Reduced -7.5m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.60% of their portfolio | 115.6m $1.9bn | Reduced -7.8m |
| AQR CAPITAL MANAGEMENT LLC 0.63% of their portfolio | 74.8m $1.2bn | Added +28.3m |
| GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 62.1m $1.0bn | Added +1.1m |
| DEUTSCHE BANK AG\ 0.22% of their portfolio | 42.3m $679.5m | Added +2.2m |
| AMERIPRISE FINANCIAL INC 0.13% of their portfolio | 36.0m $578.0m | Reduced -124.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.06% of their portfolio | 35.6m $571.4m | Reduced -1.4m |
| Third Point LLC 7.58% of their portfolio | 34.3m $551.2m | Reduced -15.8m |
| NORGES BANK 0.06% of their portfolio | 33.1m $532.2m | Not comparable |
| Capital Research Global Investors 0.10% of their portfolio | 32.6m $523.1m | Reduced -36.4m |
| JPMORGAN CHASE & CO 0.03% of their portfolio | 29.3m $470.6m | Reduced -38.4m |
| HSBC HOLDINGS PLC 0.13% of their portfolio | 28.0m $450.5m | Added +14.6m |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 1.43% of their portfolio | 26.8m $429.9m | Added +17.5m |
| Sessa Capital IM, L.P. 7.85% of their portfolio | 24.6m $395.0m | Unchanged |
| Legal & General Group Plc 0.08% of their portfolio | 23.7m $380.4m | Added +177.8k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.23% of their portfolio | 21.3m $341.6m | Reduced -721.2k |
| FRANKLIN RESOURCES INC 0.08% of their portfolio | 20.0m $321.3m | Added +175.5k |
| Gallagher Fiduciary Advisors, LLC 10.11% of their portfolio | 19.4m $312.2m | Reduced -626.3k |
| NORTHERN TRUST CORP 0.04% of their portfolio | 18.7m $301.3m | Reduced -194.7k |
| Invesco Ltd. 0.03% of their portfolio | 17.9m $287.8m | Added +1.4m |
| Clearbridge Investments, LLC 0.23% of their portfolio | 17.6m $282.0m | Added +10.8m |
| CITADEL ADVISORS LLC 0.19% of their portfolio | 17.1m $275.4m | Added +11.8m |
| Pictet Asset Management Holding SA 0.26% of their portfolio | 16.8m $270.5m | Reduced -1.4m |
| MILLENNIUM MANAGEMENT LLC 0.19% of their portfolio | 16.8m $270.0m | Added +9.8m |
| MORGAN STANLEY 0.02% of their portfolio | 16.3m $261.7m | Reduced -349.1k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 15.8m $254.2m | Reduced -7.6m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 14.8m $238.4m | Added +767.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.05% of their portfolio | 14.8m $238.2m | Added +205.0k |
| Sixth Street Partners Management Company, L.P. 24.44% of their portfolio | 14.8m $238.0m | Unchanged |
| ATLAS Infrastructure Partners (UK) Ltd. 11.38% of their portfolio | 14.1m $227.0m | Added +3.9m |
| Man Group plc 0.43% of their portfolio | 13.9m $223.2m | Added +3.9m |
| WELLINGTON MANAGEMENT GROUP LLP 0.04% of their portfolio | 13.1m $211.0m | Reduced -2.1m |
| VAN ECK ASSOCIATES CORP 0.17% of their portfolio | 12.9m $207.4m | Added +3.5m |
| Capital International Investors 0.03% of their portfolio | 12.8m $205.3m | Reduced -22.8m |
| Point72 Asset Management, L.P. 0.31% of their portfolio | 12.4m $199.7m | Added +4.7k |
| BANK OF MONTREAL /CAN/ 0.08% of their portfolio | 11.8m $189.7m | Added +214.8k |
| PointState Capital LP 3.24% of their portfolio | 11.8m $189.5m | Reduced -2.2m |
| Brookfield Corp /ON/ 0.23% of their portfolio | 11.3m $182.3m | Reduced -195.0k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 11.3m $181.9m | Added +276.6k |
| Covalis Capital LLP 12.42% of their portfolio | 9.9m $159.0m | Added +1.2m |
| Eurizon Capital SGR S.p.A. 0.48% of their portfolio | 9.6m $154.5m | First filing |
| Mitsubishi UFJ Trust & Banking Corp 0.36% of their portfolio | 9.5m $152.9m | Added +1.3m |
| BARCLAYS PLC 0.06% of their portfolio | 9.4m $151.8m | Added +1.8m |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.22% of their portfolio | 9.2m $148.1m | First filing |
| JENNISON ASSOCIATES LLC 0.09% of their portfolio | 9.1m $146.8m | Reduced -1.7m |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 8.8m $141.5m | Reduced -2.6m |
| LOCUST WOOD CAPITAL ADVISERS, LLC 3.42% of their portfolio | 8.5m $136.7m | Reduced -549.5k |
| MACKENZIE FINANCIAL CORP 0.15% of their portfolio | 8.1m $130.1m | Added +666.5k |
| DME Capital Management, LP 4.39% of their portfolio | 7.8m $125.1m | Added +1.4m |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 7.6m $122.2m | Reduced -69.7k |
| Zimmer Partners, LP 3.09% of their portfolio | 7.3m $117.1m | Reduced -623.3k |
| Silver Point Capital L.P. 5.28% of their portfolio | 7.3m $117.1m | Added +2.7m |
| ECP ControlCo, LLC 55.88% of their portfolio | 7.1m $114.5m | Unchanged |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.07% of their portfolio | 7.0m $113.2m | Added +3.5m |
| Nuveen, LLC 0.03% of their portfolio | 7.0m $112.7m | Reduced -29.1k |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 1.64% of their portfolio | 6.9m $111.7m | Added +152.5k |
| COHEN & STEERS, INC. 0.20% of their portfolio | 6.8m $109.8m | Added +445.5k |
| Balyasny Asset Management L.P. 0.21% of their portfolio | 6.8m $109.7m | Added +6.2m |
| FIRST TRUST ADVISORS LP 0.07% of their portfolio | 6.3m $100.7m | Added +1.4m |
| Swiss National Bank 0.06% of their portfolio | 6.0m $96.8m | Reduced -312.4k |
| Empyrean Capital Partners, LP 3.30% of their portfolio | 5.9m $94.8m | Unchanged |
| UBS Group AG 0.02% of their portfolio | 5.7m $92.1m | Added +91.5k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.31% of their portfolio | 5.7m $90.9m | Added +512.8k |
| Qube Research & Technologies Ltd 0.13% of their portfolio | 5.7m $91.9m | Added +4.7m |
| Sumitomo Mitsui Trust Group, Inc. 0.05% of their portfolio | 5.6m $90.2m | Reduced -127.0k |
| Danica Pension, Livsforsikringsaktieselskab 1.27% of their portfolio | 5.5m $88.4m | New |
| California Public Employees Retirement System 0.05% of their portfolio | 5.4m $86.9m | Reduced -498.1k |
| Cerity Partners LLC 0.13% of their portfolio | 5.4m $86.9m | Added +3.4m |
| Owl Creek Asset Management, L.P. 10.31% of their portfolio | 5.3m $85.7m | Reduced -773.7k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.95% of their portfolio | 5.2m $83.7m | Added +860.8k |
| Rokos Capital Management LLP 1.18% of their portfolio | 5.0m $80.6m | Reduced -1.8m |
| Amundi 0.02% of their portfolio | 4.8m $77.9m | Added +185.0k |
| IEQ CAPITAL, LLC 0.23% of their portfolio | 4.8m $77.4m | Added +2.3m |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.39% of their portfolio | 4.8m $76.9m | Reduced -16.5k |
| Freestone Grove Partners LP 0.55% of their portfolio | 4.8m $76.3m | Reduced -63.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.05% of their portfolio | 4.6m $74.1m | Added +172.1k |
| JANE STREET GROUP, LLC 0.08% of their portfolio | 4.4m $71.2m | Added +1.1m |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 4.4m $71.1m | Added +789.9k |
| Aberdeen Group plc 0.11% of their portfolio | 4.4m $71.1m | Reduced -110.4k |
| RHUMBLINE ADVISERS 0.06% of their portfolio | 4.3m $68.9m | Reduced -89.5k |
| CITIGROUP INC 0.05% of their portfolio | 4.2m $67.9m | Reduced -975.7k |
| Ensign Peak Advisors, Inc 0.11% of their portfolio | 4.0m $64.4m | Reduced -100.6k |
| Allianz Asset Management GmbH 0.07% of their portfolio | 3.9m $63.3m | Added +2.8m |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 3.7m $60.1m | Added +560.4k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.09% of their portfolio | 3.7m $60.0m | Added +1.7m |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 3.7m $59.2m | Reduced -3.1m |
| National Pension Service 0.04% of their portfolio | 3.6m $57.3m | Added +358.7k |
| CANADA LIFE ASSURANCE Co 0.10% of their portfolio | 3.5m $56.0m | Added +23.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 3.3m $53.3m | Reduced -75.9k |
| LPL Financial LLC 0.01% of their portfolio | 3.3m $52.3m | Added +88.2k |
| NATIONAL BANK OF CANADA /FI/ 0.05% of their portfolio | 3.2m $51.6m | Added +2.4m |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 3.2m $51.5m | Added +216.8k |
| BlueCrest Capital Management Ltd 1.87% of their portfolio | 3.0m $48.2m | Reduced -6.9m |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 2.9m $46.0m | Added +1.0m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio | 2.8m $45.7m | Added +1.4m |
| UniSuper Management Pty Ltd 0.24% of their portfolio | 2.5m $40.8m | Reduced -9.5k |
| Capitolis Liquid Global Markets LLC 0.24% of their portfolio | 2.5m $40.2m | Unchanged |