5 Best Green Stocks To Invest In 2023

4. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 51

PG&E Corporation (NYSE:PCG), also recognized as Pacific Gas and Electric Company, operates as a utility company based in California. The company supplies electricity to a vast customer base exceeding 5 million in California. Its electricity generation methods encompass natural gas, solar plants, hydropower, and nuclear energy.

On October 12, PG&E introduced its Microgrid Incentive Program (MIP), an innovative project designed to provide financial assistance for multi-customer microgrids proposed by community, local, and tribal governments. The MIP, a competitive grant program spanning the state and endowed with a $200 million budget, aims to accelerate the establishment of clean-energy community microgrids within disadvantaged and vulnerable communities throughout California.

On August 7, UBS analyst Gregg Orrill elevated PG&E Corporation (NYSE:PCG)’s stock rating from Neutral to Buy, concurrently raising the company’s price target to $21 from $19. This adjustment was based on Orrill’s assessment that PG&E Corporation (NYSE:PCG) has notably reduced the wildfire risk associated with its equipment by approximately 90% since the years 2017-18.

In Q2 2023, PG&E Corporation (NYSE:PCG)’s stock was owned by 51 hedge funds. Dan Loeb’s Third Point Management was the most prominent stakeholder in the company with 54 million shares worth $933.120 million.

Third Point Management made the following comment about PG&E Corporation (NYSE:PCG) in its Q1 2023 investor letter:

“Our strategy is to preserve liquidity and buying power to take advantage of markets when they “break”. While overall indices remain elevated, we are finding more chances to provide liquidity across all three asset classes in which we invest – credit, structured credit, and equity – opportunities which have been key drivers of performance for the fund. Our portfolio is balanced across industries with a focus on event-driven names including companies involved in spin-offs, significant cost-cutting, or other types of under-appreciated business transformation. PG&E Corporation (NYSE:PCG), which is still our largest position, continues to deliver strong performance, down 50bps in the first quarter but up 6.2% for the year to date after the Fire Victims Trust sold another 60 million shares in a block trade.”