5 Best Stocks to Buy According to Billionaire Dan Loeb

1. PG&E Corporation (NYSE:PCG)

Third Point Stake: $652,692,000

Percentage of Third Point’s Portfolio: 15.44%

Number of Hedge Fund Holders: 51

PG&E Corporation (NYSE:PCG) operates in the electricity and gas sector and is based in California. Dan Loeb sold some of its shares during Q2 2022. Third Point’s investment in the company constitutes 15.44% of the overall portfolio of the fund and held 65,400,000 shares of the company at the end of the second quarter of 2022.

On October 10, 2022, Shelby Tucker, an analyst at RBC Capital, increased his price target on PG&E Corporation (NYSE:PCG) to $19 as he kept Outperform rating on the stock. As per the analyst, there are significant upside drivers in place that will ensure the re-rating of the share price.

Here is what GoodHaven Capital Management said about PG&E Corporation (NYSE:PCG) in its Q2 2022 investor letter:

Other activity in the period included eliminating our holding in PG&E Corporation (NYSE:PCG) and adding a few new holdings – the luxury furniture and lifestyle company RH (formerly Restoration Hardware) and Goldman Sachs. A few important developments changed at PG&E including higher future capex plans and changes in long-term guidance, and so we changed our mind and sold. Purchases were made on a handful of occasions in 2020 and mid-2021 at an approximate average price of $9.20 and fully sold during February 2022 at an approximate average price of $11.42, earning approximately 24%.

You can also take a look at 10 Dividend Stocks That Are Too Cheap To Ignore and Hedge Fund Investor Letters Q3 2022.

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