Billionaire Dan Loeb’s Top 5 Stock Picks

1. PG&E Corporation (NYSE: PCG)

Value: $1,058,293,000
Percent of Dan Loeb’s 13F Portfolio: 8.15%
Number of Hedge Fund Holders: 66

The Pacific Gas and Electric Company, or PG&E Corp, tops the list of Dan Loeb’s stock holdings.  The stock is up 31% over the last 12 months. Wells Fargo recently upgraded PG&E to Equal Weight with a $12 target. The company recently posted 2020 adjusted EPS of $1.61, above the Street’s estimates by $0.01. Revenue in the quarter jumped 7.8% to $18.47 billion, missing the consensus by $130 million.

As of the end of the fourth quarter, 66 hedge funds in Insider Monkey’s database of 887 funds held stakes in PG&E, compared to 76 funds in the third quarter. Dan Loeb’s Third Point is the biggest stakeholder in the company, with 84.9 million shares, worth $1.06 billion.

In their Q2 2020 investor letter, Baupost Group mentioned PG&E Corp (NYSE:PCG):

“Fortunately, our investment in the subrogation claims and equity of Pacific Gas and Electric, the firm’s largest position, was not impacted by the COVID-19 fallout. As we expected, PG&E’s bankruptcy plan was confirmed by the judge overseeing the case, and the company emerged from bankruptcy on July 1st . Importantly, upon emergence, cash was placed in a trust for the benefit of the subrogation creditors. A substantial initial distribution from this trust, estimated to be roughly 80% of anticipated recoveries, is expected to be paid later this month.”

You can also take a peek at Cathie Wood’s Top 10 Stock Picks and John Rogers’ Top 10 Stock Picks.

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