Your basis will be whatever they paid for it in 1986. The gift was made in 1986. You will need to find out what the cost was at that time and whether you have had dividends reinvested or other transactions that would increase your basis.
It appears that PG&E has had a stock split resulting in you receiving an additional 187 shares. The tax result is that your basis in 248 shares (original 61 plus new 187) is based on the cost of the original 61, i.e. $305.00. So for the 187 you sold, the basis would be $305 / 248 * 187 = $230. You have a long term capital gain of $7,759 - $305 = $7,454.