13.20 +0.12 (0.92%)
Pre-Market: 5:26AM EST
|Bid||12.86 x 800|
|Ask||13.29 x 2900|
|Day's Range||12.63 - 13.20|
|52 Week Range||3.55 - 25.19|
|Beta (5Y Monthly)||0.56|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 25, 2020 - Mar 01, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Sep 26, 2017|
|1y Target Est||14.13|
Timely calls on gold miners and robotics stocks, and skeptical takes on ride-hailing apps and fake meat, helped Barron’s writers beat the market in 2019. Stocks that were the subject of bullish articles returned 14.1%, on average, through the end of the year, against a 12.7% gain for the benchmarks. It was the first year since 2016 that our bullish picks outpaced their benchmarks.
This may be a strange question to ask of a renewable energy company. But analysts are asking it anyway. Is FuelCell Energy (NASDAQ:FCEL) sustainable? That is, has this maker of hydrogen fuel cells found a niche it can grow into, or are its recent successes a one-time thing? And after we answere these questions, what exactly are the longer-term implications for FCEL stock?Source: Kaca Skokanova/Shutterstock InvestorPlace.com contributor Josh Enomoto remains skeptical. He calls FCEL a "penny stock." He believes its 700% rise since November can't be maintained, especially since fuel cells require expensive materials like platinum to produce.FuelCell Energy had been in a long-term trading range at about 25 cents per share, but opened for trade Jan. 17 around $2.25 with a market cap of $443 million. The catalyst seems to have been a two-year, $60 million deal with Exxon Mobil (NYSE:XOM) involving carbon capture technology. The deal is nearly twice the company's annual revenue.InvestorPlace - Stock Market News, Stock Advice & Trading Tips A New Way to Look At FCEL Stock?The company has been loudly proclaiming that it's no longer a penny stock, according to Nasdaq, ahead of reporting earnings Jan. 22 for the quarter ending in October. * 7 5G Stocks to Connect Your Portfolio To While rival Plug Power (NASDAQ:PLUG) has been pushing fuel cells as a solution for forklifts and other factory vehicles, FuelCell Energy has been aiming at big contracts in the utility and energy space.Fuel cells make energy by combining hydrogen gas with oxygen. Water is the "waste" product. Fuel cells are also quiet, meaning utilities can place them in residential neighborhoods. But the chief source of hydrogen fuel has always been natural gas. Utilities have usually decided just burning the gas is cheaper.While the Plug Power story is easy to understand, if speculative, the FuelCell Energy story is all over the map.Are they offering a way to reduce the carbon footprint of big power plants, as ExxonMobil suggests? Is this a solution for treating wastewater with the biogas found on-site? Or is this a microgrid solution for electric utilities, as FuelCell's latest press release proclaims? Is it all three? Is it also a breath mint? Trust Utilities?FuelCell reported a backlog of $2.1 billion in its third-quarter report, but just $22.7 million in revenue. The backlog resulted in a press offensive, as FuelCell management sought the capital needed to fulfill its orders.The question remains whether the current momentum is sustainable. In theory, I buy all of it. I buy using biogas to produce hydrogen. I buy carbon capture at power plants. I have long supported microgrids as a better way to guarantee electric service.What I've been unable to buy, because of the track record, is the word of oil companies or utility companies that they're serious about climate change. Exxon Mobil, for instance, has been banging the drum on TV for collecting fuel from plants. They were saying the same thing 10 years ago and little has happened. * 10 Cheap Stocks to Buy Under $10 The same is true for utilities. Al Gore wrote about microgrids as the "Electranet" over a decade ago. But PG&E (NYSE:PCG), the most progressive of the big utilities in accepting solar and wind power never adapted this secondary technology. It kept its unitary system with long power lines in place, and went bankrupt when they, predictably, caused forest fires. The Bottom LineI wish I weren't writing this, but FuelCell Energy remains a speculation.The company isn't just offering a succession of press releases. It is trying to execute a long-term strategy that makes sense. But that strategy relies on very big partners staying the course, and utility companies being willing to change.That's the bet you're making when you buy FuelCell Energy stock today. It should be a slam dunk, but sadly it's not.Dana Blankenhorn is a financial and technology journalist. He is the author of the environmental thriller Bridget O'Flynn and the Bear, available at the Amazon Kindle store. Write him at firstname.lastname@example.org or follow him on Twitter at @danablankenhorn. As of this writing, he owned no shares in companies mentioned in this story. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The Top 5 Dow Jones Stocks to Buy for 2020 * 7 Fintech ETFs to Buy Now for Fabulous Financial Exposure * 3 Tech Stocks to Play Ahead of Earnings The post Is FuelCell Energy's Business Truly Sustainable? appeared first on InvestorPlace.
The photovoltaic panels and a battery storage system will occupy around 19 acres of a 31-acre property that is currently a walnut orchard.
(Bloomberg) -- PG&E Corp. told a federal judge who has kept the troubled utility under a tight leash that it’s close -- but not fully on target --- to complying with all the wildfire prevention measures required under its criminal probation.The utility said it had fallen short of commitments it made under its own safety plan to inspect and repair lines, clear vegetation and cut tree branches near its power lines to maintain safety standards. The disclosure came in a written response Wednesday to questions raised by U.S. District Judge William Alsup, who is overseeing the company’s probation after PG&E was convicted in 2016 of gas-pipeline safety violations.The San Francisco judge has peppered the company with questions for months as he seeks to determine whether its equipment is to blame for any of last year’s wildfires in northern California, as well as how the state’s largest utility managed widespread power outages as a fire prevention measure.The company is forbidden under the terms of its probation from violating any laws. Alsup last year found PG&E had violated probation by failing to report that it reached a settlement in a criminal probe of its role in a northern California wildfire in 2017. After concluding that the company’s record on vegetation management was “dismal,” the judge ordered the utility to make improvements.In Wednesday’s report, PG&E said it “recognizes it has more work to do” to continue to improve its tree trimming and other wildfire safety programs, but said it made significant progress in responding to an increased fire threat. PG&E also defended itself, describing to Alsup, as it has previously, the improbability of being able to patrol all its lines all the time. It also noted that it wasn’t responsible for any deaths last year, and a decrease in the number of fires it caused.Read More: PG&E Faces Strict Probation Judge After Massive Kincade FirePG&E said it hadn’t been able to meet all of the targets set out in its wildfire mitigation plan. For example, the utility said it wasn’t able to complete all of its repair work on power lines it inspected due in part to circumstances beyond its control.The company conceded that one element of vegetation management program was “below target,” based on a commitment last year to “rework” any trees that were previously missed or incorrectly reviewed. “The ‘first pass’ quality results of this work verification process were about 60 percent for the year,” according to the filing. In other categories of the report, such as wildfire safety inspections, PG&E scored itself 100%. In others, such as a sub-category of system hardening, it scored itself 114%.“Perfect compliance would require nothing less than round-the-clock surveillance of all trees within striking distance of PG&E’s equipment to identify and abate any hazard as soon as it arises,” the utility said.Alsup has proven to be a rigorous taskmaster for PG&E. He has warned that anything short of complete compliance could be costly as he continues to wield power over the utility’s operations. PG&E may not learn Alsup’s response until the next hearing in the case, which isn’t currently scheduled.San Francisco-based PG&E filed for Chapter 11 bankruptcy protection in January 2019 after its equipment was blamed for devastating blazes, crippling it with an estimated $30 billion in liabilities. The utility has been trying for months to negotiate a plan to exit bankruptcy that would keep shareholders from being wiped out while paying $13.5 billion to wildfire victims.California has set a June 30 deadline for the utility to win court approval of its reorganization if it wants to participate in an insurance fund that would shield it from future catastrophic wildfire losses.The case is U.S. v. Pacific Gas and Electric Co., 14-cr-0175, U.S. District Court, Northern District of California (San Francisco).(Updates with details of report in fifth paragraph)To contact the reporters on this story: Joel Rosenblatt in San Francisco at email@example.com;Mark Chediak in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Peter Blumberg, Peter JeffreyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The California utility has been in Chapter 11 bankruptcy for nearly a year. Now, feuding bondholders and stockholders look to be nearing a truce.
(Bloomberg) -- The hard-fought battle that’s kept the biggest utility bankruptcy in U.S. history dragging on for almost a year may finally be ending.PG&E Corp. is nearing a deal with a group of noteholders led by bond giant Pacific Investment Management Co. and activist investor Elliott Management Corp., who’ve repeatedly sought to derail the company’s $46 billion restructuring plan. The agreement would entitle them to a mix of equity and new debt in the California power giant if they scrap a rival proposal, people familiar with the matter said, asking not to be identified because the information isn’t public.A deal would turn some of PG&E’s most formidable adversaries into backers of its plan to emerge from bankruptcy and bring it one major step closer to getting a proposal approved by a state-imposed deadline of June 30. The San Francisco-based utility has spent months in court battling the creditors who’ve been offering to inject as much as $20 billion in cash into the company in exchange for virtually all its equity.That would leave California Governor Gavin Newsom as the last major obstacle for PG&E, which was forced into Chapter 11 last year after its equipment was blamed for a series of catastrophic wildfires that saddled the company with $30 billion in liabilities. Newsom rejected PG&E’s latest plan and has been pushing the utility to include a provision that would allow the state to take it over should it fail to meet future safety standards.Read More: PG&E Says Elliott, Pimco Don’t Deserve $5 Billion ‘Windfall’A deal hasn’t yet been struck, and the talks may still break off, the people familiar with the situation said. PG&E said in a statement that it’s been holding discussions with stakeholders on its reorganization and hopes “to make progress over the next week.” A representative for the bondholders didn’t respond to a request for comment.During a court hearing Tuesday, PG&E lawyer Stephen Karotkin told the federal judge overseeing the reorganization that the company and bondholders were in “constructive negotiations.” He didn’t provide details about what an agreement could include.Shares of PG&E surged 8.4% to $12.92 at 9:35 a.m. in New York Wednesday. PG&E bonds fell, with its 6.05% senior unsecured notes maturing in 2034 dropping 0.187 cents on the dollar to 111.44 cents at 8:54 a.m., according to Trace data.The state has set a deadline of June 30 for the utility to win court approval of its reorganization if it wants to participate in an insurance fund that would shield it from future catastrophic wildfire losses.Under the deal being negotiated, the bondholders’ investment in the company would replace some of the exit financing that PG&E is proposing as part of its restructuring, the people said. Bonds paying less than 5% interest would be reinstated as part of the agreement being hammered out, and those above 5% would be revised to 4.75% through a mix of 10-year and 30-year bonds, they said.One of the biggest of PG&E’s bond issues also carries one of the highest interest rates: $3 billion of unsecured notes due in 2034 that pay 6.05%.What Bloomberg Intelligence SaysA reported potential deal between PG&E and its bondholders on make-whole payments -- a key part of its bankruptcy-exit plan -- could pressure the utility’s higher-coupon debt, in our view.\-- Jaimin Patel, senior credit analystClick here to view the piece.The creditors would be given the right to participate in the company’s financial backstop commitments, a move that could hand them a part of the equity financing in the deal, the people said.The two sides were in court to make final arguments about the current bankruptcy exit plan, which would refinance the company’s $17.5 billion bond load. Much of that debt carries higher-than-market interest rates.Bondholders claim the proposal would trigger a customary “make-whole payment” to compensate for the interest income they were promised in future years. PG&E says that being bankrupt voids any such assurances made in its debt contracts.The bankruptcy case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court, Northern District of California (San Francisco)(Adds analyst quote, updates shares in seventh paragraph)To contact the reporters on this story: Scott Deveau in New York at firstname.lastname@example.org;Steven Church in Wilmington, Delaware at email@example.com;Mark Chediak in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, ;Liana Baker at firstname.lastname@example.org, Rick GreenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
With unsettled weather expected to return to its service area this week, PG&E is asking customers to have a plan for inclement weather and be prepared for unexpected power outages.
Tensions between the U.S. government and Pacific Gas & Electric are boiling over as the two sides battle over whether a taxpayer-funded agency should be allowed to stake a claim on a $13.5 billion settlement covering most of the losses from catastrophic wildfires blamed on the bankrupt utility.
(Bloomberg) -- PG&E Corp.’s $1.68 billion settlement agreement with California over wildfires sparked by its power lines could save the bankrupt utility about $470 million in taxes.Nearly all the wildfire recovery and prevention work included in the agreement should be deductible from both its state and federal taxes, PG&E said in a regulatory filing late Friday.The agreement reached with state regulators in December covers Northern California blazes in 2017 and the 2018 Camp Fire, the deadliest in state history. As part of the deal, PG&E agreed not to saddle customers with $1.63 billion in costs it will incur preventing and responding to fires.“Because we will not bill customers for the work, PG&E will incur losses,” PG&E spokeswoman Jennifer Robison said in an emailed statement. “The tax treatment of such losses will be determined in accordance with the federal and state tax code.”The settlement also directs PG&E to spend an additional $50 million on system enhancements and community outreach. It’s unclear whether federal officials will allow the company to deduct that expense from its taxes, PG&E said.The filing also details how much responding to those wildfires has cost San Francisco-based PG&E, which filed for Chapter 11 in January 2019 facing an estimated $30 billion in liabilities. The company, for example, lists $719.4 million in expenses related to the November 2018 Camp Fire, which killed 85 people and leveled the town of Paradise.(Adds company comment in fourth paragraph)To contact the reporter on this story: David R. Baker in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Joe Ryan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- Victims of wildfires blamed on PG&E Corp.’s power lines and government agencies that provided them disaster relief are tussling over a payout from the bankrupt utility.PG&E reached a settlement with fire victims to pay a total of $13.5 billion for damages tied to catastrophic blazes. California’s emergency services office and the Federal Emergency Management Agency, known as FEMA, want more than $6 billion -- payouts that victims’ attorneys said Thursday would leave less money for those directly affected by the fires.Every dollar that FEMA and California’s agency receive “is one less dollar available to pay victims,” a committee representing fire victims said in filings to the judge overseeing PG&E’s bankruptcy.The dispute casts a shadow on the settlement PG&E reached with victims that won court approval just last month. The company had spent weeks cobbling together the deal, which is crucial to its efforts to come up with a viable restructuring plan and emerge from bankruptcy by a state-imposed deadline of June 30.FEMA said it’s required by federal law to pursue claims from third parties found responsible for creating disasters. “It is important that responsible parties are held accountable for causing the expenditure of taxpayer dollars,” the agency said in a statement.PG&E said it sides with the wildfire victims. “FEMA does not have a valid legal claim against the company,“ the utility said in a statement.The California Governor’s Office of Emergency Services didn’t immediately respond to a request seeking comment.The bankruptcy court has scheduled a Feb. 11 hearing on the objections to the federal and state agency claims. PG&E shares fell 0.3% at 2:41 p.m. in New York.San Francisco-based PG&E filed for Chapter 11 in January 2019 after its equipment was blamed for the devastating blazes, crippling it with an estimated $30 billion in liabilities. The company has been fending off efforts by bondholders including activist investor Elliott Management Corp. and Pacific Investment Management Co. to take over the company ever since.“The Bankruptcy Court has approved our settlement agreements resolving all major wildfire claims,” PG&E said. “This brings us one significant step closer to getting victims paid so they can rebuild their lives. As for our overall Plan of Reorganization, we remain engaged in active and constructive dialogue with stakeholders.”FEMA has made claims against PG&E for more than $3.9 billion, according to court documents. California’s emergency response agency is trying to recover more than $2.4 billion.Victims’ attorneys say FEMA and California can recover their costs through other means, including tapping a $1 billion settlement that PG&E has separately reached with certain local government agencies. The agencies should be required “to exhaust those sources before seeking to take money away from victims,” the victims’ committee said in its filing.The case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)(Adds PG&E statement in sixth paragraph)To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;Steven Church in Wilmington, Delaware at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, ;Rick Green at firstname.lastname@example.org, Joe Ryan, Will WadeFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Moody's Investors Service, ("Moody's") downgraded the Corporate Family Rating (CFR) of PLH Group, Inc. to B3 from B2 and the Probability of Default Rating to B3-PD from B2-PD. Concurrently, Moody's also downgraded the Senior Secured Bank Credit Facility of PLH Infrastructure Services, Inc. to B3 from B2.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
State Senator Scott Wiener has some important old business that he needs to move this month before it stalls in Sacramento.
Pacific Gas and Electric Company (PG&E) announced today that scholarship applications are now being accepted for college-bound high schoolers as well as current college and continuing education students living in Northern and Central California.
While the overall economy saw gains in 2019, retail chains unable to compete with online competitors were forced to close hundreds of stores amid bankruptcy filings this year.
Today, PG&E Corporation and Pacific Gas and Electric Company (together "PG&E") are sharing an important reminder that the Bankruptcy Court-approved deadline for unfiled, non-governmental fire claimants to file claims against PG&E is tomorrow, December 31, 2019, at 5:00 p.m. (Pacific Time). The deadline for filing claims is known as the Bar Date.
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have been saying before last year's Q4 market crash that the stock market is overvalued due to a low-interest-rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first half […]
TUESDAY DEADLINE REMINDER: The Schall Law Firm Announces it is Investigating Claims Against PG&E Corporation.
LOS ANGELES, CA / ACCESSWIRE / December 24, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against PG&E Corporation ("PG&E" or ''the Company'') (NYSE:PCG) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. If you are a shareholder who suffered a loss, click here to participate.
Moody's Investors Service ("Moody's") today affirmed the long-term and short-term ratings of Consolidated Edison, Inc. (ConEd) and its subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY) and Orange and Rockland Utilities, Inc. (O&R).
(Bloomberg) -- Bondholders don’t deserve a $5 billion “windfall” when PG&E Corp. reorganizes next year because the utility is in bankruptcy, voiding any right investors had to an early payoff premium, the company said in a court filing.PG&E’s bankruptcy-exit plan is built on a proposed funding package that includes refinancing about $17.5 billion of debt that has not yet matured. The company is challenging a demand for the so-called make-whole payment by some of the biggest names in the business, including Elliott Management Corp., Pacific Investment Management Co. and Oaktree Capital Management. The firms say their debt contracts guarantee them the money if PG&E chooses to pay the notes early.The dispute is among the most important issues U.S. Bankruptcy Judge Dennis Montali must decide on before he rules on PG&E’s reorganization plan next year. Noteholders also have their own bankruptcy-exit plan they claim would be better for all creditors. Both plans assume the utility is solvent, but PG&E’s would provide a much bigger return to shareholders than the bondholder version. PG&E’s plan got a boost this month when wildfire victims abandoned an alliance with noteholders and struck a $13.5 billion deal with PG&E.For the troubled utility “to pay more on claims than is legally required would be patently irresponsible,” PG&E said in papers filed in federal court in San Francisco on Friday.Representatives for the ad hoc noteholders, PG&E and wildfire victims did not immediately respond to a request for comment. A representative for shareholders declined to comment.Make-Whole DebateFor years, bondholders and financially troubled companies have fought over whether make-whole premiums should be honored in bankruptcy. The two federal courts that handle the most corporate bankruptcies have split over the issue.Appeals court judges in Philadelphia ruled in late 2016 in favor of lenders demanding a make-whole in the case of Energy Future Holdings Corp., finding that at least one debt contract signed by the utility specifically allowed the premium in bankruptcy.A similar dispute just a few months later went the other way, when an appeals court in Manhattan denied a make-whole to lenders in the bankruptcy of Momentive Performance Materials Inc.The PG&E debt contracts don’t have clear language backing the bondholders, Bloomberg Intelligence analyst Negisa Balluku wrote in a note on Monday.The noteholders, for their part, say only one of the debt contracts has the kind of ambiguity that PG&E is trying to take advantage of to get out of the payment. The governing documents for the rest of the $17.5 billion of notes clearly show holders are entitled to payout, they argue in court papers.“The issue is whether the refinancing of the senior notes for the express purposes of repaying those notes early is an optional redemption entitling the holders to an allowed claim for the optional redemption premium,” noteholders said. “The short answer is yes.”Montali is scheduled to hear arguments about the issue next month.The case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)\--With assistance from Scott Deveau.To contact the reporter on this story: Steven Church in Wilmington, Delaware at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Boris Korby, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
LOS ANGELES, CA / ACCESSWIRE / December 23, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against PG&E Corporation ("PG&E" or ''the Company'') (NYSE:PCG) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. If you are a shareholder who suffered a loss, click here to participate.