|Bid||18.13 x 1800|
|Ask||18.14 x 900|
|Day's Range||16.13 - 18.51|
|52 Week Range||5.07 - 49.42|
|Beta (3Y Monthly)||-0.78|
|PE Ratio (TTM)||68.17|
|Earnings Date||Feb 28, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||16.38|
soared Tuesday after a Citigroup analyst upgraded the company to buy from neutral - even as the utility struggles through bankruptcy related to liabilities surrounding last year's devastating wildfires. Shares of PG&E were up 15.6% to $17.90 in trading on the New York Stock Exchange after Citigroup analyst Praful Mehta said that he believes California lawmakers are likely to change the laws to reduce future wildfire liabilities for PG&E and other utilities. "Public comments by the Governor and recent conversations with teams in Sacramento suggest that legislation to limit future wildfire risk could be passed in 60-90 days," Mehta wrote in a note to clients.
As California lawmakers work on a plan to stabilize the state’s biggest electric companies, which are facing increasing pressure from wildfire liabilities, they say they’ll seek input from ratings analysts to help ensure that utilities can retain access to capital markets. Senate Majority Leader Bob Hertzberg said in an interview that any legislative proposals would be "informed by Moody’s, Standard & Poor’s and Fitch." He wants to talk to the companies personally, the Democrat said. "Once we come up with various structures, they’re going to be very instrumental in determining whether or not they’ll give credit so we can have borrowing by both investor owned and municipal-owned utilities," said Hertzberg, who was Assembly Speaker during the state’s energy crisis almost two decades ago.
PG&E Stock Up 9% after Citi Upgrades to 'Buy' RatingA pure risk or a clear reward?The wildfire-plagued PG&E Corporation (PCG) stock rose more than 9% today after Citi upgraded the stock to a “buy.” It raised PCG’s target price from
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Crockett Cogeneration, LP and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service, (Moody's) assigned a Baa2 rating to Pacific Gas and Electric Company (DIP)'s (PG&E) $1.5 billion debtor-in-possession (DIP) Senior Secured Revolving Credit facility, which is currently authorized by the US Bankruptcy Court Northern District of California San Francisco's interim order on 31 January 2019. PG&E is requesting bankruptcy court authorization for a total of $5.5 billion of DIP facilities.
In a quarter in which shares of PG&E fell 48 percent, hedge funds were net buyers of the stock, picking up 12.8 million shares, according to regulatory filings. Anchorage Capital Group and BlueMountain Capital Management led the way.
PG&E Corporation (PCG) today announced that it received notice of an unsolicited “mini-tender” offer from Baker Mills LLC (“Baker Mills”), dated February 4, 2019. Baker Mills has offered to purchase up to 200,000 shares of PG&E Corporation common stock, which represents approximately 0.04% of the outstanding shares of PG&E Corporation common stock, at a price of $4.00 per share. This price represents a 74.14% discount to the closing price of PG&E Corporation common stock on the New York Stock Exchange (“NYSE”) of $15.47 on February 14, 2019 and a 69.42% discount to the closing price of PG&E Corporation common stock on the NYSE of $13.08 on February 1, 2019, the last trading day prior to the date of the offer.
The bankruptcy filing by PG&E Corp. is the latest stumble by a company rated highly by environmentally focused investors, further exposing a weakness in a scoring system meant to measure risk for shareholders. What the ratings couldn’t predict is that the stock would lose nearly 70% of its market value since early November, as investors worried about potential liabilities for the role PG&E’s equipment may have played in multiple wildfires. The Global Sustainable Investment Alliance, an industry group, estimated that between 2014 and 2016, assets invested with ESG and other sustainable-investing goals in mind rose 25% to $22.89 trillion.
A U.S. judge who has berated Pacific Gas & Electric Co. for its role in California wildfires demanded Thursday that the utility answer more questions about its efforts to clear trees and branches that can fall on its power lines and start fires.
A U.S. judge who has berated Pacific Gas & Electric Co. for its role in California wildfires demanded Thursday that the utility answer more questions about its efforts to clear trees and branches that can fall on its power lines and start fires. Judge William Alsup asked the utility in a court filing if it was in compliance with a state law requiring it to clear vegetation within certain distances of electric lines. The judge also questioned a part of the utility's recently submitted wildfire mitigation plan.
Gavin Newsom, California’s new governor, is making a name for himself as a state leader unafraid to take on deep-rooted powers to address inequality and support climate initiatives. PG&E has gone into default for the second time since 2001. Previous PG&E bailouts have passed the costs of the company’s negligent safety culture on to inculpable ratepayers.
NEW YORK, Feb. 13, 2019 /PRNewswire/ – BlueMountain Capital Management, LLC ("BlueMountain"), a private diversified alternative asset management firm, today provided an update on its progress to nominate a full slate of new directors to replace the current Board of Directors (the "Current Board") of PG&E Corporation ("PG&E" or the "Company") (PCG) in its entirety at PG&E's Annual Shareholder Meeting scheduled to be held on May 21, 2019. Nomination agreements have been executed by 13 highly-qualified candidates, who BlueMountain believes will enable PG&E to succeed in the long-term. To achieve this goal, BlueMountain conducted an exhaustive search process in close consultation with professional advisors, including reviewing more than 170 potential candidates, and conducting interviews with more than 60 of these individuals.
The Golden State has hired bankruptcy attorneys and financial specialists to help strategize, Governor Gavin Newsom said during his state of the state address Tuesday in Sacramento. Meanwhile, in bankruptcy court, the U.S. Trustee appointed the official committee to act on behalf of all unsecured creditors, including labor representatives and power providers. “We are all frustrated and we’re angry that it’s come to this,” Newsom said.
Pacific Gas and Electric Company (PG&E) meteorologists are forecasting that the next wave of strong winter storms will impact Northern and Central California starting tonight and continuing through Thursday evening. Forecast models indicate that a pair of potent storms will impact PG&E’s territory beginning with an “atmospheric river” type system that will generate heavy rain and gusty south winds across much of Northern and Central California late tonight into Wednesday followed by another dynamic storm on Thursday morning. “As our customers prepare for this storm, we want to remind Californians that this wet and windy weather can cause power outages.
California Governor Gavin Newsom said on Tuesday he would scale back massive water and rail projects pushed by his predecessor and had assembled a team of lawyers to protect wildfire victims and ratepayers as utility PG&E enters bankruptcy proceedings. In his first State of the State address since taking office, Newsom also took several swipes at U.S. President Donald Trump, calling the Republican's immigration policies "political theater" based on misrepresentations.
BlueMountain Capital Management, LLC is a New York-headquartered privately- held diversified alternative asset management firm co-founded by Andrew Feldstein and Stephen Siderow, back in 2003. With specific expertise in credit markets, the fund deals with equity, credit, private investments and global markets while using an interdisciplinary approach. Besides providing its services to pooled investment vehicles […]
PG&E (PCG) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
SAN FRANCISCO , Feb. 11, 2019 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) will report fourth-quarter and full-year 2018 earnings on February 28, 2019 , before the market opens. PG&E Corporation will not ...
Five of PG&E Corp.’s current board directors at the maximum will be up for re-election at the company’s annual shareholder meeting, the company’s board said Monday. PG&E’s “board intends that a majority of the directors of the company will be new independent directors” come the time of the meeting, the San Francisco company’s board said. State investigators determined that 18 wildfires started in October 2017 from PG&E’s power lines.