|Bid||19.02 x 1000|
|Ask||19.48 x 800|
|Day's Range||18.90 - 19.48|
|52 Week Range||5.07 - 49.42|
|Beta (3Y Monthly)||-0.57|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 1, 2019 - May 6, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||19.79|
Pacific Gas & Electric Co. pushed back Friday on a U.S. judge's revised proposals to prevent the utility's equipment from causing more wildfires, saying it could not "monitor every tree at every moment of every day" to ensure they don't pose a threat to its electric lines in violation of California laws. Judge William Alsup earlier this month proposed requiring the company to fully comply with all vegetation management and clearance laws as part of its probation in a criminal case. Alsup called the utility's efforts to prevent trees from hitting its power lines and starting wildfires dismal.
Utility stocks fit this profile with their low market correlation and typically larger dividend payouts. These stocks usually have a flight-to-quality classification as well ??? when there is a broader market sell-off investors will go to utility stocks as a high yield safe haven.
Californian electricity and gas supplier PG&E filed for bankruptcy protection in January, in anticipation of significant expected liabilities from wildfires in the state. The bankruptcy poses a threat to California's climate change ambitions by putting in limbo dozens of large solar, wind, and other clean energy projects PG&E has contracted with other companies. Because PG&E can reject contracts in bankruptcy, energy developer esVolta LP said in papers filed with the U.S. Bankruptcy Court in San Francisco on Wednesday that it feared it would not be able to line up financing for its 75 megawatt Hummingbird battery storage project.
As PG&E; hobbles into bankruptcy, city officials are reviewing with the idea of acquiring a portion of its distribution tract.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Lodi (City of) CA Electric Enterprise 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.
Ubben, ValueAct Capital Management’s chief executive officer, is part of a slate of director candidates put forth by the hedge fund BlueMountain Capital Management LLC. Others include former California Treasurer Phil Angelides and National Transportation Safety Board ex-chairman Christopher Hart, as well as former utility executives. “Extension after extension, BlueMountain’s well-vetted and public slate is being ignored, and every shareholder and stakeholder should be disappointed in this process,” Ubben said in an interview.
Utilities: Leaders and Laggards Last Week(Continued from Prior Part)Implied volatilityOn March 15, the Utilities Select Sector SPDR (XLU) had an implied volatility of 10.5%—lower than its 15-day average. In comparison, SPY’s implied volatility
Utilities: Leaders and Laggards Last Week(Continued from Prior Part)PG&E stock keeps climbingPG&E (PCG) filed for Chapter 11 bankruptcy protection in late January. Investors seem to have faith in the stock. PG&E stock has risen more
One of the restructuring advisers waiting to see if PG&E Corp. can win approval of its $5.5 billion bankruptcy loan is investment bank Lazard Freres & Co., which has a $16 million fee riding on the deal....
· Boeing (NYSE:BA) slumped 2.2% by 8:15 AM ET (12:15 GMT) on the news that data from the Ethiopian Air jet that crashed earlier this month suggests similarities with an earlier crash off Indonesia. The U.S. Department of Transportation is investigating the Federal Aviation Administration's approval of Boeing’s 737 Max 8.
PG&E Corp. is likely to name Bill Johnson, retiring head of the Tennessee Valley Authority, as its new chief executive as early as next week and to announce an overhaul of its board backed by some of its largest investors, according to people familiar with the matter. Mr. Johnson would take the reins of the troubled California utility, operating under federal bankruptcy protection as it faces a fight to survive billions of dollars in potential liability costs from deadly wildfires. PG&E has made offers to 10 new independent board candidates and is expected to unveil the slate as soon as next week, saying it has significant shareholder support, people familiar with the matter said.
Bill Johnson, who is set to retire as the CEO of Tennessee Valley Authority in April, is the front-runner to get the top job at PG&E, the Journal reported, citing people familiar with the matter. PG&E has also made offers to 10 new independent board candidates and is expected to unveil the slate as soon as next week, saying it has significant shareholder support, according to the report.
Bill Johnson, who is set to retire as the CEO of Tennessee Valley Authority in April, is the front-runner to get the top job at PG&E, the Journal reported. PG&E has also made offers to 10 new independent board candidates and is expected to unveil the slate as soon as next week, saying it has significant shareholder support, according to the report. PG&E declined to comment, while no one was available at U.S.-owned TVA to comment on Saturday.
PG&E Corp is likely to name a new chief executive officer as early as next week and to announce an overhaul of its board backed by some of its largest investors, the Wall Street Journal reported on Saturday. Bill Johnson, retiring head of the Tennessee Valley Authority, is the front-runner to get the job of PG&E's new CEO, the Journal reported, citing people familiar with the matter.
The hedge funds said in filings late Friday that they’re looking at nominating directors to PG&E’s board and want a say in who the company’s next chief executive officer will be. The funds represent almost 10 percent of PG&E’s outstanding shares, according to the filings. The emergence of the latest group sets the stage for a potential fight among investors over the future of PG&E, which filed for bankruptcy in January to deal with $30 billion worth of wildfire liabilities.
(Bloomberg) -- It’s Day 4 of CERAWeek by IHS Markit, the annual week-long gathering in Houston of some of the energy industry’s biggest names. Today’s agenda includes offshore wind, Latin American power auctions, electric vehicles and coal’s challenges.
(MS) says its investor clients are becoming too optimistic about the outlook for (PCG), the California utility currently managing its wildfire costs in bankruptcy court. While it looks like utilities’ future wildfire-related liabilities will be offset by legislation in the state, the problems facing PG&E (ticker: PCG) are far more complicated than simple math. PG&E stock is less than half the price from a year ago.
Published reports say Bill Johnson, who is retiring as the head of the Tennessee Valley Authority, is the PG&E; Corp. board’s leading candidate for the CEO position at the California utility, which is in bankruptcy protection because of potential liability for devastating wildfires.
The judge presiding over the bankruptcy of PG&E Corp. is worried that another year of wildfires could upend the utility’s efforts to pull out of massive financial and legal trouble.
The devastating Thomas Fire that killed two people and destroyed more than 1,000 structures northwest of Los Angeles in December 2017 was sparked by power lines owned by Southern California Edison Co, fire officials said on Wednesday. An investigation of the fire's origins found that high winds blew Edison power lines into one another, creating an electrical arc that "deposited hot, burning or molten material" into dry vegetation on the ground, setting off the blaze, the Ventura County Fire Department said in a statement. In a 70-plus page report, investigators also cited several possible criminal violations by Edison in connection with the fire, including involuntary manslaughter, reckless arson and a health-safety code breach for carelessly or negligently causing a fire.