|Bid||16.3800 x 800|
|Ask||16.3900 x 1800|
|Day's Range||16.13 - 16.76|
|52 Week Range||5.07 - 49.42|
|Beta (3Y Monthly)||-0.78|
|PE Ratio (TTM)||63.42|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
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.
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.
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.
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.
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.
No more than five of the utility owner’s 10 current board members will stand for re-election at its upcoming shareholders meeting, according to a statement Monday. “We fully understand that PG&E must re-earn trust and credibility with its customers, regulators, the communities it serves and all of its stakeholders,” according to the statement. PG&E has faced pressure from lawmakers, regulators and shareholders to revamp its management after 2017 and 2018 fires exposed it to liabilities that could exceed $30 billion and pushed the company into bankruptcy last month.
PG&E Corporation (NYSE: PCG ) has rallied more than 18 percent since the company officially filed for bankruptcy on Jan. 29. However, one Wall Street analyst said he is increasingly pessimistic the state ...
Utilities' Weekly Review: How the Defensives Played OutUtilities stay strongIn the week ending February 8, the utilities sector outperformed broader markets for the third consecutive week. The Utilities Select Sector SPDR ETF (XLU) rose more than
Investors may find it hard to overlook the irony that PG&E Corp., a California utility that ranked high on environmental, social and governance investing scorecards, may be the first corporate bankruptcy linked to climate change. PG&E filed for Chapter 11 bankruptcy protection due to significant potential liabilities for deadly 2017 and 2018 wildfires potentially tied to the utility’s equipment, though it isn’t clear how much the utility will have to pay.
The utility said it also expected the board to include 11 independent directors by the time of the meeting, currently set for May 21. Hedge fund BlueMountain Capital Management LLC last month demanded the complete removal of the embattled Californian power company's board, saying the bankruptcy filing was unnecessary and harmed the interests of the company's shareholders. "We fully understand that PG&E must re-earn trust and credibility with its customers, regulators, the communities it serves and all of its stakeholders," PG&E said in a statement on Monday.
As PG&E Corp. plunged into bankruptcy last month, S&P Global Ratings slashed credit grades almost to junk status for California’s two other big electric utilities, owned by Sempra Energy and Edison International, and said they could go lower. With deadly blazes getting bigger and more common, California’s two remaining big power companies could be just one fire away from ruin. “This is a really serious issue that could absolutely impair the health of utilities in this state,” Pedro Pizarro, Edison’s chief executive officer, said in an interview.
The California utility continues to struggle through a restructuring. It's likely to survive, but that doesn't mean it's worth owning.