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PCG

PG&E

$42.49

0.98 (2.36%)

, EIX

Edison International

$66.07

1.02 (1.57%)

08:45
07/25/18
07/25
08:45
07/25/18
08:45

Governor Brown's proposal positive for California utilities, says Morgan Stanley

After California Governor Jerry Brown proposed legislation covering the treatment of utilities with respect to liability for wildfire damages, Morgan Stanley analyst Stephen Byrd said that overall he views the proposal as constructive to California utilities PG&E (PCG) and Edison International (EIX). While the proposed penalty provisions screen negative, the provision to provide courts with discretion to apportion partial liability for damages from fires is constructive for utilities because it can be a path to avoid a binary "all-or-nothing" outcome, said Byrd. He reiterates an Overweight rating on PG&E shares.

PCG

PG&E

$42.49

0.98 (2.36%)

EIX

Edison International

$66.07

1.02 (1.57%)

  • 26

    Jul

  • 26

    Jul

PCG PG&E
$42.49

0.98 (2.36%)

06/19/18
GDHS
06/19/18
NO CHANGE
GDHS
PG&E would be 'contiguous fit' in Berkshire power portfolio, says Gordon Haskett
Gordon Haskett analyst Don Bilson noted that Warren Buffett bought Portland-based PacifiCorp in 2005 and then bought a Nevada utility in 2013, adding that PG&E (PCG) would be a "contiguous fit" in Berkshire Hathaway's (BRK.A) portfolio. PG&E's current market cap of $20B is "hardly daunting" for Berkshire, added Bilson, who also noted that recent media reports indicate that Elliott Management, which butted heads with Buffett last year when Berkshire was trying to buy a Texas utility, is also involved with a stake in PG&E.
06/20/18
MSCO
06/20/18
NO CHANGE
Target $58
MSCO
Overweight
Morgan Stanley sees 'significant' chance PG&E not in violation for Tubbs fire
After looking in further depth into the largest of the Northern California wildfires, the Tubbs fire, Morgan Stanley analyst Stephen Byrd concluded that there is a "significant probability" that PG&E did not violate any vegetation management requirements and may not be the cause of this fire. Byrd, who cautions that the Tubbs fire is a large fire and "the fact pattern surrounding the cause(s) of this fire could be complex," maintains an Overweight rating and $58 price target on PG&E shares.
07/06/18
SBSH
07/06/18
NO CHANGE
SBSH
Neutral
Sacramento court says PG&E not liable for Butte fire punitive damages, says Citi
Citi analyst Praful Mehta reported that the Sacrament Superior court ruled that PG&E is not liable for punitive damages related to the Butte fire, which Mehta said sets a positive precedent for PG&E and other California utilities in terms of the 2017 wildfires. Mehta keeps a Neutral rating on PG&E shares, however, stating that the Tubbs fire outcome and potential impact of legislation are still the key drivers of the stock.
07/10/18
LEHM
07/10/18
INITIATION
Target $53
LEHM
Equal Weight
PG&E initiated with an Equal Weight at Barclays
Barclays analyst Eric Beaumont started PG&E with an Equal Weight rating and $53 price target.
EIX Edison International
$66.07

1.02 (1.57%)

04/26/18
MSCO
04/26/18
NO CHANGE
MSCO
Recent developments encouraging for California utilities, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that a draft bill passed by California's Senate Governmental Organization Committee days ago would effectively allow Utilities to recover wildfire-related costs to the extent that they substantially comply with an agreed upon fire risk mitigation plan, which he views as encouraging. The next legal matters he is watching are today's Butte litigation rehearing request at California's Superior Court and the "very important" upcoming hearing on the North Bay fires and Inverse Condemnation, Byrd tells investors. He keeps an Overweight rating on PG&E (PCG) but also sees upside in Edison International (EIX), on which he has an Equal Weight rating.
06/11/18
WELS
06/11/18
NO CHANGE
WELS
CAL FIRE reports an incrementally negative for PG&E, says Wells Fargo
Wells Fargo analyst Neil Kalton notes that CAL FIRE issued reports on the causes of an additional 12 fires related to the 2017 Northern California wildfires, and determined that PG&E's (PCG) infrastructure was involved in all 12 fires and that there was evidence that the company violated state laws in 8 fires. The analyst views the CAL FIRE reports as an incrementally negative development as it further casts PG&E in a bad light. While he thinks PG&E's shares reflect an overly onerous outcome, Edison International (EIX) remains his preferred play for a California regulatory recovery. Kalton reiterates a Market Perform rating on PG&E shares and an Outperform rating on Edison's stock, while lowering his price target on the former to $46 from $48 and on the latter to $72 from $74.
07/09/18
ARGS
07/09/18
NO CHANGE
Target $75
ARGS
Buy
Edison International price target raised to $75 from $71 at Argus
Argus analyst Gary Hovis raised his price target on Edison International to $75 and kept his Buy rating, citing the company's improved forward earnings visibility and financial strength as well as the "well-balanced regulation". The analyst notes that Edison International has "adequate liquidity through its current cash balance, cash from operations and credit facility to meet all anticipated cash requirements through 2019", while also noting that its 14.5-times estimated FY19 earnings multiple puts its valuation at a discount relative to comparable electric utilities with fully regulated operations.
07/10/18
LEHM
07/10/18
INITIATION
Target $73
LEHM
Equal Weight
Edison International initiated with an Equal Weight at Barclays
Barclays analyst Eric Beaumont started Edison International with an Equal Weight rating and $73 price target.

TODAY'S FREE FLY STORIES

BHVN

Biohaven Pharmaceutical

$44.16

-0.61 (-1.36%)

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CE

Celanese

$107.01

0.9 (0.85%)

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F

Ford

$10.20

-0.06 (-0.58%)

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RTN

Raytheon

$178.55

2.45 (1.39%)

17:48
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UTX

United Technologies

$132.37

1.08 (0.82%)

17:44
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  • 23

    Jul

LMT

Lockheed Martin

$356.90

0.675 (0.19%)

17:40
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  • 23

    Jul

ARES

Ares Management

$28.13

-0.305 (-1.07%)

17:33
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17:33
Syndicate
Breaking Syndicate news story on Ares Management »

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  • 31

    Jul

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HAFC

Hanmi Financial

$21.68

-0.105 (-0.48%)

17:33
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  • 23

    Jul

PAYS

Paysign

$17.49

-0.48 (-2.67%)

17:32
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MEOH

Methanex

$43.19

0.83 (1.96%)

17:28
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Methanex reaches final investment decision on methanol plant in Geismar, LA »

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  • 01

    Aug

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Conference/Events
Credit Suisse biotech analysts to hold an analyst/industry conference call »

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SHIP

Seanergy Marine

$0.64

-0.0425 (-6.25%)

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SONM

Sonim

$13.42

0.24 (1.82%)

16:41
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Conference/Events
Sonim management to meet with Oppenheimer »

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  • 24

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    Sep

KINS

Kingstone Companies

$8.81

0.09 (1.03%)

16:30
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Kingstone names Barry Goldstein CEO »

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  • 07

    Aug

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16:30
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Options
Preliminary option volume of 22.6M today »

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BA

Boeing

$377.34

16.17 (4.48%)

, MSFT

Microsoft

$136.62

0.33 (0.24%)

16:24
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Fly Intel: Wall Street's top stories for Friday »

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BA

Boeing

$377.34

16.17 (4.48%)

MSFT

Microsoft

$136.62

0.33 (0.24%)

AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

AAPL

Apple

$202.62

-3.02 (-1.47%)

WMT

Walmart

$113.91

-0.77 (-0.67%)

DIS

Disney

$139.86

-1.76 (-1.24%)

GCI

Gannett

$9.43

1.53 (19.37%)

CRWD

Crowdstrike

$83.50

10.75 (14.78%)

SKX

Skechers

$39.00

4.25 (12.23%)

PACB

Pacific Biosciences

$5.34

-0.53 (-9.03%)

ILMN

Illumina

$293.10

-5.44 (-1.82%)

CHWY

Chewy

$30.70

-2.09 (-6.37%)

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  • 15

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    Nov

VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
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Options
Closing CBOE SPX and VIX Index summary for July 19th »

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
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Technical Analysis
NASDAQ market internals summary »

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BCBP

BCB Bancorp

$12.71

-0.09 (-0.70%)

16:17
07/19/19
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Earnings
BCB Bancorp reports Q2 EPS 30c, consensus 30c »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
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Technical Analysis
NYSE market internals summary »

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CNXM

CNX Midstream Partners

$14.30

-0.205 (-1.41%)

16:16
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CNX Midstream Partners raises quarterly distribution 3.6% to 38.65c per unit »

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  • 30

    Jul

TELL

Tellurian

$7.25

0.22 (3.13%)

16:16
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16:15
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General news
Breaking General news story  »

Boston Federal Reserve…

ROKU

Roku

$106.83

-2.18 (-2.00%)

16:13
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16:13
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Conference/Events
Roku management to meet with Oppenheimer »

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  • 22

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