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PCG

PG&E

$17.75

-0.07 (-0.39%)

08:41
01/11/19
01/11
08:41
01/11/19
08:41

Moody's downgrades Pacific Gas & Electric to Ba3, PG&E Corp. to B2

Moody's Investors Service on Thursday downgraded the ratings of Pacific Gas & Electric Company, including its senior unsecured rating to Ba3 from Baa2 and its short term rating for commercial paper to Not Prime from Prime-2. Moody's also downgraded PG&E's holding company, PG&E Corporation, including its senior unsecured rating to B2 from Baa3 and its short term rating for commercial paper to Not Prime from Prime-3. At the same time, Moody's assigned a Ba3 Corporate Family Rating, a B1-PD Probability of Default rating and an SGL-3 Speculative Grade Liquidity Rating. Ratings of PCG and PG&E remain on review for downgrade. "We see a much more challenging environment for PG&E, as potential liabilities grow, liquidity reserves decline and access to capital becomes more uncertain," said VP-Senior Credit Officer, Jeff Cassella. "The company is increasingly reliant on extraordinary intervention by legislators and regulators, which may not occur soon enough or be of sufficient magnitude to address these adverse developments," added Cassella.

PCG PG&E
$17.75

-0.07 (-0.39%)

11/19/18
MSCO
11/19/18
NO CHANGE
Target $31
MSCO
Equal Weight
PG&E break-up could be constructive to valuation, but risky, says Morgan Stanley
After California Public Utilities Commission President Michael Picker said the Commission would explore potentially breaking up PG&E, Morgan Stanley analyst Stephen Byrd said he believes a break-up could be constructive to the stock's valuation, but he also sees significant risks to such an approach, identifying the key risk as the regulator, and potentially lawmakers, seeking greater asset coverage for wildfire-related damages beyond the value of the electric utility. He also notes the risk that damages from the Camp Fire could increase from current estimates, given potential liabilities for wrongful death and for air quality damages. Byrd maintains an Equal Weight rating and $31 price target on PG&E shares.
12/10/18
WELS
12/10/18
NO CHANGE
Target $47
WELS
Outperform
PG&E price target lowered to $47 from $60 at Wells Fargo
Wells Fargo analyst Neil Kalton lowered his price target for PG&E to $47 from $60 to take into account potential wildfire liabilities. The analyst reiterates an Outperform rating on the shares.
01/02/19
MSCO
01/02/19
NO CHANGE
Target $31
MSCO
Equal Weight
Recent developements for PG&E mixed, not entirely negative, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that PG&E shares underperformed large cap U.S. electric utility peers by about 5% in December. He does not view the numerous recent developments involving PG&E as entirely negative, as the stock move would suggest, but rather sees them as "mixed," with some positives, Byrd tells investors. He sees the CPUC Order Instituting Rulemaking regarding the "stress test" as a positive development and also believes the CPUC Scoping Memo released on December 21 is a development with both positive and negative implications for PG&E, Byrd said. There were also several legal developments in December that were a mix of negative and positive, the analyst added. On the negative side, Byrd lists the CPUC SED report into alleged PG&E falsification of records relating to PG&E's Damage Prevention Program. He maintains an Equal Weight rating on PG&E shares with a $31 price target.
01/04/19
GSCO
01/04/19
UPGRADE
Target $63
GSCO
Buy
Edison International upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Michael Lapides upgraded Edison International to Buy while lowering his price target for the shares to $63 from $71. The analyst upgrades the shares after their 15% underperformance versus peers since the 2018 wildfires. He also is more positive on longer term potential PG&E (PCG) risk/reward following its 48% underperformance. Both utilities now price in a "very bearish outcome" of the wildfires, says Lapides. He believes that recent commentary from state officials regarding keeping utility balance sheets healthy implies a potential cost sharing of recent wildfire related liabilities.

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GOOG

Alphabet

$1,098.25

6.96 (0.64%)

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LAD

Lithia Motors

$87.13

1.57 (1.84%)

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CYDY

CytoDyn

$0.00

(0.00%)

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ABT

Abbott

$71.43

0.9 (1.28%)

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SFUN

Fang Holdings

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-0.01 (-0.53%)

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TS

Tenaris

$24.32

0.64 (2.70%)

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PAAS

Pan American Silver

$14.17

-0.31 (-2.14%)

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CRWS

Crown Crafts

$5.68

(0.00%)

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AL

Air Lease

$37.50

0.6 (1.63%)

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Boeing

$364.79

5.52 (1.54%)

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UTSI

UTStarcom

$3.22

0.1 (3.21%)

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VRTX

Vertex

$194.63

4.19 (2.20%)

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ALNY

Alnylam

$83.08

2.4 (2.97%)

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THO

Thor Industries

$66.56

1.905 (2.95%)

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PLWTY

Panalpina

$0.00

(0.00%)

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EFGSY

Eiffage

$0.00

(0.00%)

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TVFCF

Television Francaise 1

$0.00

(0.00%)

08:40
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Downgrade
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ATVDY

Atresmedia

$0.00

(0.00%)

08:37
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TDPAY

Tod's

$0.00

(0.00%)

08:36
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Downgrade
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SFRGY

Salvatore Ferragamo

$0.00

(0.00%)

08:35
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PRDSY

Prada

$0.00

(0.00%)

08:34
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