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PCG

PG&E

$17.59

-0.16 (-0.90%)

06:09
01/14/19
01/14
06:09
01/14/19
06:09

PG&E sees bankruptcy filing 'on or about' January 29

In a regulatory filing, PG&E Corporation said that it and its regulated utility subsidiary, Pacific Gas and Electric Company, are facing extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. Following a comprehensive review with the assistance of outside advisors, the boards of directors of the Corporation and the Utility have determined that commencing reorganization cases under Chapter 11 of the U.S. Bankruptcy Code is appropriate, necessary and in the best interests of all stakeholders, including wildfire claimants, PG&E's other creditors and shareholders, and is ultimately the only viable option to restore PG&E's financial stability to fund ongoing operations and provide safe service to customers. The Corporation and the Utility currently expect that they will file for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Northern District of California on or about January 29, 2019, following the expiration of a 15-day advance notice period mandated under recently enacted California law. PG&E expects that the Chapter 11 process will, among other things: enable continued safe delivery of natural gas and electric service to PG&E's millions of customers, support the orderly, fair and expeditious resolution of PG&E's potential liabilities resulting from the 2017 and 2018 Northern California wildfires, enable PG&E to continue its extensive restoration and rebuilding efforts to assist communities affected by the 2017 and 2018 Northern California wildfires, allow PG&E to work with regulators and policymakers to determine the most effective way for customers to receive safe natural gas and electric service for the long term in an environment that continues to be challenged by climate change, and assure PG&E has access to the financial resources necessary to support ongoing operations and enable PG&E to continue investing in its systems, infrastructure and critical safety efforts, including investing in its Community Wildfire Safety Program, an additional precautionary measure implemented following the 2017 Northern California wildfires to further reduce wildfire risk.

PCG PG&E
$17.59

-0.16 (-0.90%)

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.
01/14/19
JPMS
01/14/19
DOWNGRADE
Target $22
JPMS
Neutral
PG&E downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Christopher Turnure downgraded PG&E to Neutral and lowered his price target for the shares to $22 from $29. The company's options are dwindling as the California Public Utilities Commission and legislature are showing no signs of urgency, Turnure tells investors in a research note.

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NTDOY

Nintendo

$0.00

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T

AT&T

$30.95

0.32 (1.04%)

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SPX

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$0.00

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GM

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SPX

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, SPY

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$266.44

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TSLA

Tesla

$302.26

-45.18 (-13.00%)

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SFTBY

SoftBank; also use SFTBF

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FB

Facebook

$150.01

1.77 (1.19%)

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AMZN

Amazon.com

$1,696.01

4.01 (0.24%)

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CLSD

Clearside Biomedical

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TCEHY

Tencent

$0.00

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