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PCG

PG&E

$17.59

-0.16 (-0.90%)

06:13
01/14/19
01/14
06:13
01/14/19
06:13

PG&E says has about $0.4B cash on hand as of January 11

In a regulatory filing, PG&E said that as of January 11, 2019, the Corporation and the Utility had approximately $0.4 billion and $1.1 billion, respectively, of cash and cash equivalents on hand. On November 13, 2018, the Corporation and the Utility drew all remaining amounts then available under their respective $300 million and $3.0 billion revolving credit facilities. As of January 11, 2019, approximately $35 million of aggregate borrowings was available under the revolving credit facilities as a result of the retirement of certain letters of credit in December 2018, subject to satisfaction of the applicable conditions precedent to borrowing. PG&E has engaged in discussions with potential lenders with respect to debtor-in-possession financing. PG&E expects to have approximately $5.5 billion of committed DIP financing at the time it files for relief under Chapter 11 on or about January 29, 2019, and has received highly confident letters from a number of major banks. The DIP financing will provide PG&E with sufficient liquidity to fund its ongoing operations, including its ability to provide safe service to customers.

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.

TODAY'S FREE FLY STORIES

GLOG

GasLog

$18.21

0.7 (4.00%)

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OFG

OFG Bancorp

$18.14

0.19 (1.06%)

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TBIO

Translate Bio

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INSY

Insys Therapeutics

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RCM

R1 RCM

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INTC

Intel

$49.23

0.76 (1.57%)

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ONCS

OncoSec

$0.71

0.0134 (1.93%)

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D

Dominion

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-0.15 (-0.22%)

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UBSH

Union Bankshares

$32.50

0.14 (0.43%)

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Earnings
Union Bankshares reports Q4 ex-items EPS 70c, consensus 68c »

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JD

JD.com

$23.25

1.12 (5.06%)

, INTC

Intel

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0.76 (1.57%)

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JD

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INTC

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Intelsat

$21.15

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APC

Anadarko

$48.68

0.61 (1.27%)

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INCY

Incyte

$78.44

-0.22 (-0.28%)

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AMBR

Amber Road

$8.45

0.19 (2.30%)

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CORV

Correvio

$3.24

0.365 (12.70%)

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OBSV

ObsEva

$13.72

0.22 (1.63%)

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TGP

Teekay LNG

$12.80

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CABO

Cable One

$850.40

8.96 (1.06%)

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BRDCY

Bridgestone

$0.00

(0.00%)

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NVCN

Neovasc

$0.75

0.0001 (0.01%)

, EW

Edwards Lifesciences

$168.41

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EW

Edwards Lifesciences

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STT

State Street

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WERN

Werner

, KNX

Knight-Swift

$32.69

1.005 (3.17%)

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KNX

Knight-Swift

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PANW

Palo Alto Networks

$203.29

0.06 (0.03%)

, FTNT

Fortinet

$70.50

-2.1 (-2.89%)

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PANW

Palo Alto Networks

$203.29

0.06 (0.03%)

FTNT

Fortinet

$70.50

-2.1 (-2.89%)

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AIG

AIG

$44.15

0.86 (1.99%)

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IMMU

Immunomedics

$13.31

-4.75 (-26.30%)

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