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PCG

PG&E

$14.12

6.09 (75.84%)

16:39
01/24/19
01/24
16:39
01/24/19
16:39

PG&E says it still faces 'extensive litigation' even after Cal Fire announcement

Pacific Gas and Electric Company issued the following statement in response to the release of information by the California Department of Forestry and Fire Protection regarding the October 2017 Tubbs wildfire: "Without question, the loss of life, homes and businesses during these devastating wildfires is heartbreaking, and we remain focused on helping affected communities recover and rebuild. The safety of our customers and the communities we serve is our most important responsibility, and we are committed to assessing our infrastructure to further enhance safety and help protect all of the customers we serve from the ever-increasing threat of wildfires. CAL FIRE has completed its investigation of the 2017 Tubbs Fire and concluded that PG&E facilities did not cause the fire. The devastating and unprecedented wildfires of 2017 and 2018 have had a profound impact on our customers, employees and communities. Regardless of today's announcement, PG&E still faces extensive litigation, significant potential liabilities and a deteriorating financial situation, which was further impaired by the recent credit agency downgrades to below investment grade. Resolving the legal liabilities and financial challenges stemming from the 2017 and 2018 wildfires will be enormously complex and will require us to address multiple stakeholder interests, including thousands of wildfire victims and others who have already made claims and likely thousands of others we expect to make claims."

PCG PG&E
$14.12

6.09 (75.84%)

01/24/19
SBSH
01/24/19
NO CHANGE
Target $11
SBSH
Neutral
PG&E bankruptcy not worth it if IC can't be addressed, says Citi
Citi analyst Praful Mehta thinks PG&E's rationale for filing for Bankruptcy protection includes removing the overhang of a long and drawn out process to settle damages related to 2017 and 2018 fires, to circumvent a slow moving California Public Utilities Commission and to push legislators to take additional action to fix a broken law relating to inverse condemnation. However, if inverse condemnation cannot be addressed through bankruptcy, then filing for Chapter 11 will not be worth it, Mehta tells investors in a research note. Also, the potential negative consequences of a Chapter 11 could be a strained relationship with legislators and regulators that further delays dealing with wildfire issues, adds the analyst. He keeps a Neutral rating on PG&E with an $11 price target.
01/18/19
RBCM
01/18/19
NO CHANGE
Target $8
RBCM
Sector Perform
PG&E price target lowered to $8 from $45 at RBC Capital
RBC Capital analyst Shelby Tucker lowered his price target on PG&E to $8 from $45 with a rating of "Sector Perform - Speculative Risk," saying the company's decision to file for voluntary bankruptcy is surprising. The analyst notes that the filing and the magnitude/complexity of claims related to the wildfire could drag the company's emergence from Chapter 11 "into extra innings." Given the potential for further wildfire liabilities and a less constructive regulatory environment, Tucker says the severely discounted valuation on PG&E stock of 2-times forward earnings is warranted.
01/17/19
LEHM
01/17/19
NO CHANGE
Target $7
LEHM
Equal Weight
PG&E price target lowered to $7 from $19 at Barclays
Barclays analyst Eric Beaumont cut his price target for PG&E shares to $7 from $19 to reflect the company's intention to file Chapter 11 and disclosure of preliminary wildfire liability estimates. The analyst continues to see "paths to significant upside and downside." He highlights the risk for Chapter 11 proceedings to last longer than five years given the size of liabilities, legal complexity of wildfire claims, and his belief that PG&E "will struggle to emerge in the absence of material reform to inverse condemnation policy." Beaumont reiterates an Equal Weight rating on the shares.
01/16/19
WELS
01/16/19
DOWNGRADE
Target $10
WELS
Market Perform
PG&E downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Neil Kalton downgraded PG&E to Market Perform and lowered his price target for the shares to $10 from $15. The company's Chapter 11 bankruptcy path, for which there has been little evidence of being averted, is likely to be "highly complex and lengthy," Kalton tells investors in a research note. The analyst, while believing there could be "meaningful" residual equity value at the end of a bankruptcy process, deems it prudent to move to the sidelines with respect to PG&E shares at this time.

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