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PCG

PG&E

$12.01

0.28 (2.39%)

17:51
01/28/19
01/28
17:51
01/28/19
17:51

PG&E still preparing for bankruptcy despite investor efforts, Bloomberg says

PG&E Corp. is still expecting to file for Chapter 11 protection as soon as Tuesday, despite last-minute proposals by investors to keep the company out of bankruptcy, according to Bloomberg, citing people familiar with the matter. PG&E spokeswoman Lynsey Paulo declined to comment to Bloomberg. Reference Link

PCG PG&E
$12.01

0.28 (2.39%)

01/28/19
WOLF
01/28/19
UPGRADE
Target $29
WOLF
Outperform
PG&E upgraded to Outperform from Peer Perform at Wolfe Research
Wolfe Research analyst Steven Fleishman upgraded PG&E to Outperform from Peer Perform while acknowledging that the company will likely file bankruptcy tomorrow, stating that he views bankruptcy "as a path to maximize equity value, not eliminate it." He sees bankruptcy providing a fairer forum to resolve claims in federal courts, a quicker path to challenge inverse condemnation rules and a cleaner path for asset sales, Fleishman tells investors. He maintains a $29 price target on PG&E shares, adding that he believes much of the negatives of bankruptcy have already been priced into the stock.
01/25/19
JPMS
01/25/19
NO CHANGE
Target $11
JPMS
Neutral
PG&E still faces $28B in liabilities despite positive report, says JPMorgan
JPMorgan analyst Christopher Turnure says yesterday's report from the California Department of Forestry and Fire Protection is a "clear positive" for PG&E. With the report finding that PG&E wires were not the source of ignition for Tubbs Fire, the analyst now assumes the company is largely absolved of an estimated $7B of liabilities. Despite this favorable finding, PG&E continues to face roughly $28B of gross fire liabilities, Turnure tells investors in a research note. The primary challenges are that potential liabilities continue to exceed the financing capacity of the company, adds the analyst. He believes PG&E will face years of litigation stemming from the 2017-2018 wildfires absent its potential bankruptcy filing. Turnure raised his price target for the shares to $11 from $10 and keeps a Neutral rating on PG&E. The stock closed yesterday up 74%, or $5.92, to $13.95.
01/25/19
RBCM
01/25/19
NO CHANGE
Target $16
RBCM
Sector Perform
PG&E price target raised to $16 from $8 at RBC Capital
RBC Capital analyst Shelby Tucker raised his price target on PG&E to $16 after the CAL FIRE determination that its equipment was not responsible for the Tubbs Fire that resulted in $8B in economic losses. The analyst notes that the company's intent toward bankruptcy will be questioned, but also sees the ruling as supportive of its "quest to repeal condemnation for investor-owned utilities in California". Tucker keeps his Sector Perform rating on PG&E given the continued uncertainty surrounding its potential liabilities in the 2017 and 2018 wildfires.
01/25/19
SBSH
01/25/19
NO CHANGE
SBSH
Buy
Calfire report lowers PG&E liabilities by $11 per share, says Citi
The Calfire report stating that PG&E equipment didn't cause the Tubbs fire lowered the company's 2017 net liabilities from $8B to ~$2B, which translates to an increase of $11 per share, Citi analyst Praful Mehta tells investors in a research note. Effectively, the cost cap can now be applied to 2018 damages and potentially reduce those liabilities, says the analyst. However, he adds that since securitization isn't authorized for 2018 fires, the news does not reduce PG&E's 2018 net liabilities for now. PG&E still likely goes ahead with its bankruptcy filing, says Mehta. He keeps a Neutral rating on the shares.

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