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PCG

PG&E

$11.26

-0.49 (-4.17%)

07:38
12/14/19
12/14
07:38
12/14/19
07:38

California Governor says PG&E restructuring plan 'falls woefully short'

California Governor Gavin Newsom late Friday rejected PG&E's plan to pay Northern California wildfire victims and exit bankruptcy. In a letter to PG&E Chief Executive Bill Johnson, the governor declared that the company's proposal "falls woefully short" of a law outlining requirements that would allow the utility to receive state assistance. He states, "The resolution of this bankruptcy must yield a radically restructured and transformed utility that is responsible and accountable." Among other things, Newsom demanded an entirely new slate of directors who are subject to state approval, and a structure that would allow PG&E's operating license to be transferred "to the state or a third-party when circumstances warrant." Newsom added, "For too long, PG&E has been mismanaged, failed to make adequate investments in fire safety and fire prevention, and neglected critical infrastructure. PG&E has simply violated the public trust." Shares of PG&E closed Friday down 48c to $11.24. Reference Link

  • 07

    Jan

PCG PG&E
$11.26

-0.49 (-4.17%)

10/28/19
WOLF
10/28/19
DOWNGRADE
Target $19
WOLF
Peer Perform
Clearway Energy downgraded to Peer Perform on PG&E risk at Wolfe Research
Wolfe Research analyst Steve Fleishman downgraded Clearway Energy (CWEN) to Peer Perform from Outperform with a price target of $19, down from $21. The analyst notes Clearway has the most exposure to PG&E (PCG) with 30% of consolidated CAFD derived from the company.
11/12/19
SBSH
11/12/19
NO CHANGE
Target $5
SBSH
Sell
PG&E may offer both cash and stock to to TCC, says Citi
Citi analyst Praful Mehta notes that PG&E looking to offer the Tort Claimants Committee $13.5B, as reported yesterday by Bloomberg, would be the same amount that the bondholders have offered. It may be possible that PG&E offers a combination of cash and stock to the TCC to limit the size of the rights offering, Mehta tells investors in a research note. The value at which these shares are issued will also be a question, adds the analyst. He believes PG&E's total equity raise would be $27B, assuming holdco debt financing capacity of $4B. The analyst assumes a pro forma stock price of $4.80 per share with rights at $3.90 per share. Mehta keeps a Sell rating on PG&E with a $5 price target.
11/19/19
SBSH
11/19/19
NO CHANGE
Target $5
SBSH
Sell
PG&E filing shows reduced financing commitment, says Citi
PG&E filed an 8-K highlighting a redo of its financing commitments, Citi analyst Praful Mehta tells investors in a research note. The filing included a lower financing commitment of $12B versus $14B earlier, with $7.4B secured to date, adds the analyst. He believes the reduced commitment could reflect concern from some investors. Mehta reiterates a Sell rating on PG&E shares with a $5 price target.
12/11/19
SBSH
12/11/19
NO CHANGE
Target $10.5
SBSH
Buy
Citi boosts PG&E target to $10.50, says no chance of zero stock price now
Citi analyst Praful Mehta raised his price target for PG&E to $10.50 from $5 saying the company's settlement with the Official Committee of Tort Claimants likely dealt a "fatal blow" to the bondholder plan and the zero stock price scenario. The shares closed Tuesday up $1.14 to $12.32. The bondholder plan's primary leverage was their deal with the Committee of Tort Claimants, Mehta tells investors in a research note. Without that leverage, he sees a "very low likelihood" of Judge Montali rejecting the settlement and keeping the two competing plans alive. The analyst, whose new $10.50 price target is based on the latest settlement, keeps a Sell rating on PG&E.

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WMT

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GOOGL

Alphabet Class A

$1,461.15

11.32 (0.78%)

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Alphabet

$1,462.70

10.76 (0.74%)

11:33
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Alphabet Class A

$1,461.15

11.32 (0.78%)

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Alphabet

$1,462.70

10.76 (0.74%)

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WMT

Walmart

$115.30

-0.59 (-0.51%)

11:28
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  • 21

    Jan

NFLX

Netflix

$339.15

0.48 (0.14%)

11:25
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  • 21

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Philly Fed's Harker said the economy is looking "pretty good," »

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AMED

Amedisys

$180.60

-0.59 (-0.33%)

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  • 17

    Jan

IBM

IBM

$137.15

-0.85 (-0.62%)

, PINS

Pinterest

$23.11

0.15 (0.65%)

11:24
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On The Fly
IBM downgrade, Pinterest upgrade among today's top analyst calls »

Check out today's top…

IBM

IBM

$137.15

-0.85 (-0.62%)

PINS

Pinterest

$23.11

0.15 (0.65%)

EBAY

eBay

$35.69

-0.22 (-0.61%)

TWTR

Twitter

$34.11

-0.08 (-0.23%)

SNAP

Snap

$19.10

0.85 (4.66%)

QCOM

Qualcomm

$95.08

3.305 (3.60%)

WDC

Western Digital

$68.69

0.07 (0.10%)

LUV

Southwest

$55.31

0.01 (0.02%)

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NCLH

Norwegian Cruise Line

$59.43

0.84 (1.43%)

11:21
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

11:17
01/17/20
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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

11:16
01/17/20
01/17
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11:16
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NYSE market internals summary »

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UNIT

Uniti Group

$7.45

-0.49 (-6.17%)

11:15
01/17/20
01/17
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11:15
Options
Uniti Group put volume heavy and directionally bearish »

Bearish flow noted in…

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11:10
01/17/20
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STT

State Street

$84.45

3.445 (4.25%)

11:08
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ERIC

Ericsson

$9.01

-0.075 (-0.83%)

10:55
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Options
Ericsson put volume heavy and directionally bearish »

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  • 24

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JBLU

JetBlue

$19.30

0.28 (1.47%)

10:45
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Options
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  • 23

    Jan

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ES

Eversource

$87.74

0.01 (0.01%)

, CMS

CMS Energy

$65.28

-0.1 (-0.15%)

10:32
01/17/20
01/17
10:32
01/17/20
10:32
Downgrade
Eversource, CMS Energy, NextEra Energy rating change  »

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ES

Eversource

$87.74

0.01 (0.01%)

CMS

CMS Energy

$65.28

-0.1 (-0.15%)

NEE

NextEra Energy

$251.86

-0.41 (-0.16%)

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  • 22

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    Mar

TWTR

Twitter

$34.14

-0.05 (-0.15%)

, SNAP

Snap

$19.15

0.9 (4.93%)

10:31
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On The Fly
Analysts bullish on Pinterest, Snap as Twitter gets downgraded to Neutral »

Shares of social media…

TWTR

Twitter

$34.14

-0.05 (-0.15%)

SNAP

Snap

$19.15

0.9 (4.93%)

PINS

Pinterest

$23.30

0.34 (1.48%)

FB

Facebook

$221.31

-0.47 (-0.21%)

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VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

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PLAY

Dave & Buster's

$47.28

5.23 (12.44%)

, KKR

KKR

$31.17

0.67 (2.20%)

10:30
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KKR not discussing going hostile on Dave & Buster's, Axios reports »

KKR (KKR) has a…

PLAY

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$47.28

5.23 (12.44%)

KKR

KKR

$31.17

0.67 (2.20%)

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VWAGY

Volkswagen

$0.00

(0.00%)

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