On Friday after the close, CalFire announced the results of another 12 investigations into the October 2017 Northern California fires. This brings the total number of completed investigations to 16 since the first four reports were released ahead of Memorial Day weekend, Deutsche Bank analyst Jonathan Arnold tells investors in a research note. The analyst notes that of 12 new reports, PG&E lines were found to have been involved in starting all or most of them. He sees, however, some confusion between the press release and report which may raise some questions as to whether the Nuns Fire might in fact have been started by a customer's lines. CalFire referring eight of the 12 new reports to relevant county district attorney offices was the most negative individual data point in Friday's reports, Arnold contends. On the positive side of the ledger, CalFire did not allege violations for the Redwood Fire or the Nuns Fire, the analyst adds. He keeps a Buy rating on the shares of PG&E.

Barclays raised the firm's price target on PG&E to $20 from $19 and keeps an Overweight rating on the shares as part of a Q1 preview for the utilities group. The analyst expects weaker quarter results for the sector due to "underwhelming" weather to start the year. However, the firm does not see many companies trending lower in the fiscal 2024 earnings range.