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UBS has downgraded PG&E Corp to 'Neutral' from 'Buy', citing a lack of catalysts and heightened wildfire risks, while lowering its price target to $19 from $22. The firm noted strong investment outlook with projected 9% annual EPS growth through 2028, but expressed skepticism about achieving a BBB credit rating soon. Legislative developments regarding wildfire fund durability and liability caps are anticipated by June 6, which could impact PG&E's credit status.
PG&E Corp's shares fell 1.1% to $17.02 after UBS downgraded its rating from "buy" to "neutral," citing concerns over the potential depletion of the state wildfire insurance fund and wildfire volatility. The brokerage reduced the price target by $3 to $19, while preferring Edison International, rated "buy." Despite the downgrade, PG&E's investment outlook includes 9% EPS growth and no equity needs through 2028, with a strong record in wildfire management since emerging from bankruptcy in 2020.
PG&E Corp shares fell 1.1% to $17.02 after UBS downgraded the utility's rating to "neutral" from "buy," citing concerns over the potential depletion of the state wildfire insurance fund and a lack of catalysts for stock re-rating. The price target was lowered by $3 to $19, while UBS expressed a preference for Edison International, rated "buy." Despite challenges, PG&E shows positive attributes, including 9% EPS growth and no equity needs until 2028, with 12 out of 19 brokerages still recommending "Strong Buy" or "Buy."
UBS has downgraded PG&E Corp to 'Neutral' from 'Buy', citing a lack of catalysts and heightened wildfire risks, while lowering its price target to $19 from $22. The firm noted strong investment outlook with projected 9% annual EPS growth through 2028, but expressed skepticism about achieving a BBB credit rating soon. Legislative developments regarding wildfire fund durability and liability caps are anticipated by June 6, which could impact PG&E's credit status.
UBS has downgraded PG&E Corporation to a Neutral rating from Buy and reduced its price target from $22 to $19. PG&E specializes in electricity production and distribution, accounting for 72.9% of its net sales, while natural gas transportation and distribution makes up 27.1%. The company serves over 5.6 million electricity customers and 4.6 million natural gas customers.
Truist Financial Corp increased its stake in PG&E by 131.9%, owning 79,994 shares valued at $1.6 million, while CIBC Asset Management raised its stake by 6.4% to 331,470 shares worth $6.7 million. Analysts have mixed views on PG&E, with UBS lowering its price target from $24 to $22, indicating a potential upside of 40.55%. The company reported earnings of $0.37 per share, exceeding estimates, but revenue fell short of expectations at $5.94 billion. CEO Patricia K. Poppe sold 55,555 shares, reducing her stake by 3.67%.
PG&E Corporation focuses on power generation and distribution, accounting for 71.3% of its net sales, with 72,933 GWh distributed to over 5.6 million customers by the end of 2023. Additionally, it handles natural gas transportation and distribution, representing 28.7% of sales, serving over 4.6 million customers with 6.8 billion cubic meters distributed. UBS has reiterated a positive rating on the stock.
PG&E Corporation focuses on electricity generation and distribution, accounting for 71.3% of its operations, with 72,933 GWh distributed to over 5.6 million customers by the end of 2023. Additionally, it handles natural gas transmission and distribution, representing 28.7% of its activities, serving over 4.6 million customers with 6.8 billion m³ distributed.
State Street Corp now holds 108,953,808 shares of PG&E, valued at $2.15 billion, after acquiring over 5 million additional shares. Analysts have mixed ratings on PG&E, with UBS lowering its price target to $24, while the stock currently trades at $19.35, reflecting a "Moderate Buy" consensus. CEO Patricia K. Poppe recently sold 55,555 shares, reducing her stake by 3.67%.
State Street Corp increased its stake in PG&E to over 108 million shares, valued at $2.15 billion, while other institutional investors also raised their holdings significantly. PG&E's stock has a "Moderate Buy" rating, with a consensus target price of $22.80, despite recent price target adjustments by various analysts. The company reported earnings of $0.37 per share, exceeding expectations, but revenue fell short of forecasts.
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