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PG&E Corp PCG

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Stock XNYS Rating as of
$17.03 −0.04 (0.23%)
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As of Delayed Price Closed
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Company Report

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PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth

Travis Miller

We reaffirm our $15.50 fair value estimate for PG&E after the company reported $0.37 of core earnings per share in its first quarter, up from $0.32 in the first quarter of 2023 after adjusting for the general rate case decision late last year. Results are on track to meet our full-year EPS forecast, at the high end of management's $1.33-$1.37 guidance. We are maintaining our no-moat rating.

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Price vs Fair Value

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PCG is trading at a 9% premium.
Price
$16.95
Fair Value
$42.50
Uncertainty
Medium
1-Star Price
$86.54
5-Star Price
$92.46
Economic Moat
Ksw
Capital Allocation
Wlwrmnld

Bulls Say, Bears Say

Bulls

California's utility rate regulation is highly constructive with usage-decoupled revenue, annual rate true-up adjustments, and forward-looking rate setting.

Bears

PG&E depends almost entirely on regulators to approve rate hikes to cover its large investment plan. A cut in regulated rates could jeopardize earnings growth.

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News

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Trading Information

Previous Close Price
$17.07
Day Range
$16.96–17.20
52-Week Range
$14.71–18.32
Bid/Ask
$17.00 / $17.20
Market Cap
$44.53 Bil
Volume/Avg
13.5 Mil / 15.4 Mil

Key Statistics

Price/Earnings (Normalized)
13.00
Price/Sales
1.51
Dividend Yield (Trailing)
0.12%
Dividend Yield (Forward)
0.12%
Total Yield
0.12%

Company Profile

PG&E is a holding company whose main subsidiary is Pacific Gas and Electric, a regulated utility operating in Central and Northern California that serves 5.3 million electricity customers and 4.6 million gas customers in 47 of the state's 58 counties. PG&E operated under bankruptcy court supervision between January 2019 and June 2020. In 2004, PG&E sold its unregulated assets as part of an earlier postbankruptcy reorganization.
Sector
Utilities
Industry
Utilities - Regulated Electric
Stock Style Box
Mid Value
Total Number of Employees
28,000
Website
https://www.pgecorp.com

Competitors

Valuation

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Metric
PCG
POR
EIX
Price/Earnings (Normalized)
 13.0018.9415.36
Price/Book Value
 1.731.301.97
Price/Sales
 1.511.431.68
Price/Cash Flow
 6.395.626.72
Price/Earnings
PCG
POR
EIX

Financial Strength

Metric
PCG
POR
EIX
Quick Ratio
 0.640.380.36
Current Ratio
 0.830.840.79
Interest Coverage
 1.032.581.77
Quick Ratio
PCG
POR
EIX

Profitability

Metric
PCG
POR
EIX
Return on Assets (Normalized)
 3.00%2.21%2.29%
Return on Equity (Normalized)
 15.18%7.42%13.29%
Return on Invested Capital (Normalized)
 6.82%5.24%5.89%
Return on Assets
PCG
POR
EIX
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