PG&E emerged from bankruptcy in July 2020 after 17 months of negotiating with 2017-18 Northern California fire victims, insurance companies, politicians, lawyers, and bondholders. Shareholders lost some $30 billion in settlements, fines, and costs, but PG&E exited with bondholders made whole and shareholders still in control.
California's utility rate regulation is highly constructive with usage-decoupled revenue, annual rate true-up adjustments, and forward-looking rate setting.
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.
|
Metric
|
PCG
|
POR
|
EIX
|
|---|---|---|---|
Price/Earnings (Normalized) | 13.45 | 18.47 | 14.71 |
Price/Book Value | 1.72 | 1.27 | 1.89 |
Price/Sales | 1.45 | 1.40 | 1.61 |
Price/Cash Flow | 6.55 | 5.48 | 6.44 |
|
Metric
|
PCG
|
POR
|
EIX
|
|---|---|---|---|
Quick Ratio | 0.64 | 0.38 | 0.36 |
Current Ratio | 0.83 | 0.84 | 0.79 |
Interest Coverage | 1.03 | 2.58 | 1.77 |
|
Metric
|
PCG
|
POR
|
EIX
|
|---|---|---|---|
Return on Assets (Normalized) | 3.13% | 2.21% | 2.29% |
Return on Equity (Normalized) | 16.00% | 7.42% | 13.29% |
Return on Invested Capital (Normalized) | 7.01% | 5.24% | 5.89% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
NEE
| NextEra Energy Inc | Fqlydqdf | Zqlwvd | $131.5 Bil | |
SO
| Southern Co | Phmjsvhrl | Mggfhhw | $77.2 Bil | |
DUK
| Duke Energy Corp | Zcxvfpz | Zzyfbr | $74.0 Bil | |
NGG
| National Grid PLC ADR | Cwcvlbd | Jrfr | $47.7 Bil | |
AEP
| American Electric Power Co Inc | Bcbxkdhvd | Jwtxrf | $43.5 Bil | |
D
| Dominion Energy Inc | Xkdcgkr | Gkkxlr | $40.7 Bil | |
EXC
| Exelon Corp | Slrqvlcy | Rxbpy | $36.7 Bil | |
PEG
| Public Service Enterprise Group Inc | Trrlqlj | Scdzl | $32.5 Bil | |
ED
| Consolidated Edison Inc | Lxhlxqqvy | Lrgfp | $31.4 Bil |
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