Company Reports

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.

We reaffirm our $15.50 per share fair value estimate for PG&E after the company reported $1.23 of core earnings per share in 2023. Earnings were up 12% from 2022, slightly above our estimate and at the top of management's guidance. We are maintaining our no-moat rating.

We are reaffirming our $15.50 per share fair value estimate for PG&E after the Fire Victim Trust, which was created as part of PG&E's bankruptcy exit in 2020, sold its remaining 67.7 million shares, or 3% stake, last week. We are maintaining our no moat rating for PG&E.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

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.

We are reaffirming our $15.50 per share fair value estimate for PG&E after management reaffirmed its 2024-25 outlook in line with our estimates and announced it will pay a dividend in January for the first time in six years. We are maintaining our no-moat rating.

We are raising our fair value estimate for PG&E to $15.50 per share from $15 after California regulators approved electric and gas rate increases in 2023-26 mostly in line with our estimate. We also increased our allowed return on equity for 2024 and 2025 to reflect likely adjustments based on higher interest rates. We are maintaining our no-moat rating.

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.

We are reaffirming our $15 per share fair value estimate for PG&E after the company reported $0.24 of core earnings per share for the third quarter, down from $0.29 last year. We are maintaining our no-moat rating.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We are reaffirming our $15 per share fair value estimate for PG&E after California regulators released two proposed decisions in PG&E's 2023-26 rate review. We are maintaining our no-moat rating. Investors should be relieved that the key debate among regulators this fall likely will be the pace of PG&E's wildfire protection investments. This is only a small part of PG&E's total four-year, $40 billion investment plan that we expect regulators will support. We continue to forecast 9% average annual earnings growth, one of the highest growth rates in the sector, assuming a final regulatory ruling that is mostly in line with the proposed decisions.

In 2022, battery electric vehicles represented nearly 10% of global auto sales, up from a little less than 6% in 2021. Much of the growth occurred in China, which has been a leader in EV sales over the past decade. However, with national EV subsidies in China expiring in 2022 and far lower sales in the U.S. and Europe, the market questions if EV sales can continue to grow without subsides.

We are raising our fair value estimate for PG&E to $15 per share from $13.50 after incorporating several financial and operational updates, including another quarter of consistent earnings this year. The company reported $0.23 in core earnings per share for the second quarter, down from $0.25 last year.

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.

We are reaffirming our $13.50 per share fair value estimate for PG&E after the company reported $0.29 per share of core earnings during the first quarter of 2023, mostly flat from last year. We are maintaining our no-moat and stable moat trend ratings.

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.

We are reaffirming our fair value estimate for PG&E after the Fire Victim Trust sold 60 million shares of PG&E stock at $16.11 per share on April 11. The FVT, created during PG&E's 2020 bankruptcy, now owns 128 million shares, or 6% of total PG&E shares outstanding, down from 24.1% when PG&E exited bankruptcy.

We are reaffirming our $12.70 per share fair value estimate for PG&E after the company reported $1.10 per share of core earnings in 2022, in line with our outlook and management's guidance. We are maintaining our no-moat and stable moat trend ratings.

We are reaffirming our near-term outlook for PG&E after reviewing recent regulatory developments and more stock sales by the Fire Victim Trust, PG&E's largest shareholder. We are maintaining our no-moat and stable moat trend ratings for PG&E. Our fair value estimate is $12.70 per share.

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.