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PG&E Corp PCG

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PG&E Faces Challenge of Pleasing Everyone at Once; First-Half Earnings on Track

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $11.50 per share fair value estimate for PG&E after the company reported $0.27 adjusted EPS during the second quarter, the second full quarter under CEO Patti Poppe. Second-quarter results keep PG&E on track to meet our full-year earnings outlook. We are also maintaining our no-moat and stable moat trend ratings.

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Company Profile

Business Description

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 4.4 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.

Contact
77 Beale Street, P. O. Box 770000
San Francisco, CA, 94177
T +1 415 973-1000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 24,000

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