California Regulators Say PG&E Safe for Now, but Fire Liabilities Still Loom Large
A late-afternoon statement from California Public Utilities Commission President Michael Picker on Nov. 15 gave PG&E the brief vote of confidence that the market needed to stop the stock's rapid downward spiral. But we think Picker stopped far short of offering any long-term relief for investors. We are reaffirming our $30 per share fair value estimate, no-moat rating, and very high uncertainty rating.Picker's statement that regulators are committed to investor-owned utilities operating in ...
PG&E is a holding company that conducts its business through Pacific Gas and Electric Company (Utility), a public utility engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electric transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides natural gas transportation services to small commercial and residential customers and to industrial, commercial, and natural gas-fired electric generation facilities that are connected to the Utility's gas system in its service territory.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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