Management Meeting: PG&E Has Become a Dividend Growth Opportunity
We are reaffirming our $54 per share fair value estimate, no-moat rating, and stable moat trend after meeting with PG&E senior management at the Edison Electric Institute Financial Conference in Phoenix, Arizona.After six years without a dividend increase, PG&E raised its dividend 8% to $1.96 per share annualized for 2016, and we think it will grow the dividend 5%-6% annually the next four years. That could go slightly higher if management exceeds its 60% midpoint payout ratio target. T...
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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