PG&E’s Earnings and Dividend Growth Looking Up
We are reaffirming our $54 per share fair value estimate, no-moat rating, and stable moat trend after PG&E reported $0.94 adjusted EPS for the third quarter of 2016 and $2.42 year to date. Management reaffirmed its $3.65-$3.85 operating EPS guidance range for 2016, in line with our estimate. Year-to-date adjustments reflect $1.42 per share of one-time costs, which we treat as direct reductions in value and already include in our fair value estimate.Earnings growth related to PG&E's core...
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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