Renewed Bankruptcy Concerns Rattle PG&E's Stock Price
We are reaffirming our $30 per share fair value estimate for PG&E after a fresh round of bankruptcy fears led to a sharp sell-off in shares. PG&E traded near $19 intraday, down more than 20% but still above the lows in mid-November, when bankruptcy fears emerged. We are reaffirming our no-moat and very high uncertainty ratings.We think PG&E's Jan. 4 news release was meant to grab the attention of new California legislators and new Gov. Gavin Newsom as they went into session on Jan. ...
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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