Intrinsic value of PG&E - PCG

Previous Close

$24.44

  Intrinsic Value

$9.29

stock screener

  Rating & Target

str. sell

-62%

Previous close

$24.44

 
Intrinsic value

$9.29

 
Up/down potential

-62%

 
Rating

str. sell

We calculate the intrinsic value of PCG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  17,478
  17,880
  18,339
  18,855
  19,427
  20,054
  20,737
  21,476
  22,273
  23,127
  24,042
  25,018
  26,057
  27,161
  28,332
  29,574
  30,888
  32,278
  33,747
  35,297
  36,933
  38,659
  40,477
  42,394
  44,412
  46,537
  48,774
  51,127
  53,603
  56,208
Variable operating expenses, $m
  15,328
  15,680
  16,083
  16,536
  17,037
  17,587
  18,186
  18,835
  19,533
  20,283
  21,085
  21,940
  22,852
  23,820
  24,847
  25,936
  27,089
  28,308
  29,596
  30,956
  32,390
  33,904
  35,499
  37,179
  38,949
  40,813
  42,774
  44,838
  47,010
  49,294
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  15,328
  15,680
  16,083
  16,536
  17,037
  17,587
  18,186
  18,835
  19,533
  20,283
  21,085
  21,940
  22,852
  23,820
  24,847
  25,936
  27,089
  28,308
  29,596
  30,956
  32,390
  33,904
  35,499
  37,179
  38,949
  40,813
  42,774
  44,838
  47,010
  49,294
Operating income, $m
  2,150
  2,199
  2,256
  2,319
  2,389
  2,467
  2,551
  2,642
  2,740
  2,845
  2,957
  3,077
  3,205
  3,341
  3,485
  3,638
  3,799
  3,970
  4,151
  4,342
  4,543
  4,755
  4,979
  5,214
  5,463
  5,724
  5,999
  6,289
  6,593
  6,914
EBITDA, $m
  5,059
  5,175
  5,308
  5,458
  5,623
  5,805
  6,002
  6,216
  6,447
  6,694
  6,959
  7,241
  7,542
  7,862
  8,201
  8,560
  8,941
  9,343
  9,768
  10,217
  10,690
  11,190
  11,716
  12,271
  12,855
  13,470
  14,117
  14,799
  15,515
  16,269
Interest expense (income), $m
  726
  1,033
  1,084
  1,145
  1,216
  1,295
  1,383
  1,479
  1,584
  1,698
  1,820
  1,952
  2,092
  2,242
  2,402
  2,571
  2,751
  2,942
  3,144
  3,357
  3,583
  3,821
  4,073
  4,338
  4,617
  4,912
  5,222
  5,548
  5,892
  6,254
  6,634
Earnings before tax, $m
  1,117
  1,116
  1,110
  1,103
  1,094
  1,084
  1,071
  1,057
  1,042
  1,024
  1,006
  985
  963
  939
  914
  886
  857
  826
  793
  758
  721
  682
  641
  597
  551
  502
  451
  397
  340
  280
Tax expense, $m
  302
  301
  300
  298
  295
  293
  289
  285
  281
  277
  272
  266
  260
  254
  247
  239
  231
  223
  214
  205
  195
  184
  173
  161
  149
  136
  122
  107
  92
  75
Net income, $m
  815
  814
  811
  805
  799
  791
  782
  772
  760
  748
  734
  719
  703
  686
  667
  647
  626
  603
  579
  554
  527
  498
  468
  436
  402
  367
  329
  290
  248
  204

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  69,356
  70,951
  72,775
  74,822
  77,090
  79,579
  82,289
  85,223
  88,383
  91,775
  95,404
  99,276
  103,399
  107,780
  112,430
  117,357
  122,572
  128,087
  133,915
  140,068
  146,561
  153,408
  160,625
  168,229
  176,238
  184,670
  193,546
  202,885
  212,711
  223,046
Adjusted assets (=assets-cash), $m
  69,356
  70,951
  72,775
  74,822
  77,090
  79,579
  82,289
  85,223
  88,383
  91,775
  95,404
  99,276
  103,399
  107,780
  112,430
  117,357
  122,572
  128,087
  133,915
  140,068
  146,561
  153,408
  160,625
  168,229
  176,238
  184,670
  193,546
  202,885
  212,711
  223,046
Revenue / Adjusted assets
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
Average production assets, $m
  53,237
  54,462
  55,861
  57,433
  59,174
  61,084
  63,165
  65,416
  67,842
  70,446
  73,231
  76,204
  79,368
  82,731
  86,300
  90,082
  94,085
  98,319
  102,792
  107,515
  112,499
  117,754
  123,294
  129,131
  135,279
  141,751
  148,564
  155,733
  163,275
  171,208
Working capital, $m
  87
  89
  92
  94
  97
  100
  104
  107
  111
  116
  120
  125
  130
  136
  142
  148
  154
  161
  169
  176
  185
  193
  202
  212
  222
  233
  244
  256
  268
  281
Total debt, $m
  20,065
  21,209
  22,516
  23,984
  25,611
  27,395
  29,338
  31,442
  33,708
  36,140
  38,742
  41,518
  44,474
  47,615
  50,949
  54,482
  58,221
  62,176
  66,354
  70,766
  75,421
  80,330
  85,505
  90,957
  96,700
  102,745
  109,109
  115,806
  122,851
  130,261
Total liabilities, $m
  49,728
  50,872
  52,179
  53,647
  55,274
  57,058
  59,001
  61,105
  63,371
  65,803
  68,405
  71,181
  74,137
  77,278
  80,612
  84,145
  87,884
  91,839
  96,017
  100,429
  105,084
  109,993
  115,168
  120,620
  126,363
  132,408
  138,772
  145,469
  152,514
  159,924
Total equity, $m
  19,628
  20,079
  20,595
  21,175
  21,816
  22,521
  23,288
  24,118
  25,013
  25,972
  26,999
  28,095
  29,262
  30,502
  31,818
  33,212
  34,688
  36,249
  37,898
  39,639
  41,477
  43,414
  45,457
  47,609
  49,875
  52,262
  54,773
  57,417
  60,197
  63,122
Total liabilities and equity, $m
  69,356
  70,951
  72,774
  74,822
  77,090
  79,579
  82,289
  85,223
  88,384
  91,775
  95,404
  99,276
  103,399
  107,780
  112,430
  117,357
  122,572
  128,088
  133,915
  140,068
  146,561
  153,407
  160,625
  168,229
  176,238
  184,670
  193,545
  202,886
  212,711
  223,046
Debt-to-equity ratio
  1.020
  1.060
  1.090
  1.130
  1.170
  1.220
  1.260
  1.300
  1.350
  1.390
  1.430
  1.480
  1.520
  1.560
  1.600
  1.640
  1.680
  1.720
  1.750
  1.790
  1.820
  1.850
  1.880
  1.910
  1.940
  1.970
  1.990
  2.020
  2.040
  2.060
Adjusted equity ratio
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  815
  814
  811
  805
  799
  791
  782
  772
  760
  748
  734
  719
  703
  686
  667
  647
  626
  603
  579
  554
  527
  498
  468
  436
  402
  367
  329
  290
  248
  204
Depreciation, amort., depletion, $m
  2,909
  2,976
  3,053
  3,138
  3,234
  3,338
  3,452
  3,575
  3,707
  3,850
  4,002
  4,164
  4,337
  4,521
  4,716
  4,923
  5,141
  5,373
  5,617
  5,875
  6,147
  6,435
  6,737
  7,056
  7,392
  7,746
  8,118
  8,510
  8,922
  9,356
Funds from operations, $m
  3,724
  3,790
  3,863
  3,944
  4,032
  4,129
  4,234
  4,346
  4,468
  4,597
  4,736
  4,883
  5,040
  5,206
  5,383
  5,570
  5,767
  5,976
  6,196
  6,429
  6,674
  6,933
  7,205
  7,492
  7,794
  8,113
  8,447
  8,800
  9,170
  9,560
Change in working capital, $m
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
Cash from operations, $m
  3,723
  3,788
  3,861
  3,941
  4,030
  4,126
  4,230
  4,343
  4,464
  4,593
  4,731
  4,878
  5,035
  5,201
  5,377
  5,563
  5,760
  5,969
  6,189
  6,421
  6,666
  6,924
  7,196
  7,483
  7,784
  8,102
  8,436
  8,788
  9,158
  9,547
Maintenance CAPEX, $m
  -2,852
  -2,909
  -2,976
  -3,053
  -3,138
  -3,234
  -3,338
  -3,452
  -3,575
  -3,707
  -3,850
  -4,002
  -4,164
  -4,337
  -4,521
  -4,716
  -4,923
  -5,141
  -5,373
  -5,617
  -5,875
  -6,147
  -6,435
  -6,737
  -7,056
  -7,392
  -7,746
  -8,118
  -8,510
  -8,922
New CAPEX, $m
  -1,052
  -1,224
  -1,400
  -1,571
  -1,741
  -1,910
  -2,080
  -2,252
  -2,426
  -2,604
  -2,785
  -2,972
  -3,165
  -3,363
  -3,569
  -3,782
  -4,003
  -4,234
  -4,473
  -4,723
  -4,984
  -5,256
  -5,540
  -5,837
  -6,148
  -6,473
  -6,813
  -7,169
  -7,542
  -7,933
Cash from investing activities, $m
  -3,904
  -4,133
  -4,376
  -4,624
  -4,879
  -5,144
  -5,418
  -5,704
  -6,001
  -6,311
  -6,635
  -6,974
  -7,329
  -7,700
  -8,090
  -8,498
  -8,926
  -9,375
  -9,846
  -10,340
  -10,859
  -11,403
  -11,975
  -12,574
  -13,204
  -13,865
  -14,559
  -15,287
  -16,052
  -16,855
Free cash flow, $m
  -181
  -345
  -515
  -683
  -850
  -1,018
  -1,188
  -1,361
  -1,537
  -1,718
  -1,904
  -2,095
  -2,294
  -2,499
  -2,713
  -2,934
  -3,165
  -3,406
  -3,657
  -3,919
  -4,193
  -4,479
  -4,778
  -5,092
  -5,419
  -5,763
  -6,123
  -6,499
  -6,894
  -7,308
Issuance/(repayment) of debt, $m
  936
  1,144
  1,307
  1,468
  1,626
  1,785
  1,943
  2,103
  2,266
  2,432
  2,602
  2,776
  2,956
  3,142
  3,334
  3,533
  3,739
  3,955
  4,178
  4,412
  4,655
  4,909
  5,175
  5,452
  5,742
  6,046
  6,364
  6,697
  7,045
  7,410
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  58
  134
  212
  293
  377
  464
  554
  649
  747
  850
  958
  1,070
  1,188
  1,311
  1,440
  1,575
  1,716
  1,864
  2,020
  2,183
  2,354
  2,533
  2,721
Cash from financing (excl. dividends), $m  
  936
  1,144
  1,307
  1,468
  1,626
  1,785
  1,943
  2,161
  2,400
  2,644
  2,895
  3,153
  3,420
  3,696
  3,983
  4,280
  4,589
  4,913
  5,248
  5,600
  5,966
  6,349
  6,750
  7,168
  7,606
  8,066
  8,547
  9,051
  9,578
  10,131
Total cash flow (excl. dividends), $m
  755
  799
  793
  785
  776
  766
  755
  801
  863
  926
  991
  1,057
  1,126
  1,197
  1,270
  1,346
  1,424
  1,506
  1,591
  1,680
  1,773
  1,870
  1,971
  2,077
  2,187
  2,303
  2,424
  2,551
  2,683
  2,822
Retained Cash Flow (-), $m
  -408
  -451
  -516
  -579
  -642
  -704
  -767
  -830
  -894
  -960
  -1,027
  -1,096
  -1,167
  -1,240
  -1,316
  -1,394
  -1,476
  -1,561
  -1,649
  -1,741
  -1,837
  -1,938
  -2,042
  -2,152
  -2,267
  -2,386
  -2,512
  -2,643
  -2,781
  -2,925
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  347
  347
  277
  206
  134
  62
  -12
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -75
  -79
  -84
  -88
  -93
  -97
  -102
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  326
  303
  223
  153
  91
  38
  -6
  -14
  -13
  -13
  -12
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.6
  98.9
  97.7
  96.1
  94.2
  92.1
  89.7
  87.0
  84.2
  81.2
  78.1
  75.0
  71.8
  68.5
  65.3
  62.1
  58.9
  55.8
  52.7
  49.8
  46.9
  44.1
  41.4

PG&E Corporation is a holding company. The Company's primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides bundled services (electricity, transmission and distribution services) to various customers in its service territory. As of December 31, 2016, the Utility owned approximately 18,400 circuit miles of interconnected transmission lines operating at voltages ranging from 60 kilovolt to 500 kilovolt. As of December 31, 2016, the Utility also operated 92 electric transmission substations with a capacity of approximately 64,600 megavolt ampere (MVA).

FINANCIAL RATIOS  of  PG&E (PCG)

Valuation Ratios
P/E Ratio 8.8
Price to Sales 0.7
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow -9.5
Growth Rates
Sales Growth Rate 4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 90.4%
Total Debt to Equity 102.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 7.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 28%
EBITDA Margin - 3 Yr. Avg. 27%
Operating Margin 12.3%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 8.3%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 8%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 6.6%
Payout Ratio 65.5%

PCG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PCG stock intrinsic value calculation we used $17135 million for the last fiscal year's total revenue generated by PG&E. The default revenue input number comes from 0001 income statement of PG&E. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PCG stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.7%, whose default value for PCG is calculated based on our internal credit rating of PG&E, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PG&E.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PCG stock the variable cost ratio is equal to 87.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PCG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for PG&E.

Corporate tax rate of 27% is the nominal tax rate for PG&E. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PCG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PCG are equal to 304.6%.

Life of production assets of 18.3 years is the average useful life of capital assets used in PG&E operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PCG is equal to 0.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $19220 million for PG&E - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 517.151 million for PG&E is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PG&E at the current share price and the inputted number of shares is $12.6 billion.

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COMPANY NEWS

▶ Seth Klarman's Top 5 Holdings as of 3rd Quarter   [Dec-18-18 05:03PM  GuruFocus.com]
▶ California utility fires contractor from wildfire recovery   [Dec-17-18 10:10PM  Associated Press]
▶ PG&E Shares Slump Following CPUC Allegations   [10:50AM  TheStreet.com]
▶ [$$] PG&E Falsified Gas Safety Records, California Claims   [08:16PM  The Wall Street Journal]
▶ [$$] California Claims PG&E Falsified Gas Safety Records   [07:08PM  The Wall Street Journal]
▶ [$$] California Girds for Higher Power Prices After Fires   [Dec-13-18 10:06PM  The Wall Street Journal]
▶ Big Winners from the Farm Bill   [08:00AM  ACCESSWIRE]
▶ [$$] PG&E Power Line Near California Wildfire Had Damage   [Dec-11-18 10:27PM  The Wall Street Journal]
▶ Why PG&E Stock Crashed in November   [10:07AM  Motley Fool]
▶ Is PG&E Corporation (PCG) A Good Stock To Buy?   [Dec-09-18 11:35AM  Insider Monkey]
▶ [$$] The Bond That Could Be Wiped Out by Californias Wildfires   [Dec-05-18 07:26PM  The Wall Street Journal]
▶ [$$] The Bond That Could Be Wiped Out by Wildfires   [05:30AM  The Wall Street Journal]
▶ What This Market Really Needs From the G-20   [Nov-30-18 09:05PM  Barrons.com]
▶ California regulators question utility's safety commitment   [Nov-29-18 09:35PM  Associated Press]
▶ Some California evacuation orders could be lifted next week   [Nov-28-18 10:34PM  Associated Press]
▶ Judge to utility: Explain any role in deadly California fire   [Nov-27-18 11:03PM  Associated Press]
▶ East Bay engineering firm to lay off up to 200 after PG&E contract ends   [Nov-21-18 04:26PM  American City Business Journals]
▶ PG&E Falls After Second Power-Line Failure   [05:47PM  TheStreet.com]
▶ Company News For Nov 19, 2018   [09:55AM  Zacks]
▶ Stocks Slip As Apple Doubts Increase; Dow Jones Holds Support   [09:40AM  Investor's Business Daily]
▶ Stock Market News Daily Roundup November 19   [09:35AM  Market Exclusive]
▶ [$$] PG&E shares resume sell-off on renewed wildfire concerns   [Nov-18-18 10:37PM  Financial Times]

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