Call It A Comeback "PG&E Stock Gets Another Upgrade as Wildfire Costs Look Manageable"
I asked an investment friend about this. He said a buddy is trading it and doing well but for now (end of January 2020) he is staying away.
They still haven't restarted their dividend. That might take a while.
photo credit © BrokenSphere / Wikimedia Commons
PG&E (ticker: PCG), the electrical utility’s holding company, was upgraded to Buy from Neutral by Mizuho analyst Paul Fremont on Tuesday. The vote of confidence comes two weeks after a Citigroup analyst upgraded the stock. It also comes almost exactly one year after PG&E filed for bankruptcy to manage ballooning costs of the deadly wildfires caused by its equipment in 2017 and 2018.
In his note upgrading the stock, Fremont argued there is a good chance that the utility will exit bankruptcy court by the end of June.
If it does exit by June 30, any future wildfire costs should be partly covered by a state wildfire fund. A California state law known as AB-1054, passed last year, creates a $21 billion fund, financed half by residents and half by the state’s major investor-owned utilities.
from a year ago Jan. 29, 2019