PCG - PG&E Corporation
11.20 +0.12 (1.08%)
After hours: 5:37PM EDT
| Previous Close | 11.70 |
| Open | 12.02 |
| Bid | 11.02 x 1100 |
| Ask | 11.05 x 4000 |
| Day's Range | 10.74 - 12.06 |
| 52 Week Range | 3.55 - 25.19 |
| Volume | 21,304,400 |
| Avg. Volume | 10,900,479 |
| Market Cap | 5.87B |
| Beta (5Y Monthly) | 1.11 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -14.03 |
| Earnings Date | Jul. 22, 2020 - Jul. 27, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Sep. 28, 2017 |
| 1y Target Est | 13.06 |
- Business Wire
PG&E Corporation Announces Final Voting Results on Plan of Reorganization
PG&E Corporation announced today the final voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Chapter 11 Plan of Reorganization (the "Plan") as certified by Prime Clerk, PG&E’s court-authorized solicitation and balloting agent. The Plan received overwhelming support from all but one of the classes of impaired creditors and interest holders entitled to vote, including fire claimants, insurance subrogation claimants, public entity fire claimants, certain holders of prepetition funded debt and other creditors, and shareholders.
- Business Wire
PG&E’s CARE Program Helping Customers Who Have Been Financially Impacted by COVID-19
Tens of thousands of income-eligible customers have applied to save 20 percent on their monthly energy bill by enrolling in Pacific Gas and Electric Company’s (PG&E) California Alternate Rates for Energy (CARE) Program since the start of the COVID-19 pandemic in March. The CARE program provides income-qualified households with discounts on their energy bills.
- Business Wire
Series of PG&E Webinars Keeps Customers and Communities Informed About Ongoing Safety Work to Prevent and Mitigate the Risk of Catastrophic Wildfires
As Pacific Gas and Electric Company (PG&E) crews and contractors perform essential work to maintain gas and electric service, improve the safety of the system, further mitigate wildfire risks, and reduce Public Safety Power Shutoff (PSPS) impacts, the company also is taking steps to keep communities informed about this vital work.
- Business Wire
PG&E Poised to Expand Battery Energy Storage Capacity by More Than 420 Megawatts
Pacific Gas and Electric Company (PG&E) has requested approval of five energy storage projects totaling 423 megawatts (MW), in a filing with the California Public Utilities Commission (CPUC).
- Business Wire
PG&E Sponsors 211 Service to Support Communities During COVID-19 and Other Disasters
Pacific Gas and Electric Company (PG&E) announced today that it is continuing its sponsorship of the Interface Children & Family Services 211 program (211) to help support communities in times of disaster. This sponsorship will help extend 211 coverage to all 58 California counties, 18 of which were previously unserved by 211, connecting more Californians to health information, social services and referrals through a comprehensive resource database via call specialists and texting. Today’s enhanced commitment brings the total sponsorship to $550,000 over the two-year period from 2019 through 2020.
- Business Wire
PG&E Corporation Announces Preliminary Voting Results on Plan of Reorganization
PG&E Corporation announced today the preliminary voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Plan of Reorganization (the "Plan"), which indicate overwhelming acceptance of the Plan by the wildfire victims entitled to vote on the Plan. Based on the preliminary voting results, PG&E believes that it remains on track for Plan confirmation by June 30, 2020, the deadline under AB 1054.
- Business Wire
PG&E Helping Business Customers with Active Utility Loans to Reduce Financial Hardship During Pandemic
Pacific Gas and Electric Company (PG&E) is offering additional support for business customers experiencing financial hardship as a result of the COVID-19 pandemic by offering temporary loan deferrals for customers with an active On-Bill Financing (OBF) loan under PG&E’s Energy Efficiency Financing program.
- Business Wire
PG&E Hosting Series of Webinars to Keep Customers and Communities Informed About Its Continuing Vital Safety Work to Prevent and Mitigate the Serious Risk of Catastrophic Wildfires
Pacific Gas and Electric Company (PG&E) today shared that as its crews and contractors remain in the field performing essential work to maintain gas and electric service, improve the safety of the system, further mitigate wildfire risks, and reduce Public Safety Power Shutoff (PSPS) impacts, the company also is taking the steps necessary to keep communities informed about this vital wildfire prevention and safety work..
- Business Wire
Deadline Approaching for Eligible Creditors and Shareholders to Vote on PG&E’s Chapter 11 Plan of Reorganization
PG&E Corporation and Pacific Gas and Electric Company (together, "PG&E") are sharing a reminder that the deadline for eligible parties to vote on PG&E’s Chapter 11 Plan of Reorganization (the "Plan") is in one week. All ballots must be received by the Court-appointed solicitation agent, Prime Clerk, by May 15, 2020, at 4:00 p.m. Pacific Time (PT) to be counted.
- Business Wire
PG&E Reminds Our Customers: Make Sure We Have Your Updated Contact Information Ahead of Wildfire Season
If you’re a Pacific Gas and Electric Company (PG&E) customer who lives or works in a high fire-threat area from the Sierra Nevada to the coast, we will contact you multiple times before we initiate a Public Safety Power Shutoff due to hot temperatures, high winds and dry vegetation that foretell elevated wildfire conditions.
- Business Wire
Warmer Weather Will Speed Snowmelt, Increase River Flows; When Shelter-at-Home Restrictions Ease, Outdoor Recreationists Should be Wary of Cold-Water Hazards
With temperatures forecast to increase this week, California’s snowpack will be melting faster, potentially filling rivers and streams with dangerously cold and swift moving water.
- Business Wire
PG&E Corporation Reports First-Quarter 2020 Financial Results
PG&E Corporation (NYSE: PCG) recorded first-quarter 2020 income available for common shareholders of $371 million, or $0.57 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $136 million, or $0.25 per share, for the first quarter of 2019.
- Business Wire
PG&E Donates $5 Million to the U.S. Forest Service To Help Protect Customers and Communities by Reducing Wildfire Risk
As part of its continuing efforts to further mitigate wildfire risks across Northern and Central California, Pacific Gas and Electric Company (PG&E) has donated nearly $5 million to the U.S. Forest Service, Pacific Southwest Region to fund fuel reduction projects and purchase equipment that will be used in six national forests located throughout the state.
- Bloomberg
Apollo, Centerbridge Backed PG&E, Funded Loan to Firm Suing It
(Bloomberg) -- Two major investors in PG&E Corp. are also backing a loan to one of the law firms suing the bankrupt California utility on behalf of thousands of wildfire victims.Centerbridge Partners LP is the among the 20 biggest shareholders in PG&E and has committed to buying as much as $325 million in the utility’s shares when it emerges from Chapter 11. Apollo Global Management Inc. last year held as much as $506 million in PG&E bonds and tried unsuccessfully with other creditors to take control of the company.The two firms bought stakes in a line of credit provided in September to the law firm of Mikal Watts, who worked with a group of lawyers that later negotiated a $13.5 billion settlement with PG&E for almost 80,000 people who lost homes, businesses or loved ones in blazes blamed on the utility’s equipment. Victims are now in the middle of voting whether to approve the bankruptcy plan.It’s not unusual for big investment companies to loan money to law firms. But Centerbridge and Apollo’s positions in the loan -- coupled with their having bought insurance claims against PG&E -- underscores how Wall Street titans were on multiple sides in the largest utility bankruptcy in U.S. history.Watts, who represents about one-fifth of the fire victims, disclosed the financing during town-hall style meetings with clients in December and April and told them he got the best settlement possible. Watts said in an interview that the credit line was for general support of his firm -- not specifically for the wildfire litigation -- and that the lenders have no right to a share of his firm’s legal fees in the PG&E case.That hasn’t stopped some victims who aren’t Watts’s clients from complaining to the judge overseeing the bankruptcy that the loan raised a potential conflict of interest. The judge quickly dismissed one complaint that was filed by a persistent critic of the bankruptcy plan; another is pending. It was filed by a fire survivor who recently resigned from the bankruptcy committee for victims, saying the settlement is flawed.Loan MoneyApollo said in a statement it has no ability under the financing arrangement to influence Watts’s decision-making for his clients. The New York-based investment manager held $100 million in insurance claims against PG&E as of April 13, according to court papers. Centerbridge, also based in New York, declined to comment. It held $209 million of insurance claims as of December.Watts told some of his clients at a meeting in December in Santa Rosa, California, that representatives from Stifel Financial Corp. approached him in September and offered his San Antonio-based firm, Watts Guerra LLP, a “huge” line of credit, saying they heard he had a “bunch of fire cases,” according to a video recording viewed by Bloomberg News. At another town hall on April 18, Watts disclosed that the loan was for $100 million, according to a recording of that meeting.Watts told his clients that Stifel didn’t need his consent to assign stakes in his loan to other investors and that he didn’t find out until after he accepted the credit that Centerbridge and Apollo were backing it.“I was like holy moly, OK, I know what’s going on here, these guys are trying to play me,” Watts said on the video recording of the December town hall. The lawyer then assured his clients that he wasn’t going to let the money influence him.St. Louis-based Stifel didn’t respond to multiple requests for comment.‘No Less Green’“I say, ‘Look, let me be blunt, your money is no less green than the other guy’s money,’” Watts said he told an Apollo representative. “I don’t care who loaned me what.”Apollo said in its statement that it “owns less than $20 million of exposure in a syndicated loan structure to a law firm with a vast amount of other unrelated cases.”“The implication from Mikal Watts is not only incredibly disappointing, but utterly false,” according to the statement. “In our position as bond holders in PG&E, we have always been aligned with the claimants with the goal of paying all creditors in full as timely as possible.”In an interview Wednesday, Watts said he didn’t mean to suggest Apollo and Centerbridge had done anything wrong when he said they were “trying to play” him.Credit LineIn an April 18 email to Bloomberg News, Watts said the loan conforms with an American Bar Association rule requiring lawyers to maintain professional independence. In a court filing, he said he’s made sufficient disclosures both orally and in writing to his clients. Watts also told Bloomberg there are more than a “handful” of investors in the loan beyond Apollo and Centerbridge. “It’s pretty diversified,” he said.W. Bradley Wendel, a law professor at Cornell University who specializes in legal ethics, said Watts’s financing as he’s described it poses no conflict of interest because the investment firms have no control over his decision-making.In other instances, Wall Street financing for personal-injury firms has generated controversy -- especially if there’s a perception that a high interest rate was charged for a loan and a lawyer had incentive to settle a case quickly rather than keep fighting for a better payout for their clients.‘Best Interest’“If I were one of Watts’s clients, this financing arrangement would make me extremely nervous,” said Elizabeth Burch, a law professor at University of Georgia who teaches about mass torts. “How do I know whether he’s acting on behalf of my best interest or his investors’ best interest?”Watts declined in an interview to disclose the interest rate for his loan.He told his clients at the April town hall that Stifel offered him “‘substantially lower interest rates” than his firm had on previous loans with commercial banks. He described the line of credit in a bankruptcy court filing Tuesday as a typical bank loan with “flat, non-usurious” interest while arguing that it isn’t “litigation financing” and creates no risk of a conflict.“I would never give a lender any say in what I would do as a lawyer and would never sign a credit facility that gave that control to a third party,” Watts said in an interview.Watts was part of a team that negotiated with PG&E on behalf of fire victims. He said he was among 13 lawyers who decided to support the utility’s settlement with victims along with a committee designated to represent fire victims. The vote was unanimous, he said.The lawyer said in an interview that representatives from Centerbridge and Apollo introduced him to the principal negotiators for the bondholders and shareholders, but that the two firms didn’t participate in the negotiations.The lawyer said he’s encouraging fire victims to vote for PG&E’s bankruptcy plan because it has solid financing and would allow the utility to exit bankruptcy by a state deadline of June 30. Otherwise, victims could have to wait years to get paid. Watts and other attorneys who together represent more than 31,000 fire victims said in a court filing Tuesday that of those who have voted so far on the bankruptcy plan, 98.7% support it.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Business Wire
PG&E, CFILC Announce Program to Support Vulnerable Customers in Preparation for Public Safety Power Shutoff Events
As part of Pacific Gas and Electric Company’s (PG&E) commitment to safety and supporting customers and communities, the company will join with the California Foundation for Independent Living Centers (CFLIC) as it supports customers with disabilities and older customers who are most vulnerable when the power goes out.
- Zacks
PG&E (PCG) to Report Q1 Earnings: What's in the Offing?
PG&E Corporation's (PCG) wildfire-related costs and storm-related damages are likely to have impacted its bottom-line performance in the first quarter.
- Business Wire
CORRECTING and REPLACING PG&E and The PG&E Corporation Foundation Contribute $150,000 to Organizations Providing Meals for Vulnerable Seniors During COVID-19
Headline of release should read: PG&E and The PG&E Corporation Foundation Contribute $150,000 to Organizations Providing Meals for Vulnerable Seniors During COVID-19 (instead of PG&E and its Corporation Foundation Contribute $150,000 to Organizations Providing Meals for Vulnerable Seniors During COVID-19).
- GlobeNewswire
JEH C. JOHNSON ELECTED TO U. S. STEEL BOARD OF DIRECTORS
PITTSBURGH, April 28, 2020 -- United States Steel Corporation (NYSE: X) today announced that former Secretary of Homeland Security Jeh C. Johnson has been elected to the.
- Reuters
Bankrupt firm PG&E's CEO to retire
Smith, current PG&E board member and former president of AT&T Technology Services, will take over after Johnson's departure on June 30. California-based PG&E and its utility unit filed for bankruptcy in January 2019, citing more than $30 billion in potential liabilities from major wildfires in 2017 and 2018 that were linked to its equipment. The company appointed William Johnson to the top job on April 3, 2019, to steer it through its Chapter 11 proceedings and stabilize its operations.
- Business Wire
Bill Johnson to Retire as CEO of PG&E Corporation on June 30, 2020
PG&E Corporation announced today that its chief executive officer and president, William D. "Bill" Johnson, has decided to retire from the company. His retirement will become effective on June 30, 2020, which is expected to be after the company’s Plan of Reorganization is confirmed by the Bankruptcy Court.
- Business Wire
PG&E Contributes $150,000 to the California Association of Food Banks to Start New Emergency Fund
Pacific Gas and Electric Company (PG&E) is assisting the California Association of Food Banks to establish the California Food Bank Rapid Response Fund with a $150,000 charitable contribution. Through the Rapid Response Fund, the Association will provide critical funding for food banks to increase their capacity to purchase food and supplies, and to supplement their staffing needs through the COVID-19 pandemic and future emergencies.
- Business Wire
PG&E Pays Property Tax and Franchise Fee Payments to Cities, Counties
Pacific Gas and Electric Company (PG&E), which serves 16 million Californians, is paying property taxes and franchise fees of nearly $386 million this spring to the 50 counties, 246 cities and one district where it owns and operates gas and electric infrastructure.
- Zacks
Do Options Traders Know Something About PG&E (PCG) Stock We Don't?
Investors need to pay close attention to PG&E (PCG) stock based on the movements in the options market lately.
- Zacks
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AES Corp (AES) is a promising bet for investors, courtesy of these four factors.
