The company filed to separate its non-nuclear generation assets into a standalone unit
PG&E Corp (NYSE:PCG) is gathering attention today, after the company filed to separate its non-nuclear generation assets into a standalone branch. Credit Suisse also threw in a minor bull note this morning, raising its price target on PCG to $16 from $15. At last glance, the stock was down 2.1% to trade at $12.45.
PG&E stock has pulled back slightly from its recent Sept. 20 two-year high of $13.53, though the ascending 40-day moving average has moved in as support. Year-over-year, the equity is up 31.7%.
Of the five analysts in coverage, two carry a "strong buy" rating, and three a "hold." The 12-month consensus price target of $16.62 is a 33.4% premium to current levels.
Meanwhile, shorts have been covering their bets. Short interest is down 10.6% during the most recent two-week reporting period, though it still represents 3.6% of the stock's available float, or nearly six days' worth of pent-up buying power.