Utility Stock Falls Further From Highs

PCG is brushing off a bull note from Credit Suisse

Deputy Editor
Sep 29, 2022 at 10:49 AM
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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. 




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