Seeking Alpha

PG&E -3.8% as downgrades follow fears of criminal charges

  • PG&E (PCG -3.8%) is downgraded to Hold from Buy at Deutsche Bank after the utility said in a regulatory filing late yesterday that it expected to be charged with criminal violations of the federal Pipeline Safety Act in connection with the 2010 San Bruno natural gas transmission pipeline accident.
  • Clarity on the case now looks to be pushed out even further, the firm says, also concerned that PCG may need to raise equity to fund a penalty from California's public utilities commission under the overhang of a new criminal case.
  • Citigroup also cuts its rating on the stock to Neutral from Buy and lowers its price target to $46 from $52.
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