PG&E (NYSE:PCG) shares are poised to post their best closing price since March 2020 after surging more than 17% this week, benefiting from recent positive catalysts such as the stock’s inclusion in the S&P 500 and the company’s wildfire mitigation efforts.
RBC raised its PG&E (PCG) stock price target on Friday to a Street-high $19 from $16 previously, seeing significant upside potential in the long term if the company executes its wildfire plans, which would boost rating agency confidence, and if it starts paying a dividend in mid-2023, which should prompt income-oriented investors to add the stock to their portfolios.
“The pieces are starting to fall into place” for PG&E (PCG), RBC’s Shelby Tucker wrote, as “investors are becoming more comfortable with the Fire Victim Trust sales, as the most recent block of 35M shares saw a more muted reaction from the market.”
PG&E (PCG) recently filed an application with California regulators for a potential spinoff of its non-nuclear generation assets into a standalone utility subsidiary.
Image and article originally from seekingalpha.com. Read the original article here.