Pacific Gas & Electric Co.
- Open
- 16.80
- Day high
- 16.80
- Day low
- 16.53
- Prev close
- 16.82
- Volume
- 2.7M
- Mkt cap
- $36.8B
- P/E (TTM)
- 12.9
- EPS (TTM)
- $1.29
- P/B
- 1.1
- P/S
- 1.4
- Yield
- 1.05%
- Per share
- $0.18
- ▼Insiders net selling -$1.8M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Pacific Gas & Electric Co. (PCG) is a Utilities company listed on NYSE. The stock is up 19% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Pacific Gas & Electric Co. (PCG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PCG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.40 | $0.43 | +8.0% | $6.9B | +10.0% |
| Feb 12, 2026 | $0.36 | $0.36 | -1.1% | $6.8B | -3.5% |
| Oct 23, 2025 | $0.42 | $0.50 | +17.9% | $6.3B | -2.5% |
| Jul 31, 2025 | $0.32 | $0.31 | -1.9% | $5.9B | -5.5% |
| Apr 24, 2025 | $0.34 | $0.33 | -3.3% | $6.0B | -2.5% |
| Feb 13, 2025 | $0.31 | $0.31 | -0.1% | $6.6B | -8.1% |
| Nov 7, 2024 | $0.33 | $0.37 | +10.9% | $5.9B | -9.7% |
| Jul 25, 2024 | $0.30 | $0.31 | +3.3% | $6.0B | +2.1% |
| Apr 25, 2024 | $0.35 | $0.37 | +5.7% | $5.9B | -11.2% |
| Feb 22, 2024 | $0.45 | $0.47 | +4.4% | $7.0B | +20.3% |
| Oct 26, 2023 | $0.28 | $0.24 | -14.3% | $5.9B | +7.5% |
| Jul 27, 2023 | $0.25 | $0.23 | -8.0% | $5.3B | -3.6% |
PCG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 25, 2026 | Vallejo Alejandro Tofficer: EVP, Chief People Officer | Grant | 442 | — |
| Jun 16, 2026 | Peterman Carla Jofficer: President, EVP Cust&Corp Afrs | Sell | 31,786 | $16.68 |
| May 27, 2026 | Vallejo Alejandro Tofficer: EVP, Chief People Officer | Grant | 449 | — |
| May 26, 2026 | FERGUSON III MARK Edirector | Grant | 10,948 | — |
| May 26, 2026 | LARSEN JOHN Odirector | Grant | 10,948 | — |
| May 26, 2026 | Smith William Lloyddirector | Grant | 10,948 | — |
| May 26, 2026 | DENAULT LEO Pdirector | Grant | 10,948 | — |
| May 26, 2026 | Fugate William Craigdirector | Grant | 10,948 | — |
| May 26, 2026 | Campbell Cheryl F.director | Grant | 10,948 | — |
| May 26, 2026 | HERNANDEZ CARLOS Mdirector | Grant | 10,948 | — |
| May 26, 2026 | Denecour Jessicadirector | Grant | 10,948 | — |
| May 26, 2026 | Cooper Kerry Whortondirector | Grant | 17,639 | — |
| May 26, 2026 | Harris Arno Lockheartdirector | Grant | 10,948 | — |
| May 26, 2026 | Bahri Rajatdirector | Grant | 10,948 | — |
| May 26, 2026 | Wilson Benjamin Francisdirector | Grant | 10,948 | — |
Source: PCG SEC Form 4 filings, latest Jun 25, 2026. For informational purposes only — not investment advice.
See the full PCG insider & 13F page →Pacific Gas & Electric Co. company profile
Overview
PG&E Corporation (NYSE:PCG) is one of the largest investor-owned electric utilities in the United States, serving approximately 16 million customers across northern and central California through its subsidiary Pacific Gas and Electric Company. Founded in 1905 and headquartered in San Francisco, the company has a complex history marked by significant challenges including multiple bankruptcies, with the most recent emerging from Chapter 11 proceedings in 2020 following devastating wildfires. Today, PG&E operates as a regulated utility focused on delivering electricity and natural gas while investing heavily in wildfire prevention and grid modernization.
Business
PG&E operates in the regulated electric utility industry, which means it functions as a government-regulated monopoly providing essential energy services to customers within a defined geographic territory. The company has two primary business segments that generate virtually all of its revenue: 1. Electric Operations (approximately 70-75% of revenue): PG&E generates, transmits, and distributes electricity to residential, commercial, industrial, and agricultural customers. The company operates a diverse generation portfolio including nuclear power (Diablo Canyon), hydroelectric facilities, natural gas-fired plants, and renewable energy sources like solar and wind. The electric infrastructure includes approximately 18,000 circuit miles of transmission lines, 108,000 circuit miles of distribution lines, and hundreds of substations that form the backbone of Northern California's power grid. 2. Natural Gas Operations (approximately 25-30% of revenue): The company operates an extensive natural gas transmission and distribution system consisting of approximately 43,800 miles of distribution pipelines and 6,200 miles of transmission pipelines, along with various storage facilities. This system delivers natural gas to homes, businesses, and electric generation facilities throughout the service territory. The utility industry operates under a regulated monopoly model where companies are granted exclusive service territories in exchange for accepting government oversight of their rates, service quality, and investment decisions. This regulatory framework is designed to ensure reliable service at reasonable rates while allowing utilities to earn a fair return on their investments.
Competitive moat
PG&E's competitive moat is primarily derived from its regulated monopoly status, which provides a strong but not impenetrable defensive position. As the exclusive electricity and natural gas provider across a large, economically vital region of California, the company benefits from extremely high barriers to entry - it would be virtually impossible for competitors to duplicate the massive infrastructure investment required to serve the same territory. The regulatory compact provides earnings stability through guaranteed cost recovery and regulated returns on invested capital, creating predictable cash flows that are largely insulated from economic cycles. The company's service territory includes some of the most economically dynamic areas in the United States, including Silicon Valley and the San Francisco Bay Area, providing a strong customer base with relatively inelastic demand for essential utility services. However, PG&E's moat faces significant challenges. The company's wildfire liability exposure represents a fundamental weakness, as California's inverse condemnation laws hold utilities strictly liable for damages caused by their equipment, regardless of negligence. This creates potentially unlimited liability that could overwhelm the company's financial resources, as demonstrated by the 2017-2019 wildfire-related bankruptcy. Regulatory and political risks are substantial, with California regulators and politicians frequently criticizing the utility's safety record and rate increases. The threat of municipalization - where local governments take over utility operations - remains a persistent concern, particularly in areas frustrated with service quality or affordability. Technological disruption poses a longer-term threat through distributed energy resources like rooftop solar, battery storage, and microgrids, which could reduce customer dependence on the traditional utility grid. While this transition will likely take decades, it represents a structural challenge to the centralized utility model.
Risks & safety
PG&E presents a mixed margin of safety profile with significant financial risks balanced against regulated utility stability: • Overall Assessment: Moderate to high financial risk due to substantial debt burden and ongoing wildfire-related uncertainties, partially offset by regulated earnings stability • Debt and Solvency: - Debt-to-equity ratio of 1.66 (Q1 2025), down from over 2.0 in previous periods - Total liabilities of $104.5 billion against $135.4 billion in assets - Current ratio of 0.95, indicating tight short-term liquidity - Negative free cash flow in recent periods due to heavy capital investments • Valuation Metrics: - P/E ratio of 14.9 (Q1 2025), reasonable for a utility - EV/EBITDA of 9.5, within normal utility range - Price-to-book ratio of 1.04, suggesting modest valuation - Graham number analysis shows potential undervaluation • Other Considerations: - Substantial wildfire liability exposure creates ongoing solvency risk - Credit ratings below investment grade, though improving - Regulatory oversight provides some earnings protection but also limits flexibility - $63 billion capital investment plan through 2028 will require significant financing
Recent development
Over the past few years, PG&E has undergone a fundamental strategic transformation focused on wildfire risk mitigation and operational efficiency. The company has invested heavily in safety infrastructure, including the installation of over 1,000 miles of covered conductor lines, implementation of Enhanced Powerline Safety Settings (EPSS), and deployment of advanced monitoring technologies including AI-enabled cameras and weather stations. A major strategic pivot involves pursuing beneficial load growth, particularly from data centers seeking to establish operations in Northern California. The company's data center pipeline has expanded dramatically from 5.5 gigawatts to 8.7 gigawatts, with 1.4 gigawatts currently in final engineering studies. Management expects 90% of these projects to come online by 2030, potentially reducing customer rates by 1-2% per gigawatt of new demand. The company has also implemented a "simple, affordable model" focused on operational expense reduction, achieving 2-4% annual cost savings through waste elimination initiatives, contractor consolidation, and process improvements. This includes reducing vegetation management contractors from 24 to 14 and implementing "mega bundling" approaches to reduce procurement costs. Financial restructuring efforts have been significant, with the company completing its equity funding needs and targeting investment-grade credit ratings. PG&E has committed to no new equity issuances through 2024 and has established a dividend policy targeting a 20% payout ratio by 2028, starting with a modest $0.10 annual dividend. The company is also pursuing regulatory and legislative solutions to address wildfire liability concerns, particularly advocating for improvements to the AB 1054 wildfire fund framework while maintaining protections for wildfire victims and investors.
PCG company profile · for informational purposes only — not investment advice.
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