UBS Maintains Neutral Rating on PG&E (PCG) Following CPUC Ruling

PG&E Corporation (NYSE:PCG) ranks among the most active stocks to buy according to Wall Street analysts. UBS maintained its Neutral rating and $19 price target for PG&E Corporation (NYSE:PCG) on August 29, following a California Public Utility Commission (CPUC) ruling on the utility’s capital cost restrictions. The CPUC boosted PG&E’s capital cost limitations for energization spending by $1.47 billion beyond previously permitted levels, although the increase was below what was requested in the decision.

UBS does not believe PG&E Corporation (NYSE:PCG) will have to issue more shares to finance the greater spending authorization, even with the higher capital cost constraints.

The firm is waiting on more guidance from PG&E and is keeping an eye on future wildfire and ratebase securitization legislation, given that the California legislative session is slated to end on September 12.

PG&E Corporation (NYSE:PCG), through its subsidiary Pacific Gas & Electric Company, serves over 16 million persons in Northern and Central California.

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Disclosure: None. This article is originally published at Insider Monkey.