Sanford C. Bernstein & Co. Analyst Hugh Wynne says PG&E Corporation (PCG) could soon become more attractive to investors. He says the company has become “exceedingly unpopular” among investors because of the uncertainty surrounding the penalty for the San Bruno gas pipeline explosion.
“When you look at the shareholder base, it’s a much smaller group of institutions than the group that owns Edison International,” Wynne says. “I think once that fine is levied by the commission and the company issues stock to offset it, the company’s shares will become attractive to a much wider group of investors.”
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With that incident behind it, Wynne says PG&E will “rejoin the universe of investable stocks.” He also says the company should enjoy multiple expansion as that uncertainty is removed.
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