BMO Capital Adjusts Price Target on PG&E to $22 From $21

PG&E Corporation (PCG) reported Q3 2026 GAAP earnings of $0.34 per share, down from $0.37 in 2025. Non-GAAP core earnings were $0.41 per share, also down from $0.50. The company reaffirmed its 2026 and 2027 non-GAAP core EPS guidance of $1.64-$1.66 and $1.78-$1.82, respectively. PG&E highlighted progress in wildfire risk reduction, EV charging ports, and energy bill assistance.

PG&E reported Q3 core EPS of $0.41, missing estimates by a penny, with revenue at $6.19B. Wildfire costs rose 64% to $141M. The company reaffirmed its 2026 and 2027 EPS guidance. Shares fell 2.7% on the news. PG&E cited lower authorized returns and higher Wildfire Fund expenses for the earnings drop.

Pacific Gas & Electric Co. (PCG) shares fell 3.43% on October 23, 2026, after missing Q3 revenue estimates ($6.19B vs. $6.82B consensus) and a UBS downgrade. The company reported $6.19B in revenue, $1.48B in EBIT, and $749M in net income. PCG's stock has declined from the mid-$13s to around $12.55, with heavy debt and leverage concerns.

PG&E CEO Patti Poppe called for wildfire policy reform to improve credit ratings and manage financial risks during a Q3 earnings call. Fitch Ratings downgraded PG&E's outlook to negative, citing high wildfire risk. PG&E's stock fell 20% after a bill without liability protections advanced. The company cut $2B from its 2027 capital plan, reducing it to $11.4B. PG&E's data center pipeline remains at 12.87 GW.

PG&E Corp. may spin off or sell its natural gas business if California does not reform wildfire liability rules, according to CEO Patti Poppe. The company has cut its 2027 capital budget by $2 billion due to high financing costs, citing wildfire-related risks. PG&E expects to announce its strategic plan by next summer. Wildfire costs have significantly impacted the company's borrowing costs and customer rates, with shares recently volatile due to legislative uncertainty.

PG&E Corp (PCG) reported Q3 2026 core EPS of $0.41, with nine-month EPS up 8.8% YoY. The company reaffirmed 2026 and 2027 core EPS guidance, expecting 10% and 9% growth, respectively. 2027 capital guidance was updated to $11.4B, reflecting a $2B reduction. PG&E highlighted customer capital investment and O&M savings as growth drivers, while noting credit rating downgrades and wildfire liability risks.