On September 2, PG&E Corp fell 5.83% in regular trading, trading at $13.38/share, with turnover of $53.15 million. The stock had earlier rebounded over 7% following consecutive sessions of sharp losses tied to California wildfire litigation risks, but reversed course after the company announced significant strategic changes.

During its earnings call, PG&E announced it will no longer provide five-year capital expenditure and rate base guidance, nor offer earnings growth rate projections beyond 2027. The company plans to defer approximately $2 billion of work in 2027 and has launched a broad strategic review encompassing business segment evaluations. The capital plan reduction is expected to lower debt requirements by roughly $1 billion each at both the utility and parent company levels by 2027. Management indicated it will reassess long-term non-GAAP core EPS growth rates alongside the 2028-2030 capital investment outlook.

The guidance withdrawal compounds existing headwinds. BofA Securities recently downgraded PG&E to Neutral from Buy, slashing its price target to $13 from $24, while Mizuho also downgraded the stock to Neutral with a reduced $16 target, citing unresolved wildfire liability and financing concerns under California bill SB 492.

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