Shares of PG&E Corp. plummeted on heavy volume to a record low Friday, after Citigroup warned that the latest California wildfire, which the utility may have helped start, could render them worthless.
PG&E PCG, -22.20% said Friday that it filed an incident report with the California Public Utilities Commission regarding the "Kincade" fire, which broke out near Geyserville in Sonoma County.
CAL FIRE had brought to the attention of a PG&E Troubleman responding Thursday morning to the outage "What appeared to be a broken jumper" on the same wire tower.
PG&E's PCG, -22.20% stock plummeted 30.6% to $5.00, to fall well below the previous record low close of $6.36 on Jan. 17, 2019, which was nearly two weeks before the utility filed for bankruptcy.
Citigroup analyst Praful Mehta said it's not clear if PG&E equipment was involved in the starting of the Kincade fire.
Mehta rates PG&E share "High risk" sell, with a current stock price target of $5.00.
PG&E has cut off power in some areas to avoid its equipment sparking fires, as happened in devastating fires in recent years that have forced the company into bankruptcy.
https://www.marketwatch.com/story/pge-stock-plunges-toward-record-low-after-citi-warns-it-could-be-worthless-2019-10-25
PG&E PCG, -22.20% said Friday that it filed an incident report with the California Public Utilities Commission regarding the "Kincade" fire, which broke out near Geyserville in Sonoma County.
CAL FIRE had brought to the attention of a PG&E Troubleman responding Thursday morning to the outage "What appeared to be a broken jumper" on the same wire tower.
PG&E's PCG, -22.20% stock plummeted 30.6% to $5.00, to fall well below the previous record low close of $6.36 on Jan. 17, 2019, which was nearly two weeks before the utility filed for bankruptcy.
Citigroup analyst Praful Mehta said it's not clear if PG&E equipment was involved in the starting of the Kincade fire.
Mehta rates PG&E share "High risk" sell, with a current stock price target of $5.00.
PG&E has cut off power in some areas to avoid its equipment sparking fires, as happened in devastating fires in recent years that have forced the company into bankruptcy.
https://www.marketwatch.com/story/pge-stock-plunges-toward-record-low-after-citi-warns-it-could-be-worthless-2019-10-25
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