PG&E Corp Stock Decline

NEW YORK (Reuters) – Shares of PG&E (NYSE:PCG) Corp fell about 7% on Monday after the power and natural gas company announced plans to raise $2.4 billion from investors via a stock offering.

PG&E launched:
– A $1.2 billion common stock offering
– A $1.2 billion mandatory convertible preferred stock offering, per a regulatory filing.

The proceeds are intended for general corporate purposes, including funding its five-year capital investment plan.

PG&E shares dropped to $20.08, heading for the lowest close in about a month, marking the largest daily percentage decline since February 2022.

In the previous month, PG&E reported:
– Revenue of $5.9 billion, nearly a 1% increase from last year, but missing analyst estimates.
– Adjusted net income surged by 54% to $791 million, exceeding Wall Street's expectations.
– An additional $1 billion was added to its capital investment plan.

PG&E Corp is the parent company of Pacific Gas and Electric Company, which is one of the largest U.S. utility providers serving approximately 16 million people across northern and central California.