On January 31, PG&E Corp. (PCG) stock became bearish after hours, to lose 4.46% at 448.01K shares. The stock seems to be losing under profit booking from previous expansion news.
During the regular trading session, the stock varied between $12.48 and $12.83 at 14.64 million shares. PCG closed the session with a mild gain of 0.79% at $12.79, on Monday. The stock entered the red in the after-hours to trade at $12.22 per share with a loss of $0.57.
The San Francisco-based electricity and natural gas holding company, PG&E Corp. has a market capitalization of $25.19 billion. Currently, the company has 1.99 billion shares outstanding in the market.
What happened with PCG?
On January 27, the company announced the scope expansion of its wildfire safety center for ensuring readiness for any natural disaster and emergency. Following the announcement, the stock saw some good gains on January 28. While the stock barely kept in the green the next day i.e. Monday, it seems to have provided a good profit booking opportunity to some. Therefore, PCG seems to be shedding due to profit booking from certain opportunist investors as it gained on the previous news.
Moreover, the overview of PCG stock shows a nice picture in green. The stock has been able to increase by 11.31% last year. Further on, PCG currently stands at a year-to-date gain of 5.35%.
Wildfire Safety Center Scope Expansion
On January 27, the company announced the name change and scope expansion of its wildfire safety center. Its Wildfire Safety Operations Center (WSOC) has now been renamed to Hazard Awareness & Warning Center or HAWC. The now HAWC has been successfully serving as PCG’s hub for monitoring and coordination of wildfire risk and prevention along with response efforts throughout Northern and Central California. With the name change and scope expansion, HAWC will serve as a reliable, real-time situation awareness source of a broader range of natural disasters and emergencies. The expanded scope will now also include earthquakes, tsunamis, flooding, and avalanche hazards in addition to wildfire.
PCG’s Financials
In the third quarter of 2021, PCG reported non-GAAP core earnings of $479 million against $461 million in Q3 of 2020. Resultantly, the non-GAAP core earnings per share were $0.24 and $0.22 in Q3 of 2021 and 2020, respectively.
In addition, the company is set to hold its Q4 and full-year 2021 earnings conference call on February 10, 2022, at 11:00 am ET.
