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PG&E CORPORATION

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PG&E : Board Says No More Than Five Current Directors Will Run for Re-Election

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02/12/2019 | 02:48am EST

By Allison Prang

Five of PG&E Corp.'s current board directors at the maximum will be up for re-election at the company's annual shareholder meeting, the company's board said Monday.

PG&E's "board intends that a majority of the directors of the company will be new independent directors" come the time of the meeting, the San Francisco company's board said.

"We recognize the importance of adding fresh perspectives to the board to help address the serious challenges the business faces now and in the future," the board said in prepared remarks.

The utility company -- hurt by more $30 billion in wildfire liabilities -- filed for bankruptcy last month. State investigators determined that 18 wildfires started in October 2017 from PG&E's power lines. Twenty-two people died from those fires that burned almost 200,000 acres.

Utility companies, under California law, are liable for fires their equipment caused. The 2018 Camp Fire, which killed 86 people when it moved through the town of Paradise, Calif., is still being investigated.

PG&E's board said at the time of its annual meeting, it expects the board to have 11 independent directors.

Shares of PG&E were unchanged in premarket trading Monday. Year to date, they have fallen 40%.

Write to Allison Prang at allison.prang@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
PG&E CORPORATION 0.06% 15.48 Delayed Quote.-34.82%
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Financials ($)
Sales 2018 17 412 M
EBIT 2018 3 251 M
Net income 2018 289 M
Debt 2018 19 722 M
Yield 2018 -
P/E ratio 2018 12,79
P/E ratio 2019 4,08
EV / Sales 2018 1,59x
EV / Sales 2019 1,63x
Capitalization 8 029 M
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Technical analysis trends PG&E CORPORATION
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 16,4 $
Spread / Average Target 5,8%
EPS Revisions
Managers
NameTitle
John R. Simon Chief Executive Officer
Richard C. Kelly Independent Non-Executive Chairman
Jason P. Wells Chief Financial Officer & Senior Vice President
Richard A. Meserve Independent Director
Barbara L. Rambo Independent Director
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