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Utility Stock Falls Further From Highs

7 Rules for Banking 8%+ Dividends (and 100%+ Gains) in Closed-End Funds

PG&E Corp (NYSE:PCG) is gathering attention today, after the company filed to separate its non-nuclear generation assets into a standalone branch. Credit Suisse also threw in a minor bull note this morning, raising its price target on PCG to $16 from $15. At last glance, the stock was down 2.1% to trade at $12.45. 

PG&E stock has pulled back slightly from its recent Sept. 20 two-year high of $13.53, though the ascending 40-day moving average has moved in as support. Year-over-year, the equity is up 31.7%. 

Of the five analysts in coverage, two carry a “strong buy” rating, and three a “hold.” The 12-month consensus price target of $16.62 is a 33.4% premium to current levels. 

Meanwhile, shorts have been covering their bets. Short interest is down 10.6% during the most recent two-week reporting period, though it still represents 3.6% of the stock’s available float, or nearly six days’ worth of pent-up buying power. 

 

Solar is one of the fastest growing sectors in the stock market. And the recent clean energy bill that passed through the U.S. Congress as part of the Inflation Reduction Act is likely to keep that growth going. By some estimates, solar installation may triple over the next five years.

But the bullish outlook for this sector is about more than the funding the industry will receive. The Biden administration announced in June that it was suspending tariffs on solar panel components from four countries. This will be a key step in helping to untangle the supply chain for the necessary components.

This two-pronged strategy will be key to the sector achieving the Biden administration’s goal of having 45% of the nation’s energy supply coming from solar by 2050. That’s up from the 4% the sector supplied in 2020.  

In this presentation, we’re highlighting seven solar stocks that stand to benefit as solar becomes an increasingly cost-effective option for consumers and for businesses.

View the “7 Solar Stocks Leading the Clean Energy Boom”.

What do you think?

Written by Steve Ives

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