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- PG & E soared Tuesday after filing for bankruptcy protection. The company is the largest utility in the United States.
- PG & E has suffered losses estimated at $ 16.5 billion from the unprecedented campfire of California last year.
- Watch the live PG & E trade.
PG & E, the largest electricity company in the United States, climbed 17 percent Tuesday after filing for bankruptcy protection.
PG & E reportedly lost $ 16.5 billion in the last year 's unprecedented camp fires in California. The Munich Re reinsurance company has called the 2018 fire the most expensive natural disaster in the world, reported Reuters.
Read more: Climate change has just claimed its first bankruptcy, PG & E succumbing to the consequences of the most expensive natural disaster in the world, in 2018
"We think the process is likely to be long," UBS badyst Daniel Ford told his clients on Tuesday. "PG & E obtains a wide range of results as a creditworthy creditor, with a capital value kept intact at a low or zero capital value." He maintained his price target of $ 8 per share and his "neutral" rating.
PG & E shares plunged earlier this month after the company announced its intention to file for bankruptcy protection; the public service was accused of being negligent during the devastating camp fire. Since the 52 week high of the stock, at $ 49.42 in early November, the stock has lost 71% of its market value.
The camp fire was the deadliest and most destructive in California's history, killing 88 people, according to Reuters. The fires have caused more than $ 11.4 billion in losses to insurers, announced Monday the California Insurance Commissioner.
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