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PG&E accelerates undergrounding of power lines after stock ends session up 1.7%

PG&E accelerates undergrounding of power lines after stock ends session up 1.7%
PG&E stock rises 1.7% today

PG&E is ramping up efforts to underground power lines, achieving a production rate of up to 1,000 feet of trench per day and notable cost savings. The stock is up 1.7% on the day at $17.96.

PCG price prediction
24H 0.53%
$13.35
48H 0.98%
$13.41
7D 1.43%
$13.47
1M 4.59%
$13.89
3M 7%
$14.21
6M 16.72%
$15.5
12M -19.95%
$10.63
Detailed
Current price: $13.28 0.1050 0.80%
Closed 11/02
Daily range 13.05 Arrow from to Icon 13.31
Weekly range 12.79 Arrow from to Icon 13.40
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Highlights

  • PG&E has doubled its rate of trenching for underground power lines, achieving up to 1,000 feet daily and saving $40,000 each day.
  • 56 of 70 analysts rate PG&E stock a buy, none rate it sell, and the median price target is $22.5.
  • PG&E stock is up 1.7% on the day at $17.96.

PG&E is accelerating its efforts to underground power lines, now reaching up to 1,000 feet of trenching each day. This pace is more than twice its former production rate and is generating daily cost savings of up to $40,000. The company says the initiative is intended to lower wildfire risk and provide more value to its customers.

Bullish structure as resistance and overbought signals converge

Price is sitting right at resistance from the weekly high at $18.02. The daily chart remains bullish, with shares of PG&E holding above their MA-20, MA-50, and MA-200 levels. The Stoch RSI is in overbought territory, which limits the room for additional upside from current levels.

Clear upside odds as shares test the weekly high

To determine whether the cost-related event is being fully reflected in the price, traders should monitor the weekly high at $18.02. Shares are currently testing this level without yet clearing it. Even so, from here, there is an upside probability of more than 80% and a downside probability of less than 20% over the next five trading days, with an expected range of $17.68 to $18.23. A close above $18.02 would indicate buyers are willing to follow through, while a drop below $17.69 would show the move is being faded. On the weekly chart the longer-term picture stays firmly constructive.

Previously it was reported that PG&E maintained a bullish technical structure with analysts anticipating continued price strength. The current acceleration in undergrounding operations strengthens that outlook, and with shares testing key resistance at $18.02, traders should watch for a confirmed breakout or rejection at this level to gauge the next directional move.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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