California Utilities EIX, PCG, And SRE Offer Strong Buy Opportunities Despite Past Wildfire Concerns, Says BofA Analyst
California Utilities EIX, PCG, And SRE Offer Strong Buy Opportunities Despite Past Wildfire Concerns, Says BofA Analyst
The fire spread rapidly due to hot, dry conditions and dense vegetation. Due to the region's rugged terrain, firefighters face difficulties in managing the fire. This fire has become the fourth largest in California history and could surpass the third-largest Mendocino Complex fire.BofA Securities analyst Ross Fowler reinstated the Buy rating on Edison International (NYSE:EIX), Pacific Gas & Electric Co. (NYSE:PCG) and Sempra (NYSE:SRE).
美銀證券分析師羅斯·福勒恢復了愛迪生國際（紐約證券交易所代碼：EIX）、太平洋天然氣和電氣公司的買入評級。（紐約證券交易所代碼：PCG）和森普拉（紐約證券交易所代碼：SRE）。
The analyst writes that the companies are trading at discounts due to past wildfire concerns. Despite higher customer rates and concerns over affordability, California's mechanisms for managing wildfire risks are among the best in the country, and recent developments create a favorable entry point for investors, adds the analyst.
這位分析師寫道，由於過去對野火的擔憂，兩家公司以折扣價交易。分析師補充說，儘管客戶率較高，而且人們對負擔能力感到擔憂，但加州的野火風險管理機制在全國名列前茅，最近的事態發展爲投資者創造了有利的切入點。
Last month, the Park fire, the largest wildfire currently burning in the U.S., ravaged over 426,000 acres in Northern California, particularly within Lassen National Forest.
上個月，公園大火是美國目前燃燒的最大野火，肆虐了北加州超過426,000英畝的土地，特別是在拉森國家森林內。
The fire spread rapidly due to hot, dry conditions and dense vegetation. Due to the region's rugged terrain, firefighters face difficulties in managing the fire. This fire has become the fourth largest in California history and could surpass the third-largest Mendocino Complex fire.
由於炎熱乾燥的條件和茂密的植被，火勢迅速蔓延。由於該地區地形崎嶇，消防員在管理火災方面面臨困難。這場大火已成爲加州歷史上第四大火災，可能超過門多西諾綜合大火的第三大火災。
Read: As Tropical Storm Debby Hits South Carolina, Bettors Predict An Aggressive Hurricane Season: Will It Be The Worst Ever?
閱讀：隨着熱帶風暴黛比襲擊南卡羅來納州，博彩玩家預測颶風季節將非常激烈：這將是有史以來最糟糕的季節嗎？
EIX: The analyst reinstates the Buy rating with a $95 price target.
EIX：分析師恢復了買入評級，目標股價爲95美元。
Fowler writes that the proposed settlement covering ~60% of wildfire liabilities could positively impact recovery from Woolsey fire expenses. The analyst adds that as an electric-only California utility, EIX is well-positioned to benefit from the state's electrification policy.
福勒寫道，涵蓋約60％的野火負債的擬議和解協議可能會對伍爾西消防費用的恢復產生積極影響。該分析師補充說，作爲加州一家純電動公用事業公司，EIX完全有能力從該州的電氣化政策中受益。
The analyst expects project EPS of $4.97 (vs. consensus: $4.94) for 2024, $5.63 (same as consensus) for 2025, and $6.09 (street view: $5.99) for 2026.
該分析師預計，2024年的項目每股收益爲4.97美元（市場普遍預期爲4.94美元），2025年爲5.63美元（與市場共識相同），2026年爲6.09美元（街景：5.99美元）。
PCG: Fowler reinstates the Buy rating with a price target of $24.
PCG：福勒恢復了買入評級，目標股價爲24美元。
The analyst writes that management has effectively cleaned up the company post-emergence, and PCG is evolving into a more regulated utility.
這位分析師寫道，管理層在公司崛起後有效地清理了公司，PCG正在發展成爲一家監管更加嚴格的公用事業。
Customer rates are high, but the analyst expects the company to resemble peers by 2026.
客戶率很高，但分析師預計，到2026年，該公司將與同行相似。
Projected EPS are $1.37 (vs. consensus: $1.36) for 2024, $1.50 (vs. consensus: $1.49) for 2025, and $1.62 (vs. street view of $1.61) for 2026.
2024年的預計每股收益爲1.37美元（市場普遍預期爲1.36美元），2025年的每股收益爲1.50美元（市場普遍預期爲1.49美元），2026年爲1.62美元（街景爲1.61美元）。
SRE: Fowler reinstates the Buy rating with a price target of $94.
SRE：福勒恢復了買入評級，目標股價爲94美元。
The analyst says that SRE's performance is often overshadowed by LNG headlines, though the regulated utilities in California and Texas drive value.
這位分析師表示，儘管加利福尼亞州和德克薩斯州的受監管公用事業公司推動了價值，但液化天然氣的頭條新聞往往使SRE的表現黯然失色。
Capital plans shift earnings toward regulated sectors, and future LNG projects offer equity sell-down opportunities, adds the analyst.
分析師補充說，資本計劃將收益轉移到受監管的行業，而未來的液化天然氣項目則提供了股票拋售機會。
Fowler projects EPS of $4.80 (vs. cons.: $4.77) for 2024, $5.16 (vs. $5.15 street view) for 2025 and $5.67 (vs. analyst cons. of $5.53) for 2026.
福勒預計，2024年的每股收益爲4.80美元（缺點：4.77美元），2025年的每股收益爲5.16美元（街景爲5.15美元），2026年爲5.67美元（而分析師的缺點爲5.53美元）。
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