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
BofA Securities analyst Ross Fowler reinstated the Buy rating on Edison International (NYSE:EIX), Pacific Gas & Electric Co. (NYSE:PCG) and Sempra (NYSE:SRE).
美银证券分析师罗斯·福勒恢复了爱迪生国际（纽约证券交易所代码：EIX）、太平洋天然气和电气公司的买入评级。（纽约证券交易所代码：PCG）和森普拉（纽约证券交易所代码：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.
这位分析师写道，由于过去对野火的担忧，两家公司以折扣价交易。分析师补充说，尽管客户率较高，而且人们对负担能力感到担忧，但加州的野火风险管理机制在全国名列前茅，最近的事态发展为投资者创造了有利的切入点。
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.
上个月，公园大火是美国目前燃烧的最大野火，肆虐了北加州超过426,000英亩的土地，特别是在拉森国家森林内。
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.
由于炎热干燥的条件和茂密的植被，火势迅速蔓延。由于该地区地形崎岖，消防员在管理火灾方面面临困难。这场大火已成为加州历史上第四大火灾，可能超过门多西诺综合大火的第三大火灾。
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阅读：随着热带风暴黛比袭击南卡罗来纳州，博彩玩家预测飓风季节将非常激烈：这将是有史以来最糟糕的季节吗？
EIX: The analyst reinstates the Buy rating with a $95 price target.
EIX：分析师恢复了买入评级，目标股价为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.
福勒写道，涵盖约60％的野火负债的拟议和解协议可能会对伍尔西消防费用的恢复产生积极影响。该分析师补充说，作为加州一家纯电动公用事业公司，EIX完全有能力从该州的电气化政策中受益。
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.
该分析师预计，2024年的项目每股收益为4.97美元（市场普遍预期为4.94美元），2025年为5.63美元（与市场共识相同），2026年为6.09美元（街景：5.99美元）。
PCG: Fowler reinstates the Buy rating with a price target of $24.
PCG：福勒恢复了买入评级，目标股价为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.
这位分析师写道，管理层在公司崛起后有效地清理了公司，PCG正在发展成为一家监管更加严格的公用事业。
Customer rates are high, but the analyst expects the company to resemble peers by 2026.
客户率很高，但分析师预计，到2026年，该公司将与同行相似。
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年的预计每股收益为1.37美元（市场普遍预期为1.36美元），2025年的每股收益为1.50美元（市场普遍预期为1.49美元），2026年为1.62美元（街景为1.61美元）。
SRE: Fowler reinstates the Buy rating with a price target of $94.
SRE：福勒恢复了买入评级，目标股价为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.
这位分析师表示，尽管加利福尼亚州和德克萨斯州的受监管公用事业公司推动了价值，但液化天然气的头条新闻往往使SRE的表现黯然失色。
Capital plans shift earnings toward regulated sectors, and future LNG projects offer equity sell-down opportunities, adds the analyst.
分析师补充说，资本计划将收益转移到受监管的行业，而未来的液化天然气项目则提供了股票抛售机会。
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.
福勒预计，2024年的每股收益为4.80美元（缺点：4.77美元），2025年的每股收益为5.16美元（街景为5.15美元），2026年为5.67美元（而分析师的缺点为5.53美元）。
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