On June 11, the California Public Utility Commission issued a scoping ruling to incorporate analysis of the $850 million of unrecovered spending in the GT&S case (Gas Transmission and Storage Rate Case), Barclays noted.
"This will likely delay a ruling to mid to late 2016 and reduce earnings per share in the interim as a result," analysts at Barclays said.
The firm lowered its 2015 EPS estimate to $3.08 from $3.68 and its 2016 earnings estimate to $3.53 from $3.83, while maintaining its 2017 estimate of $3.82 earnings per share, according to the analyst note.
PG&E, a holding company, has primary operating subsidiary of Pacific Gas and Electric Company (the Utility), which operates electric utility and natural gas utility in northern and central California.
Shares of PG&E are declining 0.92% to $49.78 in morning trading Monday.
Separately, TheStreet Ratings team rates PG&E CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PG&E CORP (PCG) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."