On August 31, PG&E Corp fell 19.76% in regular trading, trading at $13.29 per share, with turnover of $148 million. The sharp decline came amid a broad rout across the California utility sector.

On the news front, Mizuho downgraded PG&E Corp from Outperform to Neutral and slashed its price target from $21 to $16, representing a roughly 24% reduction. Prior to the downgrade, the stock had already shown signs of weakness, falling over 6% intraday on August 29. Despite Mizuho's cut, FactSet consensus still reflects an average overweight rating with a mean target of $22.

The selloff was not limited to PG&E Corp. Peer Edison International plunged 22.11% on the same day, while other Electric Utilities names also declined, with Duke down 0.64%, NextEra down 1.15%, and Oklo Inc. down 1.07%. Constellation Energy Corp was a rare outlier, edging up 0.08%.

PG&E Corporation, through its subsidiary Pacific Gas and Electric Company, provides electricity and natural gas services to customers in northern and central California.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)