In trading on Friday, PG&E Corp’s 6.000% Series A Mandatory Convertible Preferred Stock (PCG.PRX) yielded over 7% based on its quarterly dividend of $3.00 annualized. The shares traded as low as $42.36, marking a 14.08% discount to its liquidation preference, compared to an average discount of 18.91% within the Utilities category.
The preferred shares are currently down about 1% for the day, while PG&E’s common shares (PCG) are down approximately 1.1%. The conversion ratio for the preferred shares is between 1.9465 and 2.4331. The average yield for utilities preferred stock stands at 6.61%.
