SCHEDULE: FMR LLC Boosts PG&E Stake to 6.0%

FMR LLC and its affiliates, including Abigail P. Johnson, reported a 6.0% beneficial ownership stake in PG&E Corp common stock as of June 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson collectively beneficially own 132,160,039.56 shares of PG&E Corp common stock.
• This ownership represents 6.0% of the total outstanding common stock of PG&E Corp.
• The filing date for this Schedule 13G Amendment No. 8 is August 5, 2025, reflecting ownership as of June 30, 2025.
• FMR LLC holds sole voting power over 111,209,892.70 shares and sole dispositive power over 132,160,039.56 shares.
• Abigail P. Johnson holds sole dispositive power over 132,160,039.56 shares.
• The reporting persons certify that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of PG&E Corp.

Sentiment

Score: 7

Explanation: The filing indicates a significant and passive institutional investment by FMR LLC in PG&E Corp, suggesting confidence in the company as a long-term holding within an investment portfolio. The certification that the shares are held in the ordinary course of business and not for control purposes is a neutral to positive signal for existing management.

Positives

• A major institutional investor, FMR LLC, maintains a significant 6.0% stake in PG&E Corp, indicating continued investment interest.
• The acquisition and holding of shares are stated to be in the ordinary course of business, not for control, suggesting a long-term, passive investment perspective.

Negatives

• NA

Risks

• The filing itself does not detail specific risks related to PG&E Corp's operations or financial health.
• The reporting persons certify that the securities were not acquired for the purpose of changing or influencing control of the issuer, mitigating a 'change of control' risk from this specific filing.

Future Outlook

This filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding PG&E Corp's future outlook or operational performance.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a continued significant institutional investment in PG&E Corp, a major U.S. utility company. Large institutional holdings are common in the utility sector due to its stable, regulated nature, often sought by investors for income and defensive positioning.

Comparison to Industry Standards

• This filing reports beneficial ownership and does not contain financial or operational results that can be directly compared to industry standards or specific comparable companies.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially signaling continued institutional confidence.
• Management: Reassurance that the large stake is passive and not intended to influence control of the company.

Next Steps

• FMR LLC and Abigail P. Johnson will continue to report their beneficial ownership as required by SEC regulations.

Key Dates

Recommendation

This Schedule 13G filing primarily reports a significant passive ownership stake by FMR LLC and Abigail P. Johnson in PG&E Corp. It does not contain new financial performance data, strategic updates, or operational changes that would warrant a change in investment thesis. The certification that the shares are held in the ordinary course of business and not for control purposes suggests a stable, long-term investment by a major institution, supporting a 'hold' recommendation for existing investors.

Keywords

PG&E Corp, FMR LLC, Abigail P. Johnson, Common Stock, Beneficial Ownership, Schedule 13G, Institutional Investor, Utility, Energy