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Marcella Petiprin

Vice President and Equity Research Analyst at Wells Fargo

Marcella Petiprin is a Vice President and Equity Research Analyst at Wells Fargo Securities, specializing in the healthcare sector with a focus on biotechnology and specialty pharmaceuticals. She covers key companies including Gilead Sciences, Amgen, Regeneron Pharmaceuticals, and BioMarin Pharmaceutical, achieving a strong performance track record with a 62% success rate on TipRanks and average return per rating of 12.5%, ranking her in the top 10% of biotech analysts. Petiprin joined Wells Fargo in 2021 after previous roles at Jefferies as a research associate from 2017 to 2021 and at Leerink Partners earlier in her career starting in 2015; she holds Series 7, 63, and 86 FINRA licenses along with an MBA from the University of Chicago Booth School of Business.

Marcella Petiprin's questions to PG&E (PCG) leadership

Question · Q4 2025

Marcella Petiprin inquired about the timeline for data center ramp-up beyond 2026 and whether the final engineering stage is fully integrated into the 0%-3% bill growth target and CapEx opportunities. She also asked about incentives for continued balance sheet improvement and the path to multi-agency investment grade ratings.

Answer

CEO Patti Poppe clarified that load growth, including the data center ramp, is factored into the 0%-3% bill growth target, with approximately 50% of the 3.6 GW expected online by 2030. CFO Carolyn Burke stated that Fitch recently upgraded PG&E to investment grade, and while Moody's and S&P metrics meet criteria, further multi-agency upgrades depend more on progress with SB 254 than solely on balance sheet improvement, with a commitment to mid-teens FFO to debt metrics.

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Question · Q4 2025

Marcella Petiprin asked about the timeline for data center ramp beyond 2026 and whether the final engineering stage projects are fully incorporated into the 0%-3% bill growth and CapEx opportunities.

Answer

CEO Patti Poppe clarified that load growth is part of the 0%-3% target, with approximately 50% of the 3.6 GW in final engineering expected online by 2030. She also mentioned other affordability drivers like supply cost reductions. EVP and CFO Carolyn Burke addressed a follow-up on credit metrics, stating that Fitch recently upgraded them to investment grade, and Moody's and S&P are primarily focused on progress with SB 254 rather than further balance sheet improvements, while reaffirming commitment to mid-teens FFO to debt.

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