(Bloomberg) -- Hedge funds were mostly bullish on PG&E Corp. in the fourth quarter as the utility faced billions of dollars in potential liabilities stemming from California wildfires.
ADVERTISEMENT
In a quarter in which shares of PG&E fell 48 percent, hedge funds were net buyers of the stock, picking up 12.8 million shares, according to regulatory filings. Anchorage Capital Group and BlueMountain Capital Management led the way. In January, the utility filed for bankruptcy. Its shares have dropped another 35 percent this quarter.
ADVERTISEMENT
©2019 Bloomberg L.P.