NEW YORK, Jan. 15, 2019 /PRNewswire/ -- Sempra Energy (NYSE: SRE) will replace PG&E Corp. (NYSE: PCG) in the Dow Jones Utility Average (DJU) effective prior to the open of trading on Friday, January 18.
PG&E is preparing to initiate voluntary reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code on or about January 29 and is no longer appropriate for the Dow Jones Utility Average. The index is a 15-stock, price-weighted index that measures the performance of some of the largest U.S. companies within the utilities sector. Sempra Energy, which is headquartered in San Diego, CA, invests in, develops, and operates energy infrastructure, as well as provides electric and gas services.
The change won't disrupt the level of the index. The divisor used to calculate the index from the components' prices on their respective home exchanges will be changed prior to the opening on January 18. This procedure prevents any distortion in the index's reflection of the portion of the U.S. stock market it is designed to measure.
Additions to or deletions from an index are not an investment opinion or recommendation.
For more information, please visit http://www.djaverages.com.
Following is a summary of the change:
DOW JONES UTILITY AVERAGE — JANUARY 18, 2019
GICS ECONOMIC SECTOR
For more information about S&P Dow Jones Indices, please visit www.spdji.com
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500Â® and the Dow Jones Industrial AverageÂ®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has become home to over 1,000,000 indices across the spectrum of asset classes that have helped define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.
FOR MORE INFORMATION:
Managing Director and Chairman of the Index Committee
New York, USA
(+1) 212 438 3907
S&P Dow Jones Indices
SOURCE S&P Dow Jones Indices