PG&E (NYSE:PCG) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

PG&E (NYSE:PCG) announced its quarterly earnings results on Thursday. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01, Briefing.com reports. The company had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.86 billion. PG&E had a return on equity of 11.91% and a net margin of 10.22%. PG&E’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.23 earnings per share. PG&E updated its FY 2024 guidance to 1.330-1.370 EPS and its FY24 guidance to $1.33-1.37 EPS.

PG&E Stock Up 0.1 %

PCG traded up $0.01 on Friday, reaching $18.03. The company’s stock had a trading volume of 10,979,021 shares, compared to its average volume of 11,910,385. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08. PG&E has a fifty-two week low of $14.71 and a fifty-two week high of $18.95. The stock has a 50 day moving average of $17.96 and a two-hundred day moving average of $17.24. The company has a market capitalization of $51.91 billion, a price-to-earnings ratio of 16.10 and a beta of 1.08.

PG&E Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.22%. The ex-dividend date of this dividend was Friday, June 28th. PG&E’s dividend payout ratio (DPR) is presently 3.57%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. The Goldman Sachs Group initiated coverage on PG&E in a report on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price objective on the stock. Citigroup boosted their price target on shares of PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Morgan Stanley decreased their price objective on shares of PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, June 24th. Mizuho boosted their target price on shares of PG&E from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Finally, JPMorgan Chase & Co. raised shares of PG&E from a “neutral” rating to an “overweight” rating and raised their price target for the company from $19.00 to $22.00 in a research note on Monday, June 10th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PG&E presently has an average rating of “Moderate Buy” and a consensus price target of $20.40.

Insiders Place Their Bets

In related news, CEO Patricia K. Poppe sold 59,000 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the transaction, the chief executive officer now directly owns 1,515,777 shares of the company’s stock, valued at approximately $25,889,471.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.15% of the stock is owned by corporate insiders.

PG&E Company Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.