PG&E (NYSE:PCG) Issues FY 2024 Earnings Guidance

PG&E (NYSE:PCG) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 1.340-1.370 for the period, compared to the consensus EPS estimate of 1.360. The company issued revenue guidance of -. PG&E also updated its FY 2025 guidance to 1.470-1.510 EPS.

PG&E Stock Performance

PCG stock opened at $20.21 on Friday. PG&E has a 12-month low of $15.94 and a 12-month high of $21.72. The stock’s 50 day simple moving average is $20.50 and its 200 day simple moving average is $19.35. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02. The stock has a market capitalization of $52.85 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.51 and a beta of 1.01.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same period in the previous year, the business earned $0.24 EPS. The company’s quarterly revenue was up .9% compared to the same quarter last year. As a group, research analysts forecast that PG&E will post 1.36 earnings per share for the current fiscal year.

PG&E Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.025 per share. This is a boost from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Tuesday, December 31st. PG&E’s dividend payout ratio is currently 7.81%.

Analysts Set New Price Targets

PCG has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Mizuho lifted their target price on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. UBS Group cut their price objective on shares of PG&E from $26.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Jefferies Financial Group initiated coverage on PG&E in a report on Monday, October 14th. They issued a “buy” rating and a $24.00 target price on the stock. Finally, Bank of America started coverage on PG&E in a research note on Thursday, September 12th. They issued a “buy” rating and a $24.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.80.

Insider Transactions at PG&E

In other PG&E news, CEO Patricia K. Poppe sold 55,555 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $20.66, for a total value of $1,147,766.30. Following the sale, the chief executive officer now directly owns 1,460,222 shares of the company’s stock, valued at approximately $30,168,186.52. This represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.15% of the company’s stock.

About PG&E

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.