PG&E (NYSE:PCG) Releases FY24 Earnings Guidance

PG&E (NYSE:PCG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.33-1.37 for the period, compared to the consensus estimate of $1.35. PG&E also updated its FY 2024 guidance to 1.330-1.370 EPS.

PG&E Stock Performance

Shares of PG&E stock traded down $0.04 during midday trading on Friday, hitting $17.03. The company had a trading volume of 13,459,180 shares, compared to its average volume of 15,607,474. The stock has a market cap of $36.39 billion, a price-to-earnings ratio of 16.22 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.83 and a debt-to-equity ratio of 2.04. The company has a fifty day simple moving average of $16.58 and a 200 day simple moving average of $16.89. PG&E has a 12-month low of $14.71 and a 12-month high of $18.32.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. PG&E had a net margin of 9.24% and a return on equity of 10.84%. The firm had revenue of $5.86 billion during the quarter, compared to analyst estimates of $6.60 billion. During the same period last year, the firm posted $0.29 EPS. PG&E’s revenue was down 5.6% on a year-over-year basis. As a group, analysts predict that PG&E will post 1.35 earnings per share for the current fiscal year.

PG&E Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.04 annualized dividend and a yield of 0.23%. PG&E’s dividend payout ratio (DPR) is presently 3.81%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Barclays increased their price target on shares of PG&E from $20.00 to $21.00 and gave the stock an overweight rating in a report on Friday. JPMorgan Chase & Co. increased their price target on shares of PG&E from $18.00 to $19.00 and gave the stock a neutral rating in a report on Tuesday. The Goldman Sachs Group started coverage on shares of PG&E in a research note on Wednesday, April 10th. They set a buy rating and a $21.00 price objective on the stock. Finally, StockNews.com raised shares of PG&E from a sell rating to a hold rating in a research note on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $19.11.

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.