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

PG&E (NYSE:PCG) announced its earnings results on Thursday. The utilities provider reported $0.31 EPS for the quarter, topping the consensus estimate of $0.30 by $0.01, Briefing.com reports. PG&E had a return on equity of 11.91% and a net margin of 10.22%. The firm had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter in the previous year, the company earned $0.23 earnings per share. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. 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 Trading Up 0.1 %

NYSE PCG traded up $0.01 on Friday, hitting $18.03. 10,979,021 shares of the stock were exchanged, compared to its average volume of 11,910,385. The company’s 50-day moving average price is $17.96 and its two-hundred day moving average price is $17.24. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.99 and a quick ratio of 0.93. PG&E has a 52-week low of $14.71 and a 52-week high of $18.95. 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 Announces Dividend

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

Insider Activity

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

Analysts Set New Price Targets

Several brokerages recently commented on PCG. Barclays boosted their target price on PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. The Goldman Sachs Group assumed coverage on PG&E in a report on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price target on the stock. Wells Fargo & Company upped their price target on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. raised PG&E from a “neutral” rating to an “overweight” rating and upped their price target for the company from $19.00 to $22.00 in a report on Monday, June 10th. Finally, Morgan Stanley dropped their price target on PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, June 24th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, PG&E has an average rating of “Moderate Buy” and an average target price of $20.40.

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.