PG&E (NYSE:PCG) Announces Earnings Results, Beats Estimates By $0.02 EPS

PG&E (NYSE:PCG) released its quarterly earnings data on Thursday. The utilities provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. PG&E had a net margin of 10.05% and a return on equity of 11.48%. The business had revenue of $5.86 billion during the quarter, compared to analyst estimates of $6.60 billion. During the same period in the previous year, the business earned $0.29 EPS. PG&E’s revenue was down 5.6% 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 Stock Down 0.2 %

Shares of NYSE:PCG opened at $17.03 on Friday. PG&E has a one year low of $14.71 and a one year high of $18.32. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.83 and a quick ratio of 0.78. The company has a market cap of $36.39 billion, a price-to-earnings ratio of 15.21 and a beta of 1.32. The firm has a fifty day moving average price of $16.58 and a two-hundred day moving average price of $16.89.

PG&E Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend was Wednesday, March 27th. PG&E’s payout ratio is 3.57%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PCG. The Goldman Sachs Group began coverage on shares of PG&E in a research note on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price objective for the company. StockNews.com upgraded shares of PG&E from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. lifted their price objective on shares of PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Barclays lifted their price objective on shares of PG&E from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.11.

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.