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

PG&E (NYSE:PCG) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 1.330-1.370 for the period, compared to the consensus earnings per share estimate of 1.360. The company issued revenue guidance of -. PG&E also updated its FY24 guidance to $1.33-1.37 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised PG&E from a neutral rating to an overweight rating and upped their price objective for the stock from $19.00 to $22.00 in a research report on Monday, June 10th. Citigroup increased their price target on shares of PG&E from $19.00 to $21.00 and gave the company a buy rating in a research note on Friday, June 14th. The Goldman Sachs Group started coverage on shares of PG&E in a report on Wednesday, April 10th. They set a buy rating and a $21.00 price objective on the stock. Barclays upped their target price on shares of PG&E from $21.00 to $22.00 and gave the company an overweight rating in a report on Monday. Finally, Morgan Stanley cut their price target on shares of PG&E from $18.00 to $17.00 and set an equal weight rating on the stock in a research note on Monday, June 24th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $20.22.

PG&E Stock Performance

PCG stock traded down $0.23 during trading on Thursday, hitting $18.02. The company had a trading volume of 20,294,141 shares, compared to its average volume of 14,438,016. The firm has a 50-day moving average price of $17.97 and a 200-day moving average price of $17.24. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08. The firm has a market cap of $51.88 billion, a PE ratio of 16.09 and a beta of 1.08. PG&E has a 1-year low of $14.71 and a 1-year high of $18.95.

PG&E (NYSE:PCG) last released its earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. PG&E had a return on equity of 11.32% and a net margin of 10.05%. The business had revenue of $5.86 billion for the quarter, compared to analyst estimates of $6.60 billion. During the same quarter in the previous year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, analysts expect that PG&E will post 1.35 earnings per share for the current year.

PG&E Dividend Announcement

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

Insider Transactions at PG&E

In related news, CEO Patricia K. Poppe sold 59,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 1,515,777 shares of the company’s stock, valued at $25,889,471.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.15% of the company’s stock.

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.