PG&E (NYSE:PCG) Issues Quarterly Earnings Results

PG&E (NYSE:PCG) released its earnings results on Thursday. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same quarter in the prior year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. 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 Price Performance

Shares of PG&E stock traded up $0.01 during midday trading on Friday, reaching $18.03. The company had a trading volume of 10,979,021 shares, compared to its average volume of 11,910,385. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 2.08. The stock has a fifty day simple moving average of $17.96 and a 200 day simple moving average of $17.24. PG&E has a 1-year low of $14.71 and a 1-year 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 business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend was Friday, June 28th. PG&E’s dividend payout ratio is currently 3.57%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PCG shares. Citigroup increased their price objective on PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. raised shares of PG&E from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $19.00 to $22.00 in a research report on Monday, June 10th. Barclays increased their target price on shares of PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Wells Fargo & Company boosted their price target on shares of PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday. Finally, The Goldman Sachs Group assumed coverage on PG&E in a research report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.

Insider Buying and Selling

In related news, CEO Patricia K. Poppe sold 59,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the sale, the chief executive officer now directly owns 1,515,777 shares in the company, valued at approximately $25,889,471.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.15% of the stock is currently owned by insiders.

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.