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 $1.36. PG&E also updated its FY 2024 guidance to 1.330-1.370 EPS.

PG&E Price Performance

PCG opened at $18.03 on Friday. The stock has a fifty day moving average of $17.96 and a 200-day moving average of $17.24. The firm has a market capitalization of $51.91 billion, a P/E ratio of 16.10 and a beta of 1.08. PG&E has a 12-month low of $14.71 and a 12-month high of $18.95. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, July 25th. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.01. PG&E had a return on equity of 11.91% and a net margin of 10.22%. The business had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same period last year, the company earned $0.23 earnings per share. PG&E’s quarterly revenue was up 13.2% compared to the same quarter last year. Equities analysts forecast that PG&E will post 1.35 EPS for the current fiscal year.

PG&E Dividend Announcement

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

Analyst Ratings Changes

Several analysts recently issued reports on PCG shares. JPMorgan Chase & Co. upgraded PG&E from a neutral rating to an overweight rating and increased their price objective for the stock from $19.00 to $22.00 in a report on Monday, June 10th. Barclays increased their price objective on PG&E from $21.00 to $22.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Citigroup increased their target price on shares of PG&E from $19.00 to $21.00 and gave the stock a buy rating in a research report on Friday, June 14th. Mizuho increased their target price on shares of PG&E from $21.00 to $23.00 and gave the stock a buy rating in a research report on Friday, May 17th. Finally, Wells Fargo & Company 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 Friday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, PG&E currently has an average rating of Moderate Buy and an average target price of $20.40.

Insider Activity

In other news, CEO Patricia K. Poppe sold 59,000 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was 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 of the company’s stock, valued at $25,889,471.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.15% of the stock is currently owned by company 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.