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

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

PG&E stock traded up $0.01 during mid-day trading on Friday, hitting $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’s 50 day moving average price is $17.96 and its two-hundred day moving average price is $17.24. PG&E has a 12 month low of $14.71 and a 12 month high of $18.95. The company has a market capitalization of $51.91 billion, a PE ratio of 16.10 and a beta of 1.08.

PG&E Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.01 dividend. 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 dividend payout ratio (DPR) is 3.57%.

Insiders Place Their Bets

In other PG&E news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction on 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley lowered their price objective on shares of PG&E from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. Mizuho upped their price objective on shares of PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Citigroup upped their price objective 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 initiated coverage on shares of PG&E in a research report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price target on the stock. Finally, 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 research report on Friday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.