PG&E (NYSE:PCG) Issues Earnings Results

PG&E (NYSE:PCG) issued its quarterly earnings results on Thursday. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. The firm had revenue of $5.86 billion during the quarter, compared to analyst estimates of $6.60 billion. PG&E had a return on equity of 10.84% and a net margin of 9.24%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period last year, the company posted $0.29 EPS. 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 0.3 %

PG&E stock traded up $0.05 during mid-day trading on Friday, hitting $17.12. 7,698,476 shares of the company’s stock were exchanged, compared to its average volume of 15,528,929. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 2.04. The stock has a market cap of $36.59 billion, a P/E ratio of 16.29 and a beta of 1.32. PG&E has a 1-year low of $14.71 and a 1-year high of $18.32. The stock has a 50 day moving average of $16.57 and a two-hundred day moving average of $16.88.

PG&E Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.23%. The ex-dividend date of this dividend was Wednesday, March 27th. PG&E’s dividend payout ratio (DPR) is presently 3.81%.

Wall Street Analysts Forecast Growth

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