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 $1.35. PG&E also updated its FY 2024 guidance to 1.330-1.370 EPS.

PG&E Stock Performance

PG&E stock traded down $0.04 during mid-day trading on Friday, reaching $17.03. The company’s stock had a trading volume of 13,459,180 shares, compared to its average volume of 11,163,894. The firm has a market cap of $36.39 billion, a price-to-earnings ratio of 15.21 and a beta of 1.32. The business has a 50 day moving average price of $16.58 and a 200-day moving average price of $16.89. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 2.04. PG&E has a twelve month low of $14.71 and a twelve month high of $18.32.

PG&E (NYSE:PCG) last posted 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. The company had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $6.60 billion. PG&E had a return on equity of 11.48% and a net margin of 10.05%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. Sell-side analysts predict that PG&E will post 1.35 EPS for the current fiscal year.

PG&E Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.01 per share. 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 is currently 3.57%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Barclays boosted their price target on shares of PG&E from $20.00 to $21.00 and gave the stock an overweight rating in a research report on Friday. The Goldman Sachs Group started coverage on shares of PG&E in a research report on Wednesday, April 10th. They issued a buy rating and a $21.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on PG&E from $18.00 to $19.00 and gave the stock a neutral rating in a research note on Tuesday. Finally, StockNews.com raised PG&E from a sell rating to a hold rating in a research note on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus 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.