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

PG&E (NYSE:PCG) posted its quarterly earnings data on Thursday. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the previous year, the business earned $0.23 EPS. PG&E’s revenue for the quarter was up 13.2% compared to the same quarter last year. 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 Performance

NYSE:PCG traded up $0.01 during midday trading on Friday, reaching $18.03. 10,979,021 shares of the company traded hands, compared to its average volume of 11,910,385. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.99 and a quick ratio of 0.93. PG&E has a twelve month low of $14.71 and a twelve month high of $18.95. The company has a fifty day moving average price of $17.96 and a 200 day moving average price of $17.24. The firm 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. Investors of record on Friday, June 28th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a yield of 0.22%. PG&E’s dividend payout ratio is currently 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 transaction of $1,007,720.00. Following the completion of the transaction, the chief executive officer now owns 1,515,777 shares in the company, valued at approximately $25,889,471.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Barclays boosted their price target on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Mizuho boosted their price target on PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, May 17th. 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 price target for the company. Citigroup boosted their price target on PG&E from $19.00 to $21.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. upgraded PG&E from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $19.00 to $22.00 in a report on Monday, June 10th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, PG&E presently has a consensus rating of “Moderate Buy” and an average target price of $20.40.

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.