PG&E (NYSE:PCG) Issues Earnings Results

PG&E (NYSE:PCG) announced its quarterly earnings data on Thursday. The utilities provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. The company had revenue of $5.86 billion for the quarter, compared to analyst estimates of $6.60 billion. PG&E had a return on equity of 11.48% and a net margin of 10.05%. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter last year, the firm 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 Down 0.2 %

Shares of NYSE:PCG opened at $17.03 on Friday. 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. The company has a market capitalization of $36.39 billion, a price-to-earnings ratio of 15.21 and a beta of 1.32. PG&E has a 12-month low of $14.71 and a 12-month high of $18.32.

PG&E Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.01 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.04 annualized dividend and a dividend yield of 0.23%. PG&E’s dividend payout ratio is presently 3.57%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PCG. Barclays raised their price objective on PG&E from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. raised their price objective on PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday. The Goldman Sachs Group initiated coverage on PG&E in a report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price target on the stock. Finally, StockNews.com upgraded PG&E from a “sell” rating to a “hold” rating in a report on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.