PG&E (NYSE:PCG) Releases FY24 Earnings Guidance

PG&E (NYSE:PCG) updated its FY24 earnings guidance on Thursday. 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 Down 0.2 %

Shares of NYSE:PCG traded down $0.04 during trading on Friday, hitting $17.03. 13,459,180 shares of the company were exchanged, compared to its average volume of 11,163,894. The stock has a market cap of $36.39 billion, a price-to-earnings ratio of 15.21 and a beta of 1.32. PG&E has a fifty-two week low of $14.71 and a fifty-two week high of $18.32. The firm has a fifty day moving average price of $16.58 and a two-hundred day moving average price of $16.90. 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 (NYSE:PCG) last posted its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The firm 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 business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 EPS. As a group, research analysts anticipate that PG&E will post 1.35 earnings per share for the current fiscal year.

PG&E Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PCG shares. The Goldman Sachs Group started coverage on PG&E in a research report on Wednesday, April 10th. They set a buy rating and a $21.00 price target on the stock. Barclays boosted their target price on PG&E from $20.00 to $21.00 and gave the stock an overweight rating in a report on Friday. JPMorgan Chase & Co. boosted their target price on PG&E from $18.00 to $19.00 and gave the stock a neutral rating in a report on Tuesday, April 23rd. Finally, StockNews.com raised PG&E from a sell rating to a hold rating in a report on Thursday, February 1st. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, PG&E presently 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.