PG&E (NYSE:PCG) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

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

NYSE:PCG traded up $0.05 on Friday, reaching $17.12. The company’s stock had a trading volume of 7,698,476 shares, compared to its average volume of 15,528,929. PG&E has a 12-month low of $14.71 and a 12-month high of $18.32. The company has a quick ratio of 0.78, a current ratio of 0.83 and a debt-to-equity ratio of 2.04. The firm has a market cap of $36.59 billion, a price-to-earnings ratio of 16.29 and a beta of 1.32. The stock has a 50 day moving average price of $16.57 and a 200 day moving average price of $16.88.

PG&E Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday. StockNews.com upgraded PG&E from a “sell” rating to a “hold” rating in a research report on Thursday, February 1st. The Goldman Sachs Group assumed coverage on PG&E in a research report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price target for the company. Finally, Barclays lifted their price target on PG&E from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.11.

PG&E Company Profile

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.