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

PG&E (NYSE:PCG) released its earnings results on Thursday. The utilities provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. The business 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 10.84% and a net margin of 9.24%. The firm’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. 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 0.4 %

Shares of PG&E stock traded up $0.07 during trading on Friday, reaching $17.14. 5,856,226 shares of the stock were exchanged, compared to its average volume of 15,509,876. 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 stock’s fifty day moving average is $16.57 and its 200 day moving average is $16.88. The firm has a market cap of $36.63 billion, a price-to-earnings ratio of 16.29 and a beta of 1.32. PG&E has a 1 year low of $14.71 and a 1 year high of $18.32.

PG&E Announces Dividend

The company also recently announced 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 of this dividend was Wednesday, March 27th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.23%. PG&E’s dividend payout ratio is currently 3.81%.

Analysts Set New Price Targets

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