PG&E (NYSE:PCG) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

PG&E (NYSE:PCG) announced its quarterly earnings results on Thursday. The utilities provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01, Briefing.com reports. The firm had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.86 billion. PG&E had a return on equity of 11.32% and a net margin of 10.05%. The business’s revenue was up 13.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.23 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 0.1 %

PCG stock traded up $0.01 during midday trading on Friday, reaching $18.03. The stock had a trading volume of 10,978,911 shares, compared to its average volume of 14,413,831. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08. PG&E has a twelve month low of $14.71 and a twelve month high of $18.95. The firm has a market cap of $51.91 billion, a price-to-earnings ratio of 16.16 and a beta of 1.08. The business has a fifty day simple moving average of $17.97 and a two-hundred day simple moving average of $17.24.

PG&E Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.22%. The ex-dividend date of this dividend was Friday, June 28th. PG&E’s dividend payout ratio is 3.57%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PCG shares. Wells Fargo & Company upped their target price on shares of PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley decreased their price objective on shares of PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. The Goldman Sachs Group began coverage on shares of PG&E in a research note on Wednesday, April 10th. They issued a “buy” rating and a $21.00 target price for the company. Citigroup increased their price target on PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, Barclays lifted their price objective on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.40.

Insider Activity

In related news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total transaction of $1,007,720.00. Following the completion of the sale, the chief executive officer now directly owns 1,515,777 shares of the company’s stock, valued at $25,889,471.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.15% of the company’s stock.

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.