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

PG&E (NYSE:PCG) issued its quarterly earnings results on Thursday. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. PG&E had a return on equity of 11.48% and a net margin of 10.05%. The company had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $6.60 billion. During the same quarter in the prior year, the business posted $0.29 earnings per share. PG&E’s revenue for the quarter was down 5.6% on a year-over-year basis. 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 Down 0.2 %

PCG opened at $17.03 on Friday. The firm has a market capitalization of $36.39 billion, a price-to-earnings ratio of 15.21 and a beta of 1.32. The company’s 50 day simple moving average is $16.58 and its two-hundred day simple moving average is $16.90. PG&E has a 1-year low of $14.71 and a 1-year high of $18.32. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.83 and a quick ratio of 0.78.

PG&E Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given 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 yield of 0.23%. PG&E’s payout ratio is presently 3.57%.

Analyst Upgrades and Downgrades

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