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 for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. PG&E had a net margin of 10.05% and a return on equity of 11.48%. The business had revenue of $5.86 billion during the quarter, compared to the consensus estimate of $6.60 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. 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 Stock Performance

Shares of PCG opened at $17.03 on Friday. PG&E has a 52-week low of $14.71 and a 52-week high of $18.32. The firm has a market capitalization of $36.39 billion, a PE ratio of 15.21 and a beta of 1.32. The firm has a 50-day moving average price of $16.58 and a 200 day moving average price of $16.90. The company has a quick ratio of 0.78, a current ratio of 0.83 and a debt-to-equity ratio of 2.04.

PG&E Announces Dividend

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

Analyst Upgrades and Downgrades

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