PG&E (NYSE:PCG) Issues FY 2024 Earnings Guidance

PG&E (NYSE:PCG) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.340-1.370 for the period, compared to the consensus estimate of 1.360. The company issued revenue guidance of -. PG&E also updated its FY 2025 guidance to 1.470-1.510 EPS.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PCG. Bank of America initiated coverage on shares of PG&E in a research report on Thursday, September 12th. They set a “buy” rating and a $24.00 target price for the company. UBS Group dropped their price objective on shares of PG&E from $26.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Mizuho lifted their target price on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, November 27th. Jefferies Financial Group started coverage on PG&E in a research report on Monday, October 14th. They issued a “buy” rating and a $24.00 target price on the stock. Finally, Morgan Stanley raised their price target on PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.80.

PG&E Price Performance

NYSE:PCG opened at $20.14 on Friday. The firm has a market capitalization of $52.67 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 1.51 and a beta of 1.01. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99. The business has a 50 day simple moving average of $20.49 and a 200-day simple moving average of $19.37. PG&E has a 1 year low of $15.94 and a 1 year high of $21.72.

PG&E (NYSE:PCG) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. PG&E’s quarterly revenue was up .9% compared to the same quarter last year. Equities analysts forecast that PG&E will post 1.36 EPS for the current year.

PG&E Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.025 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.10 annualized dividend and a yield of 0.50%. This is an increase from PG&E’s previous quarterly dividend of $0.01. PG&E’s dividend payout ratio (DPR) is presently 7.81%.

Insider Buying and Selling at PG&E

In other news, CEO Patricia K. Poppe sold 55,555 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.66, for a total value of $1,147,766.30. Following the sale, the chief executive officer now directly owns 1,460,222 shares in the company, valued at approximately $30,168,186.52. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.15% of the company’s stock.

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.