PG&E (NYSE:PCG) Releases FY24 Earnings Guidance

PG&E (NYSE:PCG) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.33-1.37 for the period, compared to the consensus estimate of $1.35. PG&E also updated its FY 2024 guidance to 1.330-1.370 EPS.

Analyst Upgrades and Downgrades

Several research firms have commented on PCG. StockNews.com raised shares of PG&E from a sell rating to a hold rating in a research report on Thursday, February 1st. The Goldman Sachs Group started coverage on PG&E in a research report on Wednesday, April 10th. They issued a buy rating and a $21.00 target price for the company. Barclays increased their price target on 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. upped their price objective on shares of PG&E from $18.00 to $19.00 and gave the company a neutral rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $19.11.

PG&E Price Performance

Shares of PG&E stock traded down $0.04 on Friday, reaching $17.03. The stock had a trading volume of 13,459,180 shares, compared to its average volume of 15,607,474. PG&E has a 1 year low of $14.71 and a 1 year high of $18.32. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 2.04. The business’s 50 day moving average is $16.58 and its two-hundred day moving average is $16.89. The company has a market cap of $36.39 billion, a P/E ratio of 16.22 and a beta of 1.32.

PG&E (NYSE:PCG) last issued its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. PG&E had a net margin of 9.24% and a return on equity of 10.84%. The business had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $6.60 billion. During the same period last year, the business earned $0.29 earnings per share. The business’s quarterly revenue was down 5.6% on a year-over-year basis. As a group, research analysts anticipate that PG&E will post 1.35 EPS for the current year.

PG&E Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date of this dividend was Wednesday, March 27th. PG&E’s payout ratio is currently 3.81%.

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.