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

PG&E (NYSE:PCG) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 1.330-1.370 for the period, compared to the consensus estimate of 1.360. The company issued revenue guidance of -. PG&E also updated its FY24 guidance to $1.33-1.37 EPS.

PG&E Stock Performance

Shares of NYSE:PCG traded up $0.01 during trading on Friday, hitting $18.03. 10,979,021 shares of the stock traded hands, compared to its average volume of 11,910,385. The company has a quick ratio of 0.93, a current ratio of 0.99 and a debt-to-equity ratio of 2.08. The company has a market cap of $51.91 billion, a price-to-earnings ratio of 16.10 and a beta of 1.08. The company has a fifty day moving average price of $17.96 and a two-hundred day moving average price of $17.24. PG&E has a 52-week low of $14.71 and a 52-week high of $18.95.

PG&E (NYSE:PCG) last posted its earnings results on Thursday, July 25th. The utilities provider reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. The firm had revenue of $5.99 billion during the quarter, compared to analyst estimates of $5.86 billion. PG&E had a net margin of 10.22% and a return on equity of 11.91%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.23 EPS. As a group, equities analysts predict that PG&E will post 1.35 EPS for the current year.

PG&E Announces Dividend

The business 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 payout ratio is presently 3.57%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Mizuho boosted their price target on shares of PG&E from $21.00 to $23.00 and gave the stock a buy rating in a report on Friday, May 17th. Wells Fargo & Company lifted their target price on shares of PG&E from $21.00 to $22.00 and gave the stock an overweight rating in a research note on Friday. Citigroup lifted their target price on shares of PG&E from $19.00 to $21.00 and gave the stock a buy rating in a research note on Friday, June 14th. Barclays lifted their target price on shares of PG&E from $21.00 to $22.00 and gave the stock an overweight rating in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. raised shares of PG&E from a neutral rating to an overweight rating and lifted their target price for the stock from $19.00 to $22.00 in a research note on Monday, June 10th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $20.40.

Insider Buying and Selling at PG&E

In other PG&E news, CEO Patricia K. Poppe sold 59,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the transaction, the chief executive officer now owns 1,515,777 shares of the company’s stock, valued at $25,889,471.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.15% of the stock is currently owned by corporate insiders.

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.