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

PG&E (NYSE:PCG) posted its earnings results on Thursday. The utilities provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02, Briefing.com reports. PG&E had a net margin of 9.24% and a return on equity of 10.84%. The company had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $6.60 billion. During the same quarter in the prior year, the company posted $0.29 earnings per share. PG&E’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 Trading Up 0.4 %

PG&E stock traded up $0.07 during midday trading on Friday, hitting $17.14. 5,856,226 shares of the stock were exchanged, compared to its average volume of 15,509,876. PG&E has a fifty-two week low of $14.71 and a fifty-two week high of $18.32. The stock has a market capitalization of $36.63 billion, a price-to-earnings ratio of 16.29 and a beta of 1.32. The stock’s 50-day simple moving average is $16.57 and its 200 day simple moving average is $16.88. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 2.04.

PG&E Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.01 dividend. This represents a $0.04 annualized dividend 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 3.81%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday. StockNews.com upgraded shares of PG&E from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. Barclays increased their price objective 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, The Goldman Sachs Group assumed coverage on shares of PG&E in a research report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price target on the stock. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, PG&E currently has an average rating of “Moderate Buy” and a consensus 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.