Zacks Research Equities Analysts Decrease Earnings Estimates for PG&E Co. (NYSE:PCG)

PG&E Co. (NYSE:PCGFree Report) – Investment analysts at Zacks Research dropped their Q2 2024 earnings estimates for shares of PG&E in a report released on Thursday, May 16th. Zacks Research analyst A. Dutta now expects that the utilities provider will earn $0.29 per share for the quarter, down from their prior forecast of $0.30. The consensus estimate for PG&E’s current full-year earnings is $1.35 per share. Zacks Research also issued estimates for PG&E’s Q3 2024 earnings at $0.28 EPS, Q1 2026 earnings at $0.49 EPS and FY2026 earnings at $1.62 EPS.

PG&E (NYSE:PCGGet Free Report) last announced its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. PG&E had a return on equity of 11.32% and a net margin of 10.05%. The business had revenue of $5.86 billion during the quarter, compared to analyst estimates of $6.60 billion. During the same period last year, the company earned $0.29 earnings per share. PG&E’s quarterly revenue was down 5.6% compared to the same quarter last year.

Several other brokerages have also weighed in on PCG. The Goldman Sachs Group started coverage on shares of PG&E in a research report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, April 23rd. Mizuho upped their price objective 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. StockNews.com upgraded PG&E from a “sell” rating to a “hold” rating in a report on Thursday, February 1st. Finally, Barclays upped 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, April 26th. 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, the company has an average rating of “Moderate Buy” and an average price target of $19.44.

Read Our Latest Research Report on PG&E

PG&E Stock Up 1.4 %

Shares of PG&E stock opened at $18.92 on Monday. The firm has a market cap of $54.48 billion, a price-to-earnings ratio of 16.89 and a beta of 1.26. The stock has a 50-day simple moving average of $16.98 and a 200-day simple moving average of $17.09. PG&E has a 52-week low of $14.71 and a 52-week high of $18.92. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.99 and a quick ratio of 0.93.

PG&E Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.21%. PG&E’s dividend payout ratio (DPR) is presently 3.57%.

Insider Activity

In related news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.15% of the stock is owned by company insiders.

Institutional Trading of PG&E

Institutional investors and hedge funds have recently modified their holdings of the company. Artemis Investment Management LLP increased its holdings in PG&E by 6.2% in the 4th quarter. Artemis Investment Management LLP now owns 7,598,807 shares of the utilities provider’s stock valued at $137,009,000 after buying an additional 446,848 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PG&E by 9.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 922,856 shares of the utilities provider’s stock worth $16,639,000 after buying an additional 76,178 shares in the last quarter. LPL Financial LLC lifted its position in shares of PG&E by 8.9% during the 3rd quarter. LPL Financial LLC now owns 1,987,389 shares of the utilities provider’s stock worth $32,057,000 after buying an additional 162,476 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of PG&E by 8.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 881,981 shares of the utilities provider’s stock worth $14,226,000 after buying an additional 66,364 shares during the period. Finally, Oak Thistle LLC bought a new stake in PG&E in the fourth quarter valued at $1,775,000. 78.56% of the stock is currently owned by institutional investors.

About PG&E

(Get Free Report)

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.

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Earnings History and Estimates for PG&E (NYSE:PCG)

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