PG&E (NYSE:PCG) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

PG&E (NYSE:PCG) announced its quarterly earnings data on Thursday. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01, Briefing.com reports. PG&E had a return on equity of 11.91% and a net margin of 10.22%. The company had revenue of $5.99 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter in the prior year, the business posted $0.23 EPS. The business’s revenue was up 13.2% 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 Price Performance

NYSE:PCG traded up $0.01 during trading hours on Friday, hitting $18.03. 10,979,021 shares of the stock were exchanged, compared to its average volume of 11,910,385. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 2.08. The firm’s fifty day moving average price is $17.96 and its 200 day moving average price is $17.24. The company has a market cap of $51.91 billion, a P/E ratio of 16.10 and a beta of 1.08. PG&E has a 52-week low of $14.71 and a 52-week high of $18.95.

PG&E Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a $0.01 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.04 annualized dividend and a dividend yield of 0.22%. PG&E’s dividend payout ratio is presently 3.57%.

Insider Buying and Selling

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 completion of the transaction, the chief executive officer now owns 1,515,777 shares in the company, valued at $25,889,471.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PCG. Mizuho lifted their target price on 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 upped their target price on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group initiated coverage on PG&E in a report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price target on the stock. Morgan Stanley lowered their target price on PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. Finally, Barclays upped their price objective on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and seven 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 price target of $20.40.

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.