PG&E (NYSE:PCG) Issues Earnings Results

PG&E (NYSE:PCG) issued its quarterly earnings results on Thursday. The utilities provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02, Briefing.com reports. The business had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $6.60 billion. PG&E had a net margin of 9.24% and a return on equity of 10.84%. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. 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 Stock Down 0.2 %

NYSE PCG traded down $0.04 during midday trading on Friday, hitting $17.03. 13,307,107 shares of the company traded hands, compared to its average volume of 15,539,710. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.83 and a quick ratio of 0.78. The company has a market cap of $36.39 billion, a PE ratio of 16.29 and a beta of 1.32. PG&E has a 52 week low of $14.71 and a 52 week high of $18.32. The company’s 50-day simple moving average is $16.57 and its 200-day simple moving average is $16.88.

PG&E Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PCG. Barclays increased their price objective on shares of PG&E from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group initiated coverage on shares of PG&E in a research note on Wednesday, April 10th. They set a “buy” rating and a $21.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of PG&E from $18.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, StockNews.com upgraded shares of PG&E from a “sell” rating to a “hold” rating in a research report on Thursday, February 1st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, PG&E has an average rating of “Moderate Buy” and a consensus target price of $19.11.

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.