PG&E (NYSE:PCG) Updates FY24 Earnings Guidance

PG&E (NYSE:PCG) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $1.34-1.37 for the period, compared to the consensus estimate of $1.36. PG&E also updated its FY25 guidance to $1.47-1.51 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PCG shares. Morgan Stanley lifted their target price on PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. UBS Group lifted their price objective on PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Bank of America assumed coverage on shares of PG&E in a research note on Thursday, September 12th. They set a “buy” rating and a $24.00 target price on the stock. Jefferies Financial Group began coverage on shares of PG&E in a research note on Monday, October 14th. They issued a “buy” rating and a $24.00 price target for the company. Finally, Mizuho increased their price objective on shares of PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, PG&E presently has a consensus rating of “Moderate Buy” and an average price target of $23.10.

PG&E Stock Up 1.5 %

PCG opened at $20.85 on Wednesday. The firm’s 50 day simple moving average is $20.47 and its two-hundred day simple moving average is $19.17. The company has a market capitalization of $54.53 billion, a PE ratio of 16.29, a PEG ratio of 1.57 and a beta of 1.01. PG&E has a 1-year low of $15.94 and a 1-year high of $21.72. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $6.58 billion. PG&E had a return on equity of 12.51% and a net margin of 11.11%. PG&E’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm earned $0.24 EPS. As a group, equities analysts forecast that PG&E will post 1.36 EPS for the current year.

PG&E Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.025 per share. This is a boost from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Tuesday, December 31st. PG&E’s payout ratio is presently 3.13%.

Insider Buying and Selling

In other news, CEO Patricia K. Poppe sold 55,555 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.66, for a total value of $1,147,766.30. Following the completion of the transaction, the chief executive officer now owns 1,460,222 shares of the company’s stock, valued at $30,168,186.52. This represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.15% of the stock is currently owned by 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.