PG&E (NYSE:PCG) Releases FY 2024 Earnings Guidance

PG&E (NYSE:PCG) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 1.340-1.370 for the period, compared to the consensus earnings per share estimate of 1.360. The company issued revenue guidance of -. PG&E also updated its FY 2025 guidance to 1.470-1.510 EPS.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PCG. Barclays lowered their price objective on shares of PG&E from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Jefferies Financial Group initiated coverage on PG&E in a research note on Monday, October 14th. They issued a “buy” rating and a $24.00 price target on the stock. Morgan Stanley increased their price objective on PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Mizuho lifted their target price on shares of PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. Finally, UBS Group dropped their price target on shares of PG&E from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.80.

PG&E Price Performance

Shares of NYSE PCG opened at $20.14 on Friday. PG&E has a 1 year low of $15.94 and a 1 year high of $21.72. The stock has a market capitalization of $52.67 billion, a P/E ratio of 15.73, a P/E/G ratio of 1.51 and a beta of 1.01. The company’s 50-day moving average is $20.49 and its 200 day moving average is $19.36. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99.

PG&E (NYSE:PCG) last released its earnings results on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. PG&E had a return on equity of 12.51% and a net margin of 11.11%. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $6.58 billion. During the same period in the previous year, the company posted $0.24 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. On average, sell-side analysts expect that PG&E will post 1.36 earnings per share for the current year.

PG&E Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.025 per share. This is a positive change from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date is Tuesday, December 31st. PG&E’s dividend payout ratio (DPR) is currently 7.81%.

Insider Transactions at PG&E

In related news, CEO Patricia K. Poppe sold 55,555 shares of PG&E 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 sale, the chief executive officer now directly owns 1,460,222 shares in the company, valued at approximately $30,168,186.52. This trade represents a 3.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.15% of the company’s stock.

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.