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

PG&E (NYSE:PCG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.33-1.37 for the period, compared to the consensus estimate of $1.35. PG&E also updated its FY 2024 guidance to 1.330-1.370 EPS.

PG&E Stock Down 0.2 %

Shares of PCG stock traded down $0.04 on Friday, hitting $17.03. The company’s stock had a trading volume of 13,459,180 shares, compared to its average volume of 15,607,474. 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 stock has a market capitalization of $36.39 billion, a price-to-earnings ratio of 16.22 and a beta of 1.32. PG&E has a fifty-two week low of $14.71 and a fifty-two week high of $18.32. The firm’s fifty day moving average price is $16.58 and its 200-day moving average price is $16.89.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. PG&E had a return on equity of 10.84% and a net margin of 9.24%. The company had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $6.60 billion. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. Research analysts anticipate that PG&E will post 1.35 EPS for the current year.

PG&E Announces Dividend

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

Analysts Set New Price Targets

PCG has been the topic of several research analyst reports. StockNews.com raised PG&E from a sell rating to a hold rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. increased their target price on PG&E from $18.00 to $19.00 and gave the company a neutral rating in a research note on Tuesday. The Goldman Sachs Group started coverage on PG&E in a research report on Wednesday, April 10th. They issued a buy rating and a $21.00 price target on the stock. Finally, Barclays increased their price objective on PG&E from $20.00 to $21.00 and gave the company an overweight rating in a research report on Friday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, PG&E presently has an average rating of Moderate Buy and an average price target of $19.11.

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.