PG&E (NYSE:PCG) Announces Earnings Results, Beats Expectations By $0.02 EPS

PG&E (NYSE:PCG) announced its quarterly earnings results on Thursday. The utilities provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02, Briefing.com reports. The firm had revenue of $5.86 billion during 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 business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the firm earned $0.29 EPS. 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 %

Shares of PCG traded down $0.04 on Friday, reaching $17.03. The stock had a trading volume of 13,307,107 shares, compared to its average volume of 15,539,710. The firm has a market capitalization of $36.39 billion, a price-to-earnings ratio of 16.29 and a beta of 1.32. The company has a 50-day simple moving average of $16.57 and a 200-day simple moving average of $16.88. PG&E has a 12-month low of $14.71 and a 12-month high of $18.32. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.78 and a current ratio of 0.83.

PG&E Announces Dividend

The company 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 dividend yield of 0.23%. PG&E’s dividend payout ratio (DPR) is 3.81%.

Wall Street Analyst Weigh In

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