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

PG&E (NYSE:PCG) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 1.340-1.370 for the period, compared to the consensus EPS 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

PCG has been the subject of several recent analyst reports. Barclays reduced their target price on PG&E from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Bank of America assumed coverage on PG&E in a research note on Thursday, September 12th. They issued a “buy” rating and a $24.00 price objective for the company. Jefferies Financial Group started coverage on shares of PG&E in a report on Monday, October 14th. They issued a “buy” rating and a $24.00 price target on the stock. Morgan Stanley raised their price objective on shares of PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, UBS Group reduced their target price 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 investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.80.

PG&E Trading Down 0.0 %

Shares of PCG opened at $20.21 on Friday. PG&E has a twelve month low of $15.94 and a twelve month high of $21.72. The business’s 50-day moving average price is $20.50 and its 200-day moving average price is $19.35. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 2.02. The stock has a market cap of $52.85 billion, a PE ratio of 15.79, a P/E/G ratio of 1.51 and a beta of 1.01.

PG&E (NYSE:PCG) last issued its quarterly earnings data 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 company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. PG&E’s revenue was up .9% on a year-over-year basis. On average, equities analysts forecast that PG&E will post 1.36 EPS for the current fiscal year.

PG&E Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.49%. This is a boost from PG&E’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Tuesday, December 31st. PG&E’s dividend payout ratio (DPR) is currently 7.81%.

Insiders Place Their Bets

In other 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 transaction, the chief executive officer now owns 1,460,222 shares in the company, valued at approximately $30,168,186.52. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.