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

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

PG&E Stock Performance

PG&E stock traded down $0.07 during mid-day trading on Friday, hitting $20.14. 10,354,215 shares of the company's stock traded hands, compared to its average volume of 14,302,234. PG&E has a one year low of $15.94 and a one year high of $21.72. The company has a market cap of $52.67 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.51 and a beta of 1.01. The firm has a 50 day moving average price of $20.50 and a 200 day moving average price of $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.

PG&E (NYSE:PCG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.05. The business had revenue of $5.94 billion for the quarter, compared to analysts' expectations of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The company's revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 earnings per share. On average, 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 issued a $0.025 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from PG&E's previous quarterly dividend of $0.01. This represents a $0.10 annualized dividend and a dividend yield of 0.50%. PG&E's dividend payout ratio (DPR) is 7.81%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PCG shares. UBS Group decreased their price target on PG&E from $26.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Bank of America assumed coverage on shares of PG&E in a research report on Thursday, September 12th. They issued a "buy" rating and a $24.00 price target on the stock. Barclays reduced their price objective on shares of PG&E from $25.00 to $24.00 and set an "overweight" rating for the company in a research report on Tuesday, December 17th. Morgan Stanley increased their target price on shares of PG&E from $19.00 to $20.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group started coverage on PG&E in a research note on Monday, October 14th. They set a "buy" rating and a $24.00 price objective for the company. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.80.

Insiders Place Their Bets

In other PG&E news, CEO Patricia K. Poppe sold 55,555 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.66, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate 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.