PG&E Co. (NYSE:PCG) Expected to Post FY2024 Earnings of $1.37 Per Share

PG&E Co. (NYSE:PCG) – Equities researchers at Seaport Res Ptn upped their FY2024 earnings estimates for PG&E in a research report issued on Wednesday, April 24th. Seaport Res Ptn analyst A. Storozynski now expects that the utilities provider will post earnings per share of $1.37 for the year, up from their prior estimate of $1.36. The consensus estimate for PG&E’s current full-year earnings is $1.35 per share. Seaport Res Ptn also issued estimates for PG&E’s FY2026 earnings at $1.62 EPS.

PCG has been the topic of several other research reports. Barclays raised their price objective on PG&E from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their target price on shares of PG&E from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday. StockNews.com upgraded PG&E from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. Finally, 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 objective on the stock. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.11.

PG&E Price Performance

Shares of NYSE:PCG opened at $17.03 on Friday. PG&E has a 1-year low of $14.71 and a 1-year high of $18.32. The business has a fifty day moving average price of $16.58 and a 200-day moving average price of $16.89. The company has a market capitalization of $36.39 billion, a PE ratio of 16.22 and a beta of 1.32. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.83 and a quick ratio of 0.78.

PG&E (NYSE:PCG) last posted its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The company had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $6.60 billion. PG&E had a return on equity of 10.84% and a net margin of 9.24%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 EPS.

Hedge Funds Weigh In On PG&E

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Trust N.A. raised its holdings in shares of PG&E by 4.2% during the 4th quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider’s stock worth $307,000 after acquiring an additional 680 shares in the last quarter. Bleakley Financial Group LLC raised its stake in PG&E by 1.5% during the fourth quarter. Bleakley Financial Group LLC now owns 45,332 shares of the utilities provider’s stock valued at $817,000 after purchasing an additional 691 shares in the last quarter. Global Retirement Partners LLC lifted its position in PG&E by 8.0% during the first quarter. Global Retirement Partners LLC now owns 9,275 shares of the utilities provider’s stock valued at $155,000 after purchasing an additional 691 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of PG&E by 2.1% in the 4th quarter. Parallel Advisors LLC now owns 35,427 shares of the utilities provider’s stock worth $639,000 after buying an additional 712 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of PG&E by 10.9% in the 3rd quarter. Signaturefd LLC now owns 8,067 shares of the utilities provider’s stock worth $130,000 after buying an additional 794 shares during the last quarter. 78.56% of the stock is owned by institutional investors.

PG&E Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $0.01 dividend. The ex-dividend date 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 is currently 3.81%.

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.