PG&E Reports Quarterly Earnings, Exceeds Expectations by $0.05 EPS

PG&E (NYSE:PCG) announced its quarterly earnings on Thursday. The utilities provider reported an earnings per share (EPS) of $0.37 for the quarter, which surpassed analysts' average estimate of $0.32 by $0.05. According to Briefing.com, PG&E achieved a net margin of 10.22% and a return on equity of 11.76%. The company's revenue for the quarter was $5.94 billion, which fell short of analysts' expectations of $6.58 billion. In the same quarter last year, PG&E reported an EPS of $0.24. Overall, the firm's revenue increased by 0.9% compared to the previous year.

PG&E Stock Performance

In midday trading on Friday, PG&E shares rose by $0.25, reaching a price of $20.61. Around 7,134,513 shares were traded, compared to an average volume of 13,775,833 shares. PG&E currently holds a market capitalization of $53.90 billion, with a P/E ratio of 15.96. The stock's 50-day moving average is $20.01, while the 200-day moving average stands at $18.71. Over the past year, PG&E's stock has experienced a low of $15.94 and a high of $20.93. The company reports a quick ratio of 0.86, a current ratio of 0.90, and a debt-to-equity ratio of 1.99.

PG&E Dividend Announcement

PG&E also declared a quarterly dividend, which was distributed on Tuesday, October 15th. Shareholders as of Monday, September 30th received a dividend of $0.01 per share. This translates to an annualized dividend of $0.04, resulting in a dividend yield of 0.19%. The ex-dividend date was also on September 30th, and the company's current dividend payout ratio is 3.13%.

Analyst Ratings Changes

Recent reports from several equity analysts revealed changes in their ratings for PG&E shares. Barclays increased its target price for the company from $24.00 to $25.00, rating the stock as "overweight" in a note published on October 21st. Jefferies Financial Group initiated coverage of PG&E with a "buy" rating and a $24.00 price target on October 14th. Similarly, UBS raised its target from $24.00 to $26.00, granting a "buy" rating on September 3rd. Morgan Stanley adjusted its target price from $19.00 to $20.00 and rated the stock as "equal weight" on September 25th. Additionally, Wells Fargo elevated their target price from $21.00 to $22.00 with an "overweight" rating back in July. Currently, two analysts recommend holding PG&E shares, while nine have a "buy" rating. The consensus rating is described as a "Moderate Buy" with an average price target of $22.80.

Insider Activity at PG&E

In related news, Vice President Stephanie N. Williams sold 38,601 shares of PG&E's stock on August 15th at an average price of $18.32, summing up to $707,170.32. Post-transaction, she possesses 19,114 shares valued at $350,168.48, representing a minor reduction in her ownership. This transaction was documented in a filing with the Securities and Exchange Commission, indicating that insiders own approximately 0.15% of PG&E shares.

PG&E Company Profile

PG&E Corporation, through its subsidiary Pacific Gas and Electric Company, is engaged in the sale and distribution of electricity and natural gas to customers across northern and central California. The company generates electricity using a variety of sources including nuclear, hydroelectric, fossil fuel, fuel cells, and photovoltaic systems.

earnings, stocks, utilities