Zacks Research Issues Optimistic Forecast for PG&E Earnings

PG&E Co. (NYSE:PCG) – Analysts at Zacks Research raised their FY2024 earnings per share (EPS) estimates for PG&E in a research report issued to clients and investors on Thursday, November 28th. Zacks Research analyst A. Dutta now forecasts that the utilities provider will post earnings per share of $1.36 for the year, up from their previous forecast of $1.35. The consensus estimate for PG&E’s current full-year earnings is $1.36 per share. Zacks Research also issued estimates for PG&E’s Q4 2024 earnings at $0.31 EPS, Q3 2025 earnings at $0.36 EPS, FY2025 earnings at $1.49 EPS, Q1 2026 earnings at $0.37 EPS, Q2 2026 earnings at $0.36 EPS, Q3 2026 earnings at $0.37 EPS and FY2026 earnings at $1.63 EPS.

Several other research analysts also recently weighed in on the stock. Mizuho upped their target price on shares of PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Bank of America started coverage on PG&E in a research note on Thursday, September 12th. They set a “buy” rating and a $24.00 target price for the company. UBS Group lifted their target price on PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Morgan Stanley increased their price target on PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, Barclays lifted their price objective on PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.10.

PG&E Stock Up 1.5 %

Shares of NYSE:PCG opened at $20.85 on Monday. The company has a market capitalization of $54.53 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01. The company has a 50 day moving average of $20.47 and a two-hundred day moving average of $19.17. PG&E has a 52-week low of $15.94 and a 52-week high of $21.72. 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) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. PG&E had a return on equity of 12.51% and a net margin of 11.11%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share.

PG&E Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.025 dividend. This is an increase from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Tuesday, December 31st. PG&E’s dividend payout ratio (DPR) is presently 3.13%.

Insider Activity

In related news, CEO Patricia K. Poppe sold 55,555 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 1,460,222 shares in the company, valued at $30,168,186.52. This represents a 3.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On PG&E

Institutional investors have recently modified their holdings of the company. FMR LLC increased its position in PG&E by 5.1% in the 3rd quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock valued at $3,496,115,000 after acquiring an additional 8,604,396 shares during the period. King Street Capital Management L.P. acquired a new position in shares of PG&E during the second quarter valued at $1,964,250,000. State Street Corp raised its stake in shares of PG&E by 5.0% during the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after purchasing an additional 5,191,463 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of PG&E by 2.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider’s stock valued at $2,072,824,000 after purchasing an additional 2,936,763 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in PG&E by 1.1% in the third quarter. Geode Capital Management LLC now owns 49,837,059 shares of the utilities provider’s stock worth $981,960,000 after purchasing an additional 536,914 shares during the period. Institutional investors own 78.56% 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.