PG&E (NYSE:PCG) Reports Quarterly Earnings and Exceeds Estimates by $0.05 EPS

PG&E (NYSE:PCG) announced its latest earnings results on Thursday. The company, which provides utility services, reported earnings of $0.37 per share for the quarter, surpassing the analysts' average estimate of $0.32 by $0.05, according to Briefing.com. PG&E recorded a net margin of 10.22% and a return on equity of 11.76%. The total revenue for the quarter was $5.94 billion, falling short of analyst expectations of $6.58 billion. In comparison to the same period last year, PG&E's earnings per share increased from $0.24. Overall, the company saw a slight revenue growth of 0.9% year-over-year.

PG&E Stock Performance

Following this earnings announcement, shares of PG&E traded up by $0.25 to reach $20.61 during midday trading on Friday. A total of 7,134,513 shares changed hands, which is lower than the average trading volume of 13,775,833 shares. The company's market capitalization stood at $53.90 billion, with a price-to-earnings ratio of 15.96, a PEG ratio of 1.53, and a beta of 1.03. The stock's simple moving averages for 50 days and 200 days are $20.01 and $18.71, respectively. Over the past year, PG&E's stock has had a low of $15.94 and a high of $20.93. Additional financial ratios include 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

Additionally, PG&E announced a quarterly dividend that was paid on Tuesday, October 15th. Shareholders on record as of Monday, September 30th, received a dividend of $0.01 per share. This equates to an annual dividend of $0.04, yielding a 0.19% return. The ex-dividend date was also reported as September 30th. Currently, the company maintains a dividend payout ratio of 3.13%.

Analyst Ratings Changes

In light of the earnings report, several analysts have weighed in on PG&E shares. Barclays upgraded their target price for PG&E from $24.00 to $25.00 and reiterated an “overweight” rating in a research note dated October 21st. Jefferies Financial Group began coverage of PG&E on October 14th, assigning a “buy” rating with a target price of $24.00. UBS Group increased their price target from $24.00 to $26.00, also giving it a “buy” rating on September 3rd. Morgan Stanley raised their price target to $20.00 from $19.00. Similarly, Wells Fargo raised their target from $21.00 to $22.00 and maintained an “overweight” rating as of July 26th. Currently, two analysts have rated the stock as a hold while nine have assigned it a buy rating. MarketBeat reports a consensus rating of "Moderate Buy" along with an average target price of $22.80.

Insider Activity at PG&E

In related news, Stephanie N. Williams, a VP at PG&E, sold 38,601 shares of the company's stock on August 15th at an average price of $18.32, totaling $707,170.32. Following this transaction, Williams holds 19,114 shares valued at $350,168.48, marking no change in her ownership percentage. The transaction was reported to the Securities & Exchange Commission. It is noted that 0.15% of PG&E's stock is owned by insiders.

About PG&E

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas services to customers in Northern and Central California, USA. The company generates power using various sources, including nuclear, hydroelectric, fossil fuels, fuel cells, and solar energy.

Earnings, Stocks, Performance