What is Zacks Research’s Forecast for PG&E FY2024 Earnings?

PG&E Co. (NYSE:PCG) – Analysts at Zacks Research lifted their FY2024 earnings per share (EPS) estimates for shares of PG&E in a research report issued to clients and investors on Thursday, November 28th. Zacks Research analyst A. Dutta now anticipates that the utilities provider will post earnings of $1.36 per share for the year, up from their prior 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.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $6.58 billion. During the same period last year, the firm earned $0.24 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis.

A number of other research analysts also recently issued reports on PCG. Morgan Stanley boosted 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 report on Wednesday, September 25th. UBS Group increased their price objective on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Barclays boosted their price target on shares of PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Mizuho boosted their target price on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. Finally, Jefferies Financial Group began coverage on shares of PG&E in a report on Monday, October 14th. They issued a “buy” rating and a $24.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.10.

PG&E Price Performance

NYSE:PCG opened at $21.63 on Monday. The company’s 50-day simple moving average is $20.44 and its 200-day simple moving average is $19.14. The stock has a market capitalization of $56.57 billion, a P/E ratio of 16.90, a P/E/G ratio of 1.66 and a beta of 1.03. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.99 and a current ratio of 1.04. PG&E has a fifty-two week low of $15.94 and a fifty-two week high of $21.72.

PG&E Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.04 annualized dividend and a dividend yield of 0.18%. PG&E’s dividend payout ratio is 3.13%.

Institutional Investors Weigh In On PG&E

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its holdings in PG&E by 4.1% in the third quarter. Franklin Resources Inc. now owns 17,116,725 shares of the utilities provider’s stock worth $346,443,000 after purchasing an additional 681,369 shares during the period. Tidal Investments LLC increased its stake in shares of PG&E by 4.7% during the 3rd quarter. Tidal Investments LLC now owns 55,938 shares of the utilities provider’s stock worth $1,106,000 after purchasing an additional 2,527 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of PG&E during the 3rd quarter worth approximately $349,000. Sanctuary Advisors LLC lifted its stake in shares of PG&E by 21.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 87,919 shares of the utilities provider’s stock worth $1,879,000 after buying an additional 15,648 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its stake in PG&E by 34.5% in the 3rd quarter. TD Private Client Wealth LLC now owns 35,255 shares of the utilities provider’s stock valued at $697,000 after buying an additional 9,043 shares during the last quarter. 78.56% of the stock is owned by institutional investors and hedge funds.

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.