FY2024 Earnings Forecast for PG&E Issued By Seaport Res Ptn

PG&E Co. (NYSE:PCG) – Equities research analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for shares of PG&E in a research note issued to investors on Thursday, October 31st. Seaport Res Ptn analyst A. Storozynski now anticipates that the utilities provider will post earnings per share of $1.36 for the year, down from their prior forecast of $1.37. The consensus estimate for PG&E’s current full-year earnings is $1.36 per share. Seaport Res Ptn also issued estimates for PG&E’s FY2027 earnings at $1.77 EPS and FY2028 earnings at $1.93 EPS.

A number of other research firms have also issued reports on PCG. UBS Group increased their price target on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Barclays raised their target price on PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Wells Fargo & Company raised their target price on PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Jefferies Financial Group initiated coverage on PG&E in a research report on Monday, October 14th. They set a “buy” rating and a $24.00 target price on the stock. Finally, Morgan Stanley raised their target price on PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, PG&E has a consensus rating of “Moderate Buy” and a consensus price target of $22.80.

PG&E Price Performance

PCG stock opened at $20.04 on Friday. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86. The firm has a market capitalization of $52.41 billion, a P/E ratio of 17.29, a P/E/G ratio of 1.54 and a beta of 1.01. The business’s 50-day moving average is $19.90 and its two-hundred day moving average is $18.58. PG&E has a 1 year low of $15.94 and a 1 year high of $20.93.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PCG. Rothschild Investment LLC purchased a new position in shares of PG&E in the 2nd quarter valued at approximately $30,000. UMB Bank n.a. lifted its holdings in shares of PG&E by 84.7% in the 2nd quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock valued at $38,000 after buying an additional 1,011 shares during the period. Blue Trust Inc. lifted its holdings in shares of PG&E by 77.0% in the 2nd quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock valued at $40,000 after buying an additional 1,027 shares during the period. Plato Investment Management Ltd acquired a new stake in shares of PG&E in the 2nd quarter valued at approximately $44,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of PG&E by 48.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 3,596 shares of the utilities provider’s stock valued at $63,000 after buying an additional 1,179 shares during the period. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other PG&E news, VP Stephanie N. Williams sold 38,601 shares of PG&E stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $18.32, for a total value of $707,170.32. Following the transaction, the vice president now directly owns 19,114 shares in the company, valued at approximately $350,168.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.15% of the stock is currently owned by company insiders.

PG&E Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.04 dividend on an annualized basis and a yield of 0.20%. PG&E’s dividend payout ratio is presently 3.42%.

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.