Headquartered in Oakland, California, PG&E Corporation (PCG) is a leading energy company providing natural gas and electric services to millions of customers across Northern and Central California. Known for its commitment to safety, sustainability, and reliability, PG&E plays a vital role in supporting the region's energy infrastructure. With a market cap of $43.3 billion, the company continues to focus on modernizing its grid and enhancing wildfire safety measures. PG&E is set to release its Q4 earnings results before the market opens on Thursday, Feb. 13.
Ahead of this event, analysts expect the power company to report a profit of $0.30 per share, down 36.2% from $0.47 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS projections over the past four quarters. PG&E's EPS for the last reported quarter was $0.37, which surpassed the consensus estimates by 15.6%, driven by effective cost management.
For fiscal 2024, analysts expect the utility company to report EPS of $1.36, up 10.6% from $1.23 in fiscal 2023.
PG&E Corporation shares have gained marginally over the past year, significantly underperforming the S&P 500 Index's ($SPX) 25.3% gain and the Utilities Select Sector SPDR Fund's (XLU) 32.6% returns during the same period.
On Jan. 13, PG&E Corporation's shares declined over 5%, adding to last week’s losses due to concerns about potential liability for the Southern California wildfires. Earlier, on Dec. 2, the stock dropped more than 4% following the announcement of a $1.2 billion convertible preferred stock offering.
However, PG&E saw a slight increase in its stock price after releasing its Q3 earnings on Nov. 7, despite reporting revenue of $5.94 billion, which fell short of the expected $6.67 billion.
Analysts' consensus rating on PCG stock is bullish, with a "Strong Buy" rating overall. Out of 17 analysts covering the stock, 13 advise a "Strong Buy,” one suggests a "Moderate Buy," and three analysts recommend a "Hold.” This configuration is more bullish than three months ago when 12 analysts suggested a "Strong Buy."
PCG’s average analyst price target is $23.50, indicating a potential upside of 42.1% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Franklin Resources Stock Looks Like a Bargain With Its 6.38% Yield
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