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.
