Pacific Gas & Electric Co. (PCG) Issues Earnings Results, Beats Estimates By $0.18 EPS
Pacific Gas & Electric Co. (NYSE:PCG) issued its earnings results on Thursday. The utilities provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.18, Briefing.com reports. The company had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Pacific Gas & Electric Co. had a net margin of 11.48% and a return on equity of 11.63%. The firm’s revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 EPS. Pacific Gas & Electric Co. updated its FY17 guidance to $3.55-3.75 EPS.
The business also recently declared a quarterly dividend, which was paid on Sunday, October 15th. Investors of record on Friday, September 29th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of Infinity. The ex-dividend date was Thursday, September 28th.
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In related news, Director Roger H. Kimmel purchased 4,000 shares of Pacific Gas & Electric Co. stock in a transaction that occurred on Tuesday, September 5th. The shares were bought at an average price of $69.68 per share, with a total value of $278,720.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Julie Kane sold 2,233 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $68.98, for a total transaction of $154,032.34. Following the completion of the transaction, the senior vice president now directly owns 10,751 shares in the company, valued at approximately $741,603.98. The disclosure for this sale can be found here. Insiders sold a total of 4,915 shares of company stock worth $340,377 in the last ninety days. 0.15% of the stock is currently owned by insiders.
A number of equities analysts recently commented on the stock. Royal Bank Of Canada reiterated a “buy” rating and issued a $70.00 target price on shares of Pacific Gas & Electric Co. in a research report on Tuesday, August 15th. BMO Capital Markets reiterated a “hold” rating and issued a $69.00 target price on shares of Pacific Gas & Electric Co. in a research report on Thursday, July 13th. Evercore ISI decreased their target price on shares of Pacific Gas & Electric Co. from $66.00 to $61.00 in a research report on Monday, October 16th. Bank of America Corporation assumed coverage on shares of Pacific Gas & Electric Co. in a research report on Tuesday, October 24th. They issued a “neutral” rating and a $59.00 target price on the stock. Finally, Mizuho reiterated a “buy” rating and issued a $74.00 target price on shares of Pacific Gas & Electric Co. in a research report on Thursday, July 13th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Pacific Gas & Electric Co. has a consensus rating of “Buy” and a consensus target price of $67.85.
About Pacific Gas & Electric Co.
PG&E Corporation is a holding company. The Company’s primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers.
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