Pacific Gas & Electric Co. (PCG) Updates FY17 Earnings Guidance
Pacific Gas & Electric Co. (NYSE:PCG) updated its FY17 earnings guidance on Thursday. The company provided earnings per share guidance of $3.55-3.75 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.67.
A number of research firms have issued reports on PCG. Wells Fargo & Company lowered their target price on Pacific Gas & Electric Co. from $79.00 to $67.00 and set an outperform rating on the stock in a report on Monday, October 16th. Bank of America Corporation began coverage on Pacific Gas & Electric Co. in a report on Tuesday, October 24th. They issued a neutral rating and a $59.00 target price on the stock. Evercore ISI lowered their target price on Pacific Gas & Electric Co. from $66.00 to $61.00 in a report on Monday, October 16th. BidaskClub lowered Pacific Gas & Electric Co. from a hold rating to a sell rating in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada reaffirmed a buy rating and issued a $70.00 target price on shares of Pacific Gas & Electric Co. in a report on Monday, September 18th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $67.85.
The business also recently declared a quarterly dividend, which was paid on Sunday, October 15th. Investors of record on Friday, September 29th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Thursday, September 28th. Pacific Gas & Electric Co.’s dividend payout ratio (DPR) is currently 52.35%.
In related news, EVP John R. Simon sold 881 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.43, for a total value of $61,167.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David S. Thomason sold 700 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $69.62, for a total value of $48,734.00. Following the sale, the vice president now owns 7,357 shares of the company’s stock, valued at $512,194.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,915 shares of company stock valued at $340,377. 0.15% of the stock is currently owned by corporate insiders.
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Pacific Gas & Electric Co. Company Profile
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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