Pacific Gas & Electric Stock Dips On Q4 Revenue Miss Despite Hiking Full-Year Guidance: Retail Sentiment Surges
Synopsis
Pacific Gas & Electric witnessed a surge in its operating cash flow to $8 billion in 2024, up from $4.7 billion in the previous year. Brokerages had a bullish outlook on the stock ahead of earnings.
Shares of Pacific Gas & Electric (PG&E) Corp. (PCG) fell over 1% in morning trade on Monday after the company’s fourth-quarter (Q4) revenue missed Wall Street estimates, while earnings were in line.
PG&E’s fourth-quarter earnings per share (EPS) came in at $0.31, meeting analyst estimates, according to Stocktwits data.
However, its revenue of $6.63 billion during the quarter was considerably below the estimated $7.22 billion.
The company raised its earnings guidance for the fiscal year 2025 – it expects EPS in the range of $1.48 and $1.52, compared to a previous range of $1.47 and $1.51. Data from FinChat shows the consensus estimate is $1.49.
PG&E’s operating cash flow surged from $4.7 billion in 2023 to $8 billion in 2024.
"In 2024, we continued progress in ways that matter to both customers and investors. We delivered energy safely-our system has never been safer, and we are working to make it even safer. We stabilized combined gas and electric bills for residential customers,” PG&E said.
Ahead of earnings, analysts at JPMorgan initiated their coverage of PG&E with an ‘Overweight’ rating and a price target of $22. Bank of America (BofA) Securities hiked its price target to bring it to $22, from $21. This implies an upside of nearly 44% from current levels.
Retail sentiment on Stocktwits around the PG&E stock soared, hovering in the ‘extremely bullish’ (81/100) territory, while message volume surged to enter the ‘high’ levels.
Despite Thursday morning’s decline, one user wondered if the PG&E stock could hit $20 today.
PG&E stock price has been on a downtrend recently, falling over 13% in the past six months.
However, its one-year performance has been relatively better, with a decline of 2.7%.
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