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PG&E (PCG) Set to Report Q3 Earnings: What's in the Cards?
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PG&E Corporation (PCG - Free Report) is scheduled to report third-quarter 2022 results on Oct 27, before the opening bell.
In the last reported quarter, the company delivered a negative earnings surprise of 16.67%. The company has a four-quarter average negative earnings surprise of 2.25%.
Let's take a closer look at the factors that are likely to get reflected in PG&E’s upcoming results.
Factors to Note
During the July-September 2022 quarter, the company’s service territories witnessed warmer-than-normal temperatures accompanied by drought conditions in most regions. Such weather patterns are likely to have boosted electricity demand among customers for cooling purposes. This, in turn, is expected to have favored the to-be-reported quarter's top line.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $5.92 billion, suggesting growth of 8.3% from the year-ago quarter.
The above-average temperature prevalent at PG&E Corp’s territory resulted in a few wildfire activities during the third quarter of 2022. This might have hampered PG&E Corp’s infrastructure, thereby pushing up its operating costs and, in turn, hurting the Q3 bottom-line performance.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 22 cents per share, indicating a decline of 8.3% from the prior-year reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for PCG this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
PG&E has an Earnings ESP of -16.28% and carries a Zacks Rank #2. You can uncover the best stocks to buy or sell, before they’re reported, with our Earnings ESP Filter.
Stocks to Consider
Here are three Utility players you may want to consider as these have the right combination of elements to post an earnings beat this season:
Dominion Energy (D - Free Report) has an Earnings ESP of +4.59% and a Zacks Rank #2.
Dominion Energy boasts a long-term earnings growth rate of 6.3%. The Zacks Consensus Estimate for Dominion Energy’s third-quarter sales and earnings is pegged at $3.90 billion and $1.09 per share, respectively.
Sempra Energy (SRE - Free Report) has an Earnings ESP of +6.97% and a Zacks Rank #3. The Zacks Consensus Estimate for its third-quarter earnings, pegged at $1.90 per share, implies an improvement of 11.8% from the prior-year quarter’s tally.
Sempra Energy boasts a long-term earnings growth rate of 5.7%. SRE has a four-quarter earnings surprise of 4.37%.
FirstEnergy (FE - Free Report) has an Earnings ESP of +3.45% and a Zacks Rank #2. The Zacks Consensus Estimate for its third-quarter earnings is pegged at 77 cents per share, indicating a decline of 6.1% from the prior-year reported figure.
First Energy boasts a long-term earnings growth rate of 6.7%. The Zacks Consensus Estimate for FE’s third-quarter sales is pegged at $3.19 billion, suggesting growth of 2.2% from the prior-year reported figure.
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PG&E (PCG) Set to Report Q3 Earnings: What's in the Cards?
PG&E Corporation (PCG - Free Report) is scheduled to report third-quarter 2022 results on Oct 27, before the opening bell.
In the last reported quarter, the company delivered a negative earnings surprise of 16.67%. The company has a four-quarter average negative earnings surprise of 2.25%.
Let's take a closer look at the factors that are likely to get reflected in PG&E’s upcoming results.
Factors to Note
During the July-September 2022 quarter, the company’s service territories witnessed warmer-than-normal temperatures accompanied by drought conditions in most regions. Such weather patterns are likely to have boosted electricity demand among customers for cooling purposes. This, in turn, is expected to have favored the to-be-reported quarter's top line.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $5.92 billion, suggesting growth of 8.3% from the year-ago quarter.
Pacific Gas & Electric Co. Price and EPS Surprise
Pacific Gas & Electric Co. price-eps-surprise | Pacific Gas & Electric Co. Quote
The above-average temperature prevalent at PG&E Corp’s territory resulted in a few wildfire activities during the third quarter of 2022. This might have hampered PG&E Corp’s infrastructure, thereby pushing up its operating costs and, in turn, hurting the Q3 bottom-line performance.
The Zacks Consensus Estimate for third-quarter earnings is pegged at 22 cents per share, indicating a decline of 8.3% from the prior-year reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for PCG this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
PG&E has an Earnings ESP of -16.28% and carries a Zacks Rank #2. You can uncover the best stocks to buy or sell, before they’re reported, with our Earnings ESP Filter.
Stocks to Consider
Here are three Utility players you may want to consider as these have the right combination of elements to post an earnings beat this season:
Dominion Energy (D - Free Report) has an Earnings ESP of +4.59% and a Zacks Rank #2.
Dominion Energy boasts a long-term earnings growth rate of 6.3%. The Zacks Consensus Estimate for Dominion Energy’s third-quarter sales and earnings is pegged at $3.90 billion and $1.09 per share, respectively.
Sempra Energy (SRE - Free Report) has an Earnings ESP of +6.97% and a Zacks Rank #3. The Zacks Consensus Estimate for its third-quarter earnings, pegged at $1.90 per share, implies an improvement of 11.8% from the prior-year quarter’s tally.
Sempra Energy boasts a long-term earnings growth rate of 5.7%. SRE has a four-quarter earnings surprise of 4.37%.
FirstEnergy (FE - Free Report) has an Earnings ESP of +3.45% and a Zacks Rank #2. The Zacks Consensus Estimate for its third-quarter earnings is pegged at 77 cents per share, indicating a decline of 6.1% from the prior-year reported figure.
First Energy boasts a long-term earnings growth rate of 6.7%. The Zacks Consensus Estimate for FE’s third-quarter sales is pegged at $3.19 billion, suggesting growth of 2.2% from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.