Patricia K. Poppe, Chief Executive Officer of PG&E Corp (NYSE:PCG), recently executed a sale of 55,555 shares of the company's common stock, amounting to approximately $1.15 million. The sale was conducted at a weighted average price of $20.66 per share, with individual transaction prices ranging from $20.53 to $20.80. This transaction was carried out under a pre-arranged trading plan established on August 5, 2024, in compliance with Rule 10b5-1(c). Following this sale, Poppe retains ownership of 1,460,222 shares through the Patricia K. Poppe Revocable Living Trust. The utility company demonstrates strong financial health with a "GOOD" overall rating from InvestingPro, characterized by low price volatility and impressive five-year returns. Discover more insights and 6 additional ProTips for PCG with an InvestingPro subscription.
In other recent news, PG&E Corporation has initiated a substantial financial move, intending to raise $2.4 billion through new stock offerings. This includes a $1.2 billion common stock offering and a $1.2 billion mandatory convertible preferred stock offering. The funds raised are set to be used for general corporate purposes, primarily financing PG&E's five-year capital investment strategy.
Last month, PG&E reported a revenue of $5.9 billion, showing a slight increase from the previous year, although it did not meet analyst projections. However, the company's adjusted net income saw a notable rise, increasing 54% to reach $791 million, surpassing Wall Street expectations.
The company also announced an extension to the contract of CEO Patricia K. Poppe, extending her tenure through January 4, 2031. In addition, PG&E declared a fourth-quarter 2024 cash dividend of $0.025 per share on its common stock, marking an increase from the previous amount.
Mizuho (NYSE:MFG) Securities has reaffirmed its Outperform rating for PG&E and increased the company's price target. These are the recent developments shaping PG&E's financial and operational trajectory.
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