Valued at a market cap of $44.2 billion, PG&E Corporation (PCG) is a publicly traded energy holding company headquartered in Oakland, California. Its primary subsidiary, Pacific Gas and Electric Company, is one of the largest combined natural gas and electric utilities in the United States. The company provides energy services to approximately 16 million people across a 70,000-square-mile area in Northern and Central California, stretching from Eureka to Bakersfield and from the Pacific Ocean to the Sierra Nevada.

Shares of the utility company have struggled to keep up with the broader market over the past 52 weeks. PCG stock has declined 4.3% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 11.7%. On a YTD basis, shares of PCG are down 17.4%, compared to SPX's 4.7% fall.

Looking closer, PCG has also underperformed the Utilities Select Sector SPDR Fund's (XLU) 17.2% return over the past 52 weeks and a 4.5% YTD gain. 

On Apr. 11, PCG stock rose 2.7% after delivering Q1 2025 results. Adjusted earnings were $0.33 per share, missing Wall Street expectations of $0.35. Revenue came in at $5.98 billion, also below the analysts’ forecast of $6.11 billion.

Despite the miss, the company’s financial performance was supported by reduced operating expenses, improved cash flow, and rising operating income. Operationally, PG&E connected a record number of new customers, expanded its data center pipeline, and made significant progress in wildfire mitigation by undergrounding 258 miles of power lines. It also added renewable natural gas facilities to support California’s clean energy goals.

For fiscal 2025, ending in December, analysts expect PCG's EPS to grow 10.3% year-over-year to $1.50. The company's earnings surprise history is mixed. It beat or met the consensus estimates in three of the last four quarters, while missing in the recent quarter.

Among the 16 analysts covering the stock, the consensus rating is a “Moderate Buy,” a step down from “Strong Buy” three months ago. The current consensus is based on 11 “Strong Buy” ratings, four “Holds,” and one “Strong Sell.” 

This configuration is less bullish than three months ago, with 13 “Strong Buys.”

On Apr. 28, Evercore ISI Group analyst Michael Lonegan reiterated an "In-Line" rating on PG&E while raising the stock’s price target from $15 to $17.

PCG’s mean price target of $21.07 indicates a premium of 26.4% from the current market prices. The Street-high price target of $24 implies a potential upside of 44%.