PG&E Corporation (PCG, Financial) has announced significant developments in its corporate strategy, including an extension of the CEO's contract and an increase in its quarterly dividend. On November 29, 2024, Patricia K. Poppe, CEO of PG&E Corporation, agreed to an amendment to her original offer letter, extending her term through January 4, 2031. This extension ensures continued leadership stability as the company navigates the evolving utility landscape. Ms. Poppe's compensation will remain subject to annual performance evaluations and market reviews, with approval from the independent members of the Board of Directors.
In addition to the leadership extension, PG&E Corporation declared a fourth-quarter 2024 regular cash dividend of $0.025 per share on its common stock, marking an increase of 0.015 cents per share. This dividend is scheduled for payment on January 15, 2025, to shareholders of record as of December 31, 2024. The company has also provided guidance for consistent dividend increases, targeting a payout ratio of approximately 20% of non-GAAP core earnings per share by 2028. This strategy reflects PG&E's commitment to balancing shareholder returns with the need for investment in growth opportunities within the utility sector.
Furthermore, PG&E Corporation has reaffirmed its earnings guidance, taking into account its capital plan and financing activities. The company continues to focus on maintaining a robust financial position while supporting its strategic initiatives. Investors and stakeholders can expect PG&E to adhere to its outlined financial targets, ensuring a stable and promising outlook for the future.
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