NEW YORK (TheStreet) -- Pacific Gas and Electric  (PCG) - Get Report -- one of the largest combined natural gas and electric utilities in the U.S. -- will report second-quarter earnings Wednesday before the opening bell. As the company prepares to report its results, its shares are down 3% on the year and roughly 12% in the past six months, under performing the broader indexes.

The declines in the company's share price mirrors the struggles PG&E has faced to grow revenue, prompting analysts to cut their average earnings-per-share (EPS) projections for the just ended quarter by 6.5% in the past three months, from 76 cents a share to 71 cents. Second-quarter revenue, meanwhile, is projected to fall almost half of one percent to $3.94 billion.

Still, even amid tepid revenue results, including flat sales in the first quarter that missed analysts quarterly growth estimates, the San Francisco-based company continues to increase operating earnings at an incredible rate, including a 61% year-over-year jump in the first quarter. PG&E, which services almost 10 million customers in California for its electricity and gas segments, has adopted various cost-cutting measures to drive its profit margins higher.

This underscores the degree to which PG&E's infrastructure investments, adopted to boost capacity and the number of people it can effectively service, is paying off. At the same time, PG&E continues to look for ways to help its customers reduce their utility bills, showing it can offer the best of both worlds -- be an environmental leader with a focus on conservation without sacrificing profits.

And for fiscal 2016, analysts are projecting the utility company will earn $3.84 a share. That implies an 11% year-over-year growth above the $3.43 per share 2015 levels. PG&E won't be hurt from trying to gain customers' trust by helping them save money on their utility bills, since it still expects its 2016 results to reverse its full-year 2015 projected earnings decline of 1.2%.

In other words, the time to own PG&E is now, especially with its shares trading cheaply at just 13 times forward estimates against a forward P/E of 17 for the S&P 500 (SPX) index. So with its shares trading at around $51, or some 10% below its average analyst 12-month price target of $57, there is tons of value in the shares, despite the lowered estimates.

Also note that the stock pays a 44-cent quarterly dividend that yields 3.65% annually. That is almost twice the 2% annual yield paid out by the average company in the S&P 500 index. Not to mention, utility stocks are safe because consumers will always need heat, water and electricity, regardless of the data driving the market.

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This article is commentary by an independent contributor. At the time of publication, the author held no position in the stocks mentioned.