Public Service Enterprise Group (NYSE:PEG) Releases FY24 Earnings Guidance

Public Service Enterprise Group (NYSE:PEG) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.60-3.70 for the period, compared to the consensus earnings per share estimate of $3.67.

Analyst Ratings Changes

Several equities analysts recently issued reports on PEG shares. Scotiabank decreased their target price on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a sector perform rating for the company in a research note on Monday, April 22nd. BMO Capital Markets lowered their target price on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating on the stock in a research note on Tuesday, February 27th. TheStreet upgraded Public Service Enterprise Group from a c+ rating to a b- rating in a research report on Wednesday, March 6th. Guggenheim cut Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price target for the company. in a report on Monday, January 22nd. Finally, Morgan Stanley reissued an overweight rating and issued a $70.00 price objective (up from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $67.15.

Public Service Enterprise Group Stock Up 1.2 %

Shares of PEG opened at $68.64 on Tuesday. The stock has a 50 day moving average price of $64.82 and a 200 day moving average price of $62.37. Public Service Enterprise Group has a one year low of $53.71 and a one year high of $68.87. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67. The stock has a market capitalization of $34.22 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 2.97 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The company’s revenue for the quarter was down 17.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. Equities research analysts forecast that Public Service Enterprise Group will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 46.78%.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now directly owns 153,721 shares in the company, valued at approximately $9,684,423. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, the chief executive officer now directly owns 153,721 shares in the company, valued at $9,684,423. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The disclosure for this sale can be found here. Insiders have sold a total of 7,948 shares of company stock worth $511,814 in the last ninety days. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.