Public Service Enterprise Group (NYSE:PEG) Issues FY 2024 Earnings Guidance

Public Service Enterprise Group (NYSE:PEG) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 3.600-3.700 for the period, compared to the consensus EPS estimate of 3.670. The company issued revenue guidance of -. Public Service Enterprise Group also updated its FY24 guidance to $3.60-3.70 EPS.

Public Service Enterprise Group Trading Down 0.1 %

Shares of NYSE PEG traded down $0.07 during midday trading on Thursday, reaching $69.74. 1,787,641 shares of the stock were exchanged, compared to its average volume of 2,877,215. The business has a 50-day simple moving average of $65.17 and a two-hundred day simple moving average of $62.48. The company has a market capitalization of $34.77 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 3.02 and a beta of 0.56. Public Service Enterprise Group has a 12 month low of $53.71 and a 12 month high of $70.46. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.19% and a net margin of 17.65%. The company’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.39 earnings per share. As a group, equities research analysts expect that Public Service Enterprise Group will post 3.66 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 annualized dividend and a yield of 3.44%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PEG. Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. TheStreet upgraded shares of Public Service Enterprise Group from a c+ rating to a b- rating in a research note on Wednesday, March 6th. Bank of America boosted their price objective on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Morgan Stanley restated an overweight rating and set a $70.00 price objective (up from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. Finally, BMO Capital Markets reduced their target price on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating for the company in a report on Tuesday, February 27th. One 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $67.15.

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction that occurred on 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 directly owns 31,122 shares in the company, valued at approximately $1,997,409.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the transaction, the chief executive officer now owns 152,347 shares of the company’s stock, valued at $10,111,270.39. The disclosure for this sale can be found here. Insiders sold 7,948 shares of company stock valued at $511,814 in the last quarter. Company insiders own 0.57% of the company’s stock.

About Public Service Enterprise Group

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.