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

Public Service Enterprise Group (NYSE:PEG) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $3.60-3.70 for the period, compared to the consensus EPS estimate of $3.67. Public Service Enterprise Group also updated its FY 2024 guidance to 3.600-3.700 EPS.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PEG shares. Royal Bank of Canada lifted their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an outperform rating in a research report on Thursday, March 7th. Scotiabank decreased their target price on Public Service Enterprise Group from $64.00 to $62.00 and set a sector perform rating for the company in a research report on Monday, April 22nd. TheStreet raised Public Service Enterprise Group from a c+ rating to a b- rating in a research report on Wednesday, March 6th. Morgan Stanley reissued an overweight rating and issued a $70.00 price target (up from $61.00) on shares of Public Service Enterprise Group in a research report on Monday, March 25th. Finally, Guggenheim lowered Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price target for the company. in a research report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of Moderate Buy and an average target price of $67.15.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock traded up $0.11 during trading hours on Thursday, hitting $69.92. 1,335,480 shares of the stock traded hands, compared to its average volume of 2,873,552. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The firm’s 50 day moving average price is $65.17 and its 200-day moving average price is $62.48. The stock has a market capitalization of $34.86 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 1 year low of $53.71 and a 1 year high of $70.46.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.19% and a net margin of 17.65%. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the previous year, the company earned $1.39 EPS. The firm’s quarterly revenue was down 26.5% compared to the same quarter last year. As a group, equities analysts expect that Public Service Enterprise Group will post 3.66 EPS for the current fiscal 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 given a dividend of $0.60 per share. The ex-dividend date is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a yield of 3.43%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the transaction, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at $9,684,423. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the transaction, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,948 shares of company stock worth $511,814. 0.57% of the stock is owned by corporate insiders.

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.