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

Public Service Enterprise Group (NYSE:PEG) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 3.600-3.700 for the period, compared to the consensus 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 Stock Performance

Shares of PEG stock traded down $0.47 during mid-day trading on Tuesday, hitting $68.17. The stock had a trading volume of 593,185 shares, compared to its average volume of 2,815,793. The firm has a market cap of $33.99 billion, a PE ratio of 13.38, a PEG ratio of 2.97 and a beta of 0.58. The company’s 50-day simple moving average is $64.82 and its 200-day simple moving average is $62.37. 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 has a fifty-two week low of $53.71 and a fifty-two week high of $68.87.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter last year, the firm earned $0.64 earnings per share. The firm’s revenue was down 17.0% compared to the same quarter last year. Sell-side analysts anticipate that Public Service Enterprise Group will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is presently 46.78%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Morgan Stanley restated an overweight rating and set a $70.00 target price (up from $61.00) on shares of Public Service Enterprise Group in a research report on Monday, March 25th. Guggenheim downgraded shares of Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price objective on the stock. in a report on Monday, January 22nd. Wells Fargo & Company increased their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an overweight rating in a report on Tuesday, March 19th. Scotiabank decreased their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a sector perform rating on the stock in a research note on Monday, April 22nd. Finally, BMO Capital Markets dropped their price objective on Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating for the company in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of Moderate Buy and an average target price of $67.15.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’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 sale, the chief executive officer now owns 152,347 shares in the company, valued at $10,111,270.39. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the sale, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was 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 directly owns 31,122 shares in the company, valued at $1,997,409.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,948 shares of company stock worth $511,814. Corporate 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.