Public Service Enterprise Group (NYSE:PEG) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Public Service Enterprise Group (NYSE:PEG) released its quarterly earnings results on Tuesday. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01), Briefing.com reports. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the company posted $0.70 EPS. Public Service Enterprise Group updated its FY 2024 guidance to 3.600-3.700 EPS and its FY24 guidance to $3.60-3.70 EPS.

Public Service Enterprise Group Price Performance

NYSE PEG traded up $1.77 during trading hours on Wednesday, reaching $79.77. 6,492,074 shares of the company’s stock were exchanged, compared to its average volume of 2,848,885. The stock has a market cap of $39.73 billion, a PE ratio of 22.10, a price-to-earnings-growth ratio of 3.04 and a beta of 0.59. Public Service Enterprise Group has a one year low of $53.71 and a one year high of $81.00. The firm has a fifty day moving average of $74.52 and a 200-day moving average of $68.03. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 3.01%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Analysts Set New Price Targets

PEG has been the subject of several recent analyst reports. Scotiabank decreased their price target on 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. Bank of America upped their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. BMO Capital Markets upped their price target on Public Service Enterprise Group from $69.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 3rd. Evercore ISI boosted their price objective on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, Morgan Stanley cut their price objective on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus price target of $74.17.

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.