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.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank of Canada lifted their price target on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an outperform rating in a research note on Thursday, March 7th. Morgan Stanley reissued an overweight rating and set a $70.00 price objective (up from $61.00) on shares of Public Service Enterprise Group in a 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 for the company. in a research report on Monday, January 22nd. Bank of America upped 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 report on Friday, March 22nd. Finally, BMO Capital Markets dropped their price objective on shares of 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 research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of Moderate Buy and a consensus price target of $67.15.

Public Service Enterprise Group Stock Up 0.9 %

NYSE PEG traded up $0.64 during trading on Tuesday, reaching $69.28. The company’s stock had a trading volume of 3,252,565 shares, compared to its average volume of 2,847,360. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $34.54 billion, a PE ratio of 13.38, a PEG ratio of 2.97 and a beta of 0.58. The business 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 1-year low of $53.71 and a 1-year high of $69.79.

Public Service Enterprise Group (NYSE:PEG) last announced 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 for 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%. Public Service Enterprise Group’s revenue was down 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. On average, 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 business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.60 dividend. The ex-dividend date is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.46%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 46.78%.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the completion of the sale, the chief executive officer now owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.37, for a total value of $91,192.38. Following the completion of the sale, the chief executive officer now directly owns 152,347 shares in the company, valued at $10,111,270.39. The disclosure for this sale can be found here. In the last three months, insiders sold 7,948 shares of company stock valued at $511,814. 0.18% 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.