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

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

Public Service Enterprise Group Stock Up 0.9 %

PEG traded up $0.60 during trading on Tuesday, hitting $69.24. 2,564,920 shares of the company’s stock were exchanged, compared to its average volume of 2,840,097. The stock has a market cap of $34.52 billion, a P/E ratio of 13.38, a PEG ratio of 2.97 and a beta of 0.58. The business’s 50 day moving average is $64.82 and its two-hundred day moving average is $62.37. Public Service Enterprise Group has a fifty-two week low of $53.71 and a fifty-two week high of $69.79. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15.

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

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s payout ratio is currently 46.78%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. 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 lifted their target price 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. Scotiabank reduced 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 report on Monday, April 22nd. Guggenheim lowered Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price target on the stock. in a report on Monday, January 22nd. Finally, Barclays upped their price objective on Public Service Enterprise Group from $68.00 to $71.00 and gave the company an overweight rating in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $67.15.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction dated Monday, March 4th. The shares were 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 owns 153,721 shares in the company, valued at $9,684,423. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction 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 sale, 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 accessible through the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated 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 owns 153,721 shares of the company’s stock, valued at approximately $9,684,423. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,948 shares of company stock worth $511,814. Company 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.