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

Public Service Enterprise Group (NYSE:PEG) posted its earnings results on Tuesday. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01), Briefing.com reports. The company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.19%. The firm’s revenue for the quarter was down 26.5% on a year-over-year basis. During the same quarter last year, the business posted $1.39 EPS. Public Service Enterprise Group updated its FY24 guidance to $3.60-3.70 EPS and its FY 2024 guidance to 3.600-3.700 EPS.

Public Service Enterprise Group Trading Up 1.1 %

Shares of PEG opened at $69.81 on Thursday. 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 firm’s 50-day moving average is $65.17 and its two-hundred day moving average is $62.48. Public Service Enterprise Group has a twelve month low of $53.71 and a twelve month high of $70.46. The firm has a market capitalization of $34.81 billion, a P/E ratio of 19.34, a PEG ratio of 3.02 and a beta of 0.56.

Public Service Enterprise Group Announces Dividend

The business also recently announced 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 of this dividend is Friday, June 7th. This represents a $2.40 annualized dividend and a yield of 3.44%. Public Service Enterprise Group’s 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 company’s 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 sale, 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 can be accessed through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s 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 sale, 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 can be accessed through the SEC website. Also, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the transaction, the senior vice president now directly owns 31,122 shares in the company, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,948 shares of company stock worth $511,814. 0.57% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PEG. TheStreet raised shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. Scotiabank reduced their price target on shares of 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. Barclays boosted their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Royal Bank of Canada boosted 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 report on Thursday, March 7th. Finally, BMO Capital Markets reduced their price target 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 report 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.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus target price of $67.15.

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.