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

Public Service Enterprise Group (NYSE:PEG) updated its FY24 earnings guidance on Tuesday. 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.

Wall Street Analyst Weigh In

PEG has been the subject of several research analyst reports. BMO Capital Markets reduced 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 report on Tuesday, February 27th. Scotiabank decreased their target price 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 note on Monday, April 22nd. Guggenheim cut 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 target on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the company a buy rating in a research report on Friday, March 22nd. Finally, Morgan Stanley reaffirmed an overweight rating and set a $70.00 target price (up from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $67.15.

Public Service Enterprise Group Price Performance

PEG traded up $0.43 during trading hours on Friday, hitting $70.45. The company’s stock had a trading volume of 2,393,470 shares, compared to its average volume of 2,894,475. The stock has a market cap of $35.09 billion, a price-to-earnings ratio of 19.52, a P/E/G ratio of 3.05 and a beta of 0.56. The business’s 50-day moving average price is $65.36 and its 200-day moving average price is $62.54. The company has a current ratio of 0.79, a quick ratio of 0.46 and a debt-to-equity ratio of 1.19. Public Service Enterprise Group has a 12 month low of $53.71 and a 12 month high of $70.54.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The company’s revenue was down 26.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.39 earnings per share. Sell-side 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 company also recently disclosed 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. This represents a $2.40 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total value of $95,561.70. Following the sale, the chief executive officer now directly owns 150,973 shares in the company, valued at $10,500,172.15. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the transaction, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction on Thursday, March 14th. The shares were 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 9,322 shares of company stock valued at $607,376. Company insiders own 0.57% 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.