Public Service Enterprise Group (NYSE:PEG) Issues FY 2024 Earnings Guidance

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PEG shares. Wells Fargo & Company boosted their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an overweight rating in a research note on Tuesday, March 19th. Bank of America increased 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 report on Friday, March 22nd. TheStreet upgraded shares of Public Service Enterprise Group from a c+ rating to a b- rating in a research note on Wednesday, March 6th. Scotiabank cut their price objective 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. Finally, Guggenheim cut shares of Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price target on the stock. in a research note on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $67.15.

Public Service Enterprise Group Trading Down 0.7 %

NYSE PEG traded down $0.47 during trading hours on Tuesday, hitting $68.17. 593,185 shares of the company’s stock were exchanged, compared to its average volume of 2,815,793. The firm has a market capitalization of $33.99 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 2.97 and a beta of 0.58. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $68.87. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67. The business’s 50 day moving average is $64.82 and its 200-day moving average is $62.37.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The company 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 was down 17.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 earnings per share. As a group, analysts anticipate that Public Service Enterprise Group will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.52%. Public Service Enterprise Group’s dividend payout ratio is 46.78%.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the transaction, the chief executive officer now owns 153,721 shares in the company, valued at approximately $9,684,423. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, 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 can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, 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 quarter, 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.