Zacks Research Has Positive Estimate for PEG FY2024 Earnings

Public Service Enterprise Group Incorporated (NYSE:PEG) – Stock analysts at Zacks Research upped their FY2024 earnings estimates for Public Service Enterprise Group in a report issued on Monday, November 25th. Zacks Research analyst R. Department now anticipates that the utilities provider will post earnings per share of $3.68 for the year, up from their prior forecast of $3.67. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.67 per share. Zacks Research also issued estimates for Public Service Enterprise Group’s Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $1.23 EPS and Q2 2026 earnings at $0.78 EPS.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.85 EPS.

Several other analysts also recently commented on the stock. UBS Group increased their target price on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Scotiabank boosted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Jefferies Financial Group began coverage on Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price target on the stock. Morgan Stanley boosted their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Finally, LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Public Service Enterprise Group Trading Down 0.3 %

Shares of Public Service Enterprise Group stock opened at $94.20 on Wednesday. The company has a market capitalization of $46.93 billion, a P/E ratio of 23.15, a price-to-earnings-growth ratio of 3.41 and a beta of 0.61. The stock has a fifty day simple moving average of $89.15 and a 200 day simple moving average of $81.19. Public Service Enterprise Group has a 12-month low of $56.85 and a 12-month high of $95.22. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Institutional Trading of Public Service Enterprise Group

A number of hedge funds and other institutional investors have recently bought and sold shares of PEG. Geode Capital Management LLC increased its holdings in shares of Public Service Enterprise Group by 0.4% in the third quarter. Geode Capital Management LLC now owns 11,829,634 shares of the utilities provider’s stock worth $1,051,744,000 after purchasing an additional 49,285 shares during the period. FMR LLC grew its position in Public Service Enterprise Group by 19.4% during the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after buying an additional 877,345 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Public Service Enterprise Group by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,951,631 shares of the utilities provider’s stock worth $263,315,000 after acquiring an additional 19,650 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Public Service Enterprise Group by 30.1% in the 3rd quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after acquiring an additional 663,012 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Public Service Enterprise Group by 5.9% during the 3rd quarter. Franklin Resources Inc. now owns 2,637,882 shares of the utilities provider’s stock valued at $235,194,000 after acquiring an additional 147,903 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 5,900 shares of Public Service Enterprise Group stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the transaction, the senior vice president now owns 25,829 shares of the company’s stock, valued at $2,271,660.55. The trade was a 18.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Kim C. Hanemann sold 956 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total transaction of $86,126.04. Following the completion of the sale, the chief operating officer now directly owns 70,011 shares in the company, valued at approximately $6,307,290.99. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,739 shares of company stock worth $2,467,753. 0.18% of the stock is owned by corporate insiders.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 58.97%.

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.