Q3 2024 EPS Estimates for Public Service Enterprise Group Incorporated Reduced by Analyst (NYSE:PEG)

Public Service Enterprise Group Incorporated (NYSE:PEGFree Report) – Equities researchers at Zacks Research cut their Q3 2024 earnings estimates for shares of Public Service Enterprise Group in a research report issued on Tuesday, May 21st. Zacks Research analyst R. Department now expects that the utilities provider will earn $0.93 per share for the quarter, down from their prior estimate of $0.95. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.66 per share. Zacks Research also issued estimates for Public Service Enterprise Group’s FY2024 earnings at $3.68 EPS, Q3 2025 earnings at $1.20 EPS, Q1 2026 earnings at $1.45 EPS and FY2026 earnings at $4.22 EPS.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last announced its earnings results 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). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same quarter in the prior year, the business earned $1.39 earnings per share. The firm’s revenue was down 26.5% on a year-over-year basis.

A number of other research analysts also recently commented on PEG. Barclays increased their price objective on shares of 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. Scotiabank lowered 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. Royal Bank of Canada upped their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Evercore ISI lifted their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, Wells Fargo & Company upped their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.31.

Read Our Latest Analysis on PEG

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $73.55 on Thursday. The firm has a market cap of $36.63 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 3.83 and a beta of 0.56. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. The business’s 50 day moving average is $68.44 and its two-hundred day moving average is $63.84. Public Service Enterprise Group has a 52-week low of $53.71 and a 52-week high of $75.17.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s payout ratio is 66.48%.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the sale, the chief executive officer now owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Richard T. Thigpen sold 4,800 shares of the firm’s 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 transaction, the senior vice president now directly owns 31,122 shares in the company, valued at $1,997,409.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,322 shares of company stock worth $607,376. Insiders own 0.57% of the company’s stock.

Institutional Trading of Public Service Enterprise Group

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Public Service Enterprise Group by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock valued at $3,509,864,000 after purchasing an additional 7,103,657 shares in the last quarter. Norges Bank bought a new position in Public Service Enterprise Group during the fourth quarter valued at about $215,074,000. Hsbc Holdings PLC grew its holdings in Public Service Enterprise Group by 118.1% during the third quarter. Hsbc Holdings PLC now owns 1,364,088 shares of the utilities provider’s stock worth $77,544,000 after acquiring an additional 738,684 shares during the period. JPMorgan Chase & Co. raised its position in Public Service Enterprise Group by 2.2% in the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock worth $1,879,225,000 after acquiring an additional 726,613 shares in the last quarter. Finally, Reaves W H & Co. Inc. raised its position in Public Service Enterprise Group by 73.9% in the first quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after acquiring an additional 667,773 shares in the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Public Service Enterprise Group (NYSE:PEG)

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