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

Public Service Enterprise Group (NYSE:PEG) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.60-3.70 for the period, compared to the consensus earnings per share estimate of $3.67. Public Service Enterprise Group also updated its FY 2024 guidance to 3.600-3.700 EPS.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PEG. Morgan Stanley lowered their target price on Public Service Enterprise Group from $78.00 to $76.00 and set an overweight rating for the company in a report on Monday, June 24th. Royal Bank of Canada increased their target price on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an outperform rating in a research report on Monday, July 15th. Mizuho raised their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the company a buy rating in a research note on Thursday, May 23rd. BMO Capital Markets upped their price target on shares of Public Service Enterprise Group from $69.00 to $74.00 and gave the stock a market perform rating in a research report on Wednesday, July 3rd. Finally, Bank of America increased their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a buy rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group has a consensus rating of Moderate Buy and an average price target of $74.17.

Public Service Enterprise Group Price Performance

PEG stock traded up $0.90 during trading on Tuesday, hitting $77.84. The company had a trading volume of 850,988 shares, compared to its average volume of 2,810,193. The business has a 50 day moving average of $74.36 and a 200 day moving average of $67.82. The firm has a market capitalization of $38.77 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 3.00 and a beta of 0.59. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. Public Service Enterprise Group has a fifty-two week low of $53.71 and a fifty-two week high of $78.33.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates 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 firm’s quarterly revenue was down 26.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.39 earnings per share. As a group, research analysts predict that Public Service Enterprise Group will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, September 9th. This represents a $2.40 annualized dividend and a yield of 3.08%. 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 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 transaction, the chief executive officer now directly owns 150,973 shares in the company, valued at approximately $10,500,172.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.57% of the stock is currently owned by 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.