Public Service Enterprise Group Inc. (PEG) Expected to Post Quarterly Sales of $2.76 Billion

Brokerages expect Public Service Enterprise Group Inc. (NYSE:PEG) to announce $2.76 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Public Service Enterprise Group’s earnings, with the highest sales estimate coming in at $2.77 billion and the lowest estimate coming in at $2.75 billion. Public Service Enterprise Group reported sales of $2.26 billion in the same quarter last year, which indicates a positive year over year growth rate of 22.1%. The company is expected to issue its next earnings report on Tuesday, October 30th.

According to Zacks, analysts expect that Public Service Enterprise Group will report full year sales of $10.18 billion for the current financial year, with estimates ranging from $9.40 billion to $10.92 billion. For the next year, analysts forecast that the business will report sales of $10.38 billion per share, with estimates ranging from $9.43 billion to $11.40 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Public Service Enterprise Group.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Wednesday, August 1st. The utilities provider reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.01. Public Service Enterprise Group had a net margin of 21.68% and a return on equity of 11.22%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period in the prior year, the firm earned $0.62 earnings per share.

A number of analysts recently weighed in on the stock. ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research note on Tuesday, June 26th. Deutsche Bank lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Citigroup upped their price objective on shares of Public Service Enterprise Group from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Monday, July 9th. JPMorgan Chase & Co. upped their price objective on shares of Public Service Enterprise Group from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 29th. Finally, Goldman Sachs Group downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $55.00 to $53.00 in a report on Thursday, July 19th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $52.63.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $50.60, for a total value of $1,054,149.80. Following the completion of the transaction, the chairman now directly owns 557,716 shares in the company, valued at $28,220,429.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 62,499 shares of company stock valued at $3,269,739 over the last quarter. 0.58% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in PEG. Adviser Investments LLC increased its holdings in shares of Public Service Enterprise Group by 98.8% during the second quarter. Adviser Investments LLC now owns 3,224 shares of the utilities provider’s stock valued at $175,000 after acquiring an additional 1,602 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Public Service Enterprise Group by 27.2% during the second quarter. Jennison Associates LLC now owns 1,773,765 shares of the utilities provider’s stock valued at $96,032,000 after acquiring an additional 379,262 shares in the last quarter. Leisure Capital Management increased its holdings in shares of Public Service Enterprise Group by 112.2% during the second quarter. Leisure Capital Management now owns 11,066 shares of the utilities provider’s stock valued at $599,000 after acquiring an additional 5,850 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Public Service Enterprise Group by 0.3% during the second quarter. Victory Capital Management Inc. now owns 366,927 shares of the utilities provider’s stock valued at $19,865,000 after acquiring an additional 1,153 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Public Service Enterprise Group by 3.2% during the second quarter. First Trust Advisors LP now owns 992,272 shares of the utilities provider’s stock valued at $53,722,000 after acquiring an additional 30,539 shares in the last quarter. Institutional investors and hedge funds own 68.25% of the company’s stock.

NYSE:PEG opened at $51.20 on Friday. Public Service Enterprise Group has a 1-year low of $45.05 and a 1-year high of $54.50. The stock has a market capitalization of $26.05 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 2.79 and a beta of 0.36. The company has a quick ratio of 0.52, a current ratio of 0.71 and a debt-to-equity ratio of 0.86.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $1.80 dividend on an annualized basis and a yield of 3.52%. Public Service Enterprise Group’s dividend payout ratio is presently 61.43%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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