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

Public Service Enterprise Group (NYSE:PEG) updated its FY24 earnings guidance on Tuesday. 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.

Analysts Set New Price Targets

Several research firms have weighed in on PEG. Wells Fargo & Company boosted their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an overweight rating in a research report on Tuesday, March 19th. Evercore ISI raised their price objective on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an outperform rating in a research note on Thursday, April 4th. Barclays lifted their target price on Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an overweight rating in a report on Monday, April 15th. Bank of America increased their price target on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a buy rating in a report on Friday, March 22nd. Finally, Morgan Stanley reaffirmed an overweight rating and issued a $70.00 price objective (up from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $67.15.

Public Service Enterprise Group Price Performance

PEG stock traded up $0.60 during midday trading on Tuesday, hitting $69.24. 2,564,920 shares of the stock were exchanged, compared to its average volume of 2,840,097. 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 stock has a market cap of $34.52 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 2.97 and a beta of 0.58. Public Service Enterprise Group has a fifty-two week low of $53.71 and a fifty-two week high of $69.79. The stock’s 50-day moving average price is $64.82 and its 200-day moving average price is $62.37.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same period in the previous year, the firm posted $0.64 EPS. The company’s quarterly revenue was down 17.0% compared to the same quarter last year. Research analysts predict that Public Service Enterprise Group will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is presently 46.78%.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the sale, the chief executive officer now directly owns 153,721 shares of the company’s stock, valued at $9,684,423. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of 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. Insiders have sold a total of 7,948 shares of company stock valued at $511,814 in the last quarter. 0.18% of the stock is currently owned by company 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.