Public Service Enterprise Group (NYSE:PEG) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Public Service Enterprise Group (NYSE:PEG) released its quarterly earnings results on Tuesday. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01), Briefing.com reports. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.19% and a net margin of 17.65%. The business’s revenue for the quarter was down 26.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.39 earnings per share. Public Service Enterprise Group updated its FY24 guidance to $3.60-3.70 EPS and its FY 2024 guidance to 3.600-3.700 EPS.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $69.81 on Thursday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. Public Service Enterprise Group has a 1-year low of $53.71 and a 1-year high of $70.46. The firm has a market capitalization of $34.81 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 3.02 and a beta of 0.56. The company’s 50-day moving average is $65.17 and its 200 day moving average is $62.48.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PEG. Barclays raised their price objective on Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. 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. Royal Bank of Canada raised their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. Wells Fargo & Company lifted their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, Guggenheim lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target on the stock. in a research note on Monday, January 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.15.

Insider Activity

In related news, 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 transaction of $308,064.00. Following the completion of the transaction, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.37, for a total value of $91,192.38. Following the sale, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the sale, 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. Over the last ninety days, insiders have sold 7,948 shares of company stock worth $511,814. Corporate insiders own 0.57% of the company’s stock.

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.