Public Service Enterprise Group (NYSE:PEG) Issues FY 2024 Earnings Guidance

Public Service Enterprise Group (NYSE:PEG) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.600-3.700 for the period, compared to the consensus earnings per share estimate of 3.670. The company issued revenue guidance of -. Public Service Enterprise Group also updated its FY24 guidance to $3.60-3.70 EPS.

Public Service Enterprise Group Price Performance

NYSE PEG traded up $0.64 during mid-day trading on Tuesday, hitting $69.28. The stock had a trading volume of 3,252,565 shares, compared to its average volume of 2,847,360. Public Service Enterprise Group has a 52-week low of $53.71 and a 52-week high of $69.79. The company has a market cap of $34.54 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 2.97 and a beta of 0.58. The company has a 50 day simple moving average of $64.82 and a 200 day simple moving average of $62.37. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, beating 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 last year, the business posted $0.64 EPS. Public Service Enterprise Group’s quarterly revenue was down 17.0% on a year-over-year basis. Equities analysts forecast that Public Service Enterprise Group will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s payout ratio is 46.78%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PEG. Wells Fargo & Company raised their price objective on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an overweight rating in a report on Tuesday, March 19th. TheStreet upgraded Public Service Enterprise Group from a c+ rating to a b- rating in a report on Wednesday, March 6th. BMO Capital Markets decreased their price objective on Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating on the stock in a report on Tuesday, February 27th. Barclays lifted their target price on Public Service Enterprise Group from $68.00 to $71.00 and gave the company an overweight rating in a report on Monday, April 15th. Finally, Bank of America lifted their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a buy rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of Moderate Buy and an average price target of $67.15.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now directly 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 can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now directly owns 153,721 shares of the company’s stock, valued at $9,684,423. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,948 shares of company stock valued at $511,814. 0.18% 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.