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

Public Service Enterprise Group (NYSE:PEG) issued its quarterly earnings data on Tuesday. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01), Briefing.com reports. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The company’s revenue for the quarter was down 26.5% on a year-over-year basis. During the same period in the previous year, the company 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 Price Performance

Public Service Enterprise Group stock traded down $0.12 during midday trading on Wednesday, reaching $68.96. 456,302 shares of the company were exchanged, compared to its average volume of 2,838,795. The firm’s 50-day simple moving average is $65.00 and its 200-day simple moving average is $62.43. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67. Public Service Enterprise Group has a 1 year low of $53.71 and a 1 year high of $69.79. The company has a market capitalization of $34.38 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 3.00 and a beta of 0.58.

Public Service Enterprise Group Dividend Announcement

The company also recently declared 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 3.48%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is currently 46.78%.

Wall Street Analyst Weigh In

Several research firms have issued reports on PEG. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 target price (up from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. TheStreet raised shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. Guggenheim lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target for the company. in a research note on Monday, January 22nd. BMO Capital Markets cut their target price on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research report on Tuesday, February 27th. Finally, Royal Bank of Canada boosted their target price on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.15.

Insiders Place Their Bets

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 value of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares of the company’s stock, valued at approximately $9,684,423. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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, March 4th. The stock was 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 in the company, valued at approximately $9,684,423. The sale was disclosed in a document filed 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 value of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,948 shares of company stock valued at $511,814. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Company Profile

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.