Public Service Enterprise Group (NYSE:PEG) Issues Earnings Results

Public Service Enterprise Group (NYSE:PEG) issued its quarterly earnings results on Monday. The utilities provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03, Briefing.com reports. Public Service Enterprise Group had a return on equity of 10.78% and a net margin of 19.48%. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the previous year, the firm posted $0.85 EPS. The firm’s revenue was up 7.6% compared to the same quarter last year. Public Service Enterprise Group updated its FY24 guidance to $3.64-$3.68 EPS and its FY 2024 guidance to 3.640-3.680 EPS.

Public Service Enterprise Group Trading Up 0.0 %

PEG traded up $0.03 during trading hours on Wednesday, reaching $83.81. The company’s stock had a trading volume of 2,736,158 shares, compared to its average volume of 2,792,141. Public Service Enterprise Group has a fifty-two week low of $56.85 and a fifty-two week high of $92.20. The stock has a market cap of $41.75 billion, a PE ratio of 20.59, a P/E/G ratio of 2.69 and a beta of 0.61. The business’s 50-day moving average is $86.62 and its 200-day moving average is $79.03. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46.

Insider Activity at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the transaction, the chief executive officer now directly owns 147,514 shares in the company, valued at $13,305,762.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,010 shares of company stock worth $3,397,855. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PEG. Scotiabank lifted their price target on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Barclays lowered their price target on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday. Evercore ISI lifted their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, Morgan Stanley boosted their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

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.