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

Public Service Enterprise Group (NYSE:PEG) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.60-3.70 for the period, compared to the consensus estimate of $3.67. Public Service Enterprise Group also updated its FY 2024 guidance to 3.600-3.700 EPS.

Public Service Enterprise Group Stock Performance

PEG traded up $0.11 on Thursday, hitting $69.92. 1,335,480 shares of the company’s stock were exchanged, compared to its average volume of 2,873,552. The firm has a market cap of $34.86 billion, a PE ratio of 19.34, a P/E/G ratio of 3.02 and a beta of 0.56. Public Service Enterprise Group has a twelve month low of $53.71 and a twelve month high of $70.46. The stock has a fifty day moving average of $65.17 and a two-hundred day moving average of $62.48. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business 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%. Public Service Enterprise Group’s revenue was down 26.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 EPS. On average, research analysts anticipate that Public Service Enterprise Group will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, June 7th. This represents a $2.40 annualized dividend and a yield of 3.43%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

Analyst Upgrades and Downgrades

PEG has been the topic of several research reports. Guggenheim lowered shares of Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price objective on the stock. in a research note on Monday, January 22nd. Evercore ISI raised their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an outperform rating in a research note on Thursday, April 4th. TheStreet upgraded shares of Public Service Enterprise Group from a c+ rating to a b- rating in a research note on Wednesday, March 6th. Morgan Stanley restated an overweight rating and issued a $70.00 price target (up previously from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. Finally, BMO Capital Markets dropped their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating on the stock in a research note on Tuesday, February 27th. One research 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, Public Service Enterprise Group presently has an average rating of Moderate Buy and a consensus price target of $67.15.

Insider Activity

In other news, SVP Richard T. Thigpen sold 4,800 shares of the 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 completion of the transaction, the senior vice president now directly owns 31,122 shares in the company, valued at $1,997,409.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’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 transaction of $91,192.38. Following the completion of the sale, the chief executive officer now directly owns 152,347 shares in the company, valued at $10,111,270.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The disclosure for this sale can be found here. Insiders sold 7,948 shares of company stock worth $511,814 over the last three months. Corporate insiders own 0.57% 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.