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

Public Service Enterprise Group (NYSE:PEG) updated its FY24 earnings guidance on Tuesday. 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 Price Performance

NYSE PEG opened at $76.94 on Tuesday. Public Service Enterprise Group has a 1 year low of $53.71 and a 1 year high of $77.46. The business’s fifty day moving average is $74.36 and its two-hundred day moving average is $67.82. The stock has a market capitalization of $38.32 billion, a P/E ratio of 21.31, a P/E/G ratio of 3.00 and a beta of 0.59. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period last year, the firm earned $1.39 earnings per share. The firm’s revenue for the quarter was down 26.5% on a year-over-year basis. On average, research analysts forecast that Public Service Enterprise Group will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a yield of 3.12%. Public Service Enterprise Group’s payout ratio is presently 66.48%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Guggenheim upgraded shares of Public Service Enterprise Group from a neutral rating to a buy rating and set a $82.00 target price for the company in a report on Monday, June 17th. Evercore ISI lifted their price objective on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an outperform rating in a research report on Thursday, April 4th. Mizuho increased their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the company a buy rating in a report on Thursday, May 23rd. Morgan Stanley lowered their price target on Public Service Enterprise Group from $78.00 to $76.00 and set an overweight rating on the stock in a report on Monday, June 24th. Finally, Barclays increased their price objective on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of Moderate Buy and an average price target of $74.17.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total value of $95,561.70. Following the transaction, the chief executive officer now owns 150,973 shares in the company, valued at $10,500,172.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is owned by corporate insiders.

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.