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

Public Service Enterprise Group (NYSE:PEG) released its quarterly earnings results on Monday. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03, Briefing.com reports. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.44 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.85 EPS. 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 Stock Up 2.0 %

Shares of NYSE:PEG traded up $1.64 during trading hours on Tuesday, reaching $83.51. The stock had a trading volume of 1,227,648 shares, compared to its average volume of 2,785,320. Public Service Enterprise Group has a 1 year low of $56.85 and a 1 year high of $92.20. The firm’s 50 day moving average is $86.49 and its 200-day moving average is $78.86. The stock has a market capitalization of $41.60 billion, a price-to-earnings ratio of 25.26, a P/E/G ratio of 2.87 and a beta of 0.61. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PEG. Evercore ISI boosted their target price on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada boosted their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Monday, July 15th. Barclays lowered their target price on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday. Scotiabank boosted their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Finally, Morgan Stanley raised their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $86.69.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the firm’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 sale, the executive vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 147,514 shares in the company, valued at $13,305,762.80. The trade was 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 through the SEC website. Also, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of the transaction, the executive vice president now directly owns 67,524 shares of the company’s stock, 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. In the last three months, insiders sold 41,010 shares of company stock valued at $3,397,855. 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.