Zacks Research Research Analysts Lower Earnings Estimates for Public Service Enterprise Group Incorporated (NYSE:PEG)

Public Service Enterprise Group Incorporated (NYSE:PEG) – Research analysts at Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for Public Service Enterprise Group in a report issued on Wednesday, September 11th. Zacks Research analyst R. Department now anticipates that the utilities provider will post earnings per share of $0.97 for the quarter, down from their previous estimate of $0.98. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.68 per share. Zacks Research also issued estimates for Public Service Enterprise Group’s FY2024 earnings at $3.67 EPS and Q3 2025 earnings at $0.95 EPS.

Other research analysts have also issued research reports about the company. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Monday, June 17th. Barclays lifted their price target on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Mizuho increased their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Bank of America lifted their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Morgan Stanley increased their price target on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.92.

Public Service Enterprise Group Price Performance

PEG stock opened at $84.73 on Monday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65. The firm has a 50 day moving average price of $79.19 and a 200-day moving average price of $73.23. Public Service Enterprise Group has a 52-week low of $53.71 and a 52-week high of $85.11. The firm has a market capitalization of $42.21 billion, a price-to-earnings ratio of 23.47, a PEG ratio of 3.03 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s payout ratio is 66.48%.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the 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 transaction, the executive vice president now directly owns 67,524 shares in the company, valued at $5,419,476.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the completion of the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,068 shares of company stock worth $2,406,965. 0.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

Several large investors have recently added to or reduced their stakes in PEG. Norges Bank bought a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at $215,074,000. Hsbc Holdings PLC lifted its position in shares of Public Service Enterprise Group by 43.2% in the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after acquiring an additional 732,443 shares in the last quarter. Cohen & Steers Inc. boosted its stake in shares of Public Service Enterprise Group by 23.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock worth $146,132,000 after acquiring an additional 455,693 shares during the period. Franklin Resources Inc. boosted its stake in shares of Public Service Enterprise Group by 12.5% in the fourth quarter. Franklin Resources Inc. now owns 2,331,709 shares of the utilities provider’s stock worth $142,584,000 after acquiring an additional 259,694 shares during the period. Finally, Raymond James & Associates grew its position in shares of Public Service Enterprise Group by 315.2% during the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock worth $162,590,000 after purchasing an additional 1,674,827 shares in the last quarter. Hedge funds and other institutional investors own 73.34% 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.