Public Service Enterprise Group (NYSE:PEG) Releases FY 2024 Earnings Guidance

Public Service Enterprise Group (NYSE:PEG) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 3.640-3.680 for the period, compared to the consensus earnings per share estimate of 3.660. The company issued revenue guidance of -. Public Service Enterprise Group also updated its FY24 guidance to $3.64-$3.68 EPS.

Public Service Enterprise Group Stock Up 0.8 %

Shares of NYSE:PEG traded up $0.71 during midday trading on Thursday, hitting $84.52. 604,455 shares of the stock were exchanged, compared to its average volume of 2,782,111. The business’s fifty day simple moving average is $86.62 and its two-hundred day simple moving average is $79.03. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65. Public Service Enterprise Group has a 52-week low of $56.85 and a 52-week high of $92.20. The company has a market capitalization of $42.10 billion, a PE ratio of 20.59, a P/E/G ratio of 2.69 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.78% and a net margin of 19.48%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 EPS. As a group, research analysts predict that Public Service Enterprise Group will post 3.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PEG. Scotiabank upped 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 note on Tuesday, August 20th. Evercore ISI upped their target price 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. Morgan Stanley lifted their price target on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Finally, Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price on the stock. Four equities research 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 company. According to MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average price target of $86.69.

Insiders Place Their Bets

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Tamara Louise Linde sold 19,127 shares of the firm’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 transaction of $1,535,133.02. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,010 shares of company stock worth $3,397,855 over the last 90 days. Corporate insiders own 0.18% of the company’s stock.

About Public Service Enterprise Group

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.