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 Price Performance

Shares of PEG traded up $0.43 during mid-day trading on Friday, hitting $70.45. The company’s stock had a trading volume of 2,393,470 shares, compared to its average volume of 2,894,475. Public Service Enterprise Group has a 1-year low of $53.71 and a 1-year high of $70.54. The company has a current ratio of 0.79, a quick ratio of 0.46 and a debt-to-equity ratio of 1.19. The firm has a 50-day simple moving average of $65.36 and a 200 day simple moving average of $62.54. The firm has a market capitalization of $35.09 billion, a P/E ratio of 19.52, a P/E/G ratio of 3.05 and a beta of 0.56.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 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 analysts’ expectations of $2.99 billion. During the same period in the prior year, the firm posted $1.39 EPS. The firm’s quarterly revenue was down 26.5% on a year-over-year basis. Analysts predict that Public Service Enterprise Group will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PEG shares. TheStreet raised shares of Public Service Enterprise Group from a c+ rating to a b- rating in a research note on Wednesday, March 6th. Royal Bank of Canada upped their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an outperform rating in a research report on Thursday, March 7th. Evercore ISI lifted their price objective on 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. Scotiabank reduced their target price on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a sector perform rating on the stock in a report on Monday, April 22nd. Finally, BMO Capital Markets lowered their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating for the company in a report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $67.15.

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,800 shares of the 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 completion of the transaction, the senior vice president now directly owns 31,122 shares in the company, valued at approximately $1,997,409.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.37, for a total transaction of $91,192.38. Following the transaction, the chief executive officer now owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the business’s 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 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 a total of 9,322 shares of company stock valued at $607,376 in the last ninety days. Insiders own 0.57% 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.