Equities Analysts Offer Predictions for PEG FY2024 Earnings

Public Service Enterprise Group Incorporated (NYSE:PEG) – Equities research analysts at Zacks Research increased their FY2024 EPS estimates for shares of Public Service Enterprise Group in a research note issued on Monday, November 25th. Zacks Research analyst R. Department now forecasts that the utilities provider will post earnings per share of $3.68 for the year, up from their prior forecast of $3.67. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.67 per share. Zacks Research also issued estimates for Public Service Enterprise Group’s Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $1.23 EPS and Q2 2026 earnings at $0.78 EPS.

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 company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.85 earnings per share.

Other research analysts have also issued reports about the company. Jefferies Financial Group initiated coverage on Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price target on the stock. BMO Capital Markets boosted their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Morgan Stanley increased 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 report on Monday, September 23rd. Bank of America raised their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, UBS Group upped their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. 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 company’s stock. According to MarketBeat.com, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average price target of $86.69.

Public Service Enterprise Group Stock Up 1.6 %

PEG opened at $94.51 on Wednesday. The stock’s 50 day moving average price is $88.74 and its 200 day moving average price is $81.01. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The stock has a market cap of $47.09 billion, a P/E ratio of 23.22, a P/E/G ratio of 3.41 and a beta of 0.61. Public Service Enterprise Group has a 12 month low of $56.85 and a 12 month high of $94.67.

Hedge Funds Weigh In On Public Service Enterprise Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Family Firm Inc. purchased a new stake in shares of Public Service Enterprise Group in the second quarter valued at $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group in the 2nd quarter worth about $35,000. Ashton Thomas Securities LLC purchased a new stake in Public Service Enterprise Group in the 3rd quarter worth about $35,000. Northwest Investment Counselors LLC acquired a new stake in Public Service Enterprise Group during the 3rd quarter worth about $48,000. Finally, Country Trust Bank purchased a new position in Public Service Enterprise Group during the 2nd quarter valued at about $52,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the sale, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the sale, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at $4,385,252.17. This represents a 16.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,739 shares of company stock valued at $2,467,753 over the last three months. Company insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

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.