Public Service Enterprise Group (NYSE:PEG) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Public Service Enterprise Group (NYSE:PEG) issued its earnings results on Monday. The utilities provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03, Briefing.com reports. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the company posted $0.85 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. 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 Price Performance

NYSE PEG traded up $1.64 during trading hours on Tuesday, hitting $83.51. 1,227,648 shares of the company’s stock traded hands, compared to its average volume of 2,785,320. The company has a market capitalization of $41.60 billion, a PE ratio of 25.26, a PEG ratio of 2.87 and a beta of 0.61. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. Public Service Enterprise Group has a 52-week low of $56.85 and a 52-week high of $92.20. The firm’s 50-day moving average is $86.49 and its 200-day moving average is $78.86.

Analysts Set New Price Targets

A number of equities analysts recently commented on PEG shares. Royal Bank of Canada boosted their price objective on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Barclays dropped their target price on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research report on Tuesday. Evercore ISI increased their price objective on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Morgan Stanley lifted 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. Finally, UBS Group upped their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Insiders Place Their Bets

In related news, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total transaction of $866,594.04. Following the transaction, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $13,305,762.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction that occurred on 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 in the company, valued at approximately $4,385,252.17. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,010 shares of company stock valued at $3,397,855 in the last ninety days. 0.18% of the stock is currently owned by corporate insiders.

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.