Public Service Enterprise Group (NYSE:PEG) Issues Quarterly Earnings Results

Public Service Enterprise Group (NYSE:PEG) issued its quarterly earnings results on Monday. The utilities provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03, Briefing.com reports. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The company’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.85 earnings per share. 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 Trading Up 1.8 %

Public Service Enterprise Group stock traded up $1.44 during midday trading on Tuesday, hitting $83.31. 1,060,044 shares of the stock were exchanged, compared to its average volume of 2,784,770. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The stock’s 50-day simple moving average is $86.49 and its 200 day simple moving average is $78.86. Public Service Enterprise Group has a fifty-two week low of $56.85 and a fifty-two week high of $92.20. The stock has a market capitalization of $41.50 billion, a price-to-earnings ratio of 25.26, a PEG ratio of 2.87 and a beta of 0.61.

Analysts Set New Price Targets

A number of brokerages have issued reports on PEG. Scotiabank upped their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. Wells Fargo & Company upped their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada increased their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price objective on the stock. Finally, BMO Capital Markets increased their price target on 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. Four investment 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 company. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Insider Buying and Selling at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 9,564 shares of the firm’s 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 completion of the sale, the executive vice president now owns 48,397 shares in the company, valued at $4,385,252.17. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Tamara Louise Linde sold 9,564 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the transaction, the executive vice president now directly owns 48,397 shares in the company, valued at approximately $4,385,252.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total value of $124,295.60. Following the completion of the transaction, the chief executive officer now owns 147,514 shares of the company’s stock, valued at $13,305,762.80. The trade was 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 in the last ninety days. 0.18% of the stock is owned by 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.