Public Service Enterprise Group (NYSE:PEG) Issues Earnings Results, Misses Expectations By $0.01 EPS

Public Service Enterprise Group (NYSE:PEG) posted its earnings results on Tuesday. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01), Briefing.com reports. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.78%. Public Service Enterprise Group’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 EPS. Public Service Enterprise Group updated its FY 2024 guidance to 3.600-3.700 EPS and its FY24 guidance to $3.60-3.70 EPS.

Public Service Enterprise Group Stock Performance

Shares of NYSE:PEG traded up $0.33 during midday trading on Thursday, reaching $80.10. The company’s stock had a trading volume of 53,089 shares, compared to its average volume of 2,829,866. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. The stock has a fifty day moving average of $74.52 and a 200 day moving average of $68.03. Public Service Enterprise Group has a twelve month low of $53.71 and a twelve month high of $81.00. The firm has a market capitalization of $39.90 billion, a PE ratio of 22.10, a P/E/G ratio of 3.08 and a beta of 0.59.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s payout ratio is 66.48%.

Wall Street Analyst Weigh In

PEG has been the topic of a number of analyst reports. Mizuho lifted their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Evercore ISI increased their price objective on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley dropped their target price on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Monday, June 24th. BMO Capital Markets increased their price target on Public Service Enterprise Group from $69.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 3rd. Finally, Scotiabank lowered their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.17.

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.