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

Public Service Enterprise Group (NYSE:PEG) issued its earnings results on Monday. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the business earned $0.85 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. 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 Stock Performance

PEG opened at $83.78 on Wednesday. Public Service Enterprise Group has a 12-month low of $56.85 and a 12-month high of $92.20. 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 firm has a market capitalization of $41.74 billion, a PE ratio of 25.39, a P/E/G ratio of 2.87 and a beta of 0.61. The firm has a 50 day moving average of $86.56 and a two-hundred day moving average of $78.99.

Insiders Place Their Bets

In other Public Service Enterprise Group 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 transaction, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Public Service Enterprise Group 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 transaction, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the transaction, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,010 shares of company stock valued at $3,397,855. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PEG has been the topic of several recent research reports. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Bank of America increased their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Evercore ISI raised their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, Barclays lowered their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday. Four equities research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $86.69.

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.