Zacks Research Issues Optimistic Forecast for PEG Earnings

Public Service Enterprise Group Incorporated (NYSE:PEG) – Research analysts at Zacks Research increased their FY2024 earnings estimates for 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 earn $3.68 per share for the year, up from their previous 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 posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter last year, the business posted $0.85 EPS. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year.

Other equities analysts have also issued reports about the company. UBS Group upped their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Scotiabank upped their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Jefferies Financial Group initiated 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 target on the stock. Wells Fargo & Company upped their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their target price 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. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $94.51 on Wednesday. The firm has a market cap of $47.09 billion, a PE ratio of 23.22, a P/E/G ratio of 3.41 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. Public Service Enterprise Group has a 1-year low of $56.85 and a 1-year high of $94.67. The firm has a 50 day simple moving average of $88.74 and a 200-day simple moving average of $81.01.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Heritage Wealth Management Inc. bought a new position in Public Service Enterprise Group during the second quarter worth $422,000. QRG Capital Management Inc. boosted its holdings in shares of Public Service Enterprise Group by 28.0% in the 2nd quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock valued at $5,227,000 after buying an additional 15,505 shares during the period. CWM LLC grew its position in shares of Public Service Enterprise Group by 72.3% during the 2nd quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock valued at $1,532,000 after buying an additional 8,723 shares during the last quarter. Czech National Bank raised its stake in Public Service Enterprise Group by 8.3% during the second quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock worth $6,995,000 after acquiring an additional 7,235 shares during the period. Finally, DRW Securities LLC bought a new position in Public Service Enterprise Group in the third quarter worth about $8,244,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the transaction, the chief operating officer now directly owns 70,011 shares in the company, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Tamara Louise Linde sold 9,564 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders have sold 28,739 shares of company stock valued at $2,467,753. Corporate insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Announces Dividend

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