FY2024 Earnings Forecast for PEG Issued By Zacks Research

Public Service Enterprise Group Incorporated (NYSE:PEG) – Equities research analysts at Zacks Research increased their FY2024 earnings per share (EPS) estimates for Public Service Enterprise Group in a research report issued to clients and investors 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 prior 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 issued its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $2.64 billion during 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.

A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price target for the company. Scotiabank increased their price objective 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. BMO Capital Markets boosted their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Finally, Evercore ISI boosted 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. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $94.20 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average price of $88.94 and a 200 day moving average price of $81.10. Public Service Enterprise Group has a 12-month low of $56.85 and a 12-month high of $95.22. The stock has a market cap of $46.93 billion, a P/E ratio of 23.15, a PEG ratio of 3.41 and a beta of 0.61.

Institutional Investors Weigh In On Public Service Enterprise Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Family Firm Inc. acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth about $33,000. OFI Invest Asset Management acquired a new position in shares of Public Service Enterprise Group in the second quarter valued at approximately $35,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Service Enterprise Group during the third quarter worth approximately $35,000. Northwest Investment Counselors LLC acquired a new stake in shares of Public Service Enterprise Group during the third quarter worth $48,000. Finally, Country Trust Bank purchased a new position in Public Service Enterprise Group in the 2nd quarter valued at $52,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the transaction, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at $4,610,217.94. This trade represents a 14.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Richard T. Thigpen sold 5,900 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the transaction, the senior vice president now owns 25,829 shares of the company’s stock, valued at $2,271,660.55. This represents a 18.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,739 shares of company stock worth $2,467,753 over the last ninety days. Corporate insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 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.