Public Service Enterprise Group (NYSE:PEG) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Public Service Enterprise Group (NYSE:PEG) posted its quarterly earnings data on Monday. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.03, Briefing.com reports. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.78% and a net margin of 19.48%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. 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 Up 0.0 %

Shares of NYSE:PEG traded up $0.03 on Wednesday, reaching $83.81. The company had a trading volume of 2,736,158 shares, compared to its average volume of 2,792,141. Public Service Enterprise Group has a 52-week low of $56.85 and a 52-week high of $92.20. The firm’s 50 day simple moving average is $86.62 and its 200-day simple moving average is $79.03. The firm has a market capitalization of $41.75 billion, a PE ratio of 20.59, a PEG ratio of 2.69 and a beta of 0.61. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16.

Insider Activity

In other news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,010 shares of company stock worth $3,397,855. 0.18% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PEG shares. Evercore ISI raised their price objective on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Bank of America raised their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Royal Bank of Canada raised their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Jefferies Financial Group began coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price target for the company. Finally, Wells Fargo & Company raised their price target on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Four 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

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.