Q3 2024 Earnings Estimate for Public Service Enterprise Group Incorporated (NYSE:PEG) Issued By Zacks Research

Public Service Enterprise Group Incorporated (NYSE:PEG) – Analysts at Zacks Research reduced their Q3 2024 earnings estimates for shares of Public Service Enterprise Group in a research report issued to clients and investors on Tuesday, May 21st. Zacks Research analyst R. Department now expects that the utilities provider will post earnings per share of $0.93 for the quarter, down from their prior estimate of $0.95. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.66 per share. Zacks Research also issued estimates for Public Service Enterprise Group’s FY2024 earnings at $3.68 EPS, Q3 2025 earnings at $1.20 EPS, Q1 2026 earnings at $1.45 EPS and FY2026 earnings at $4.22 EPS.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the previous year, the business posted $1.39 earnings per share. The business’s revenue was down 26.5% on a year-over-year basis.

Several other analysts also recently weighed in on PEG. Bank of America lifted their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Evercore ISI upped their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Royal Bank of Canada increased their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. TheStreet upgraded Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. Finally, Morgan Stanley restated an “overweight” rating and set a $70.00 price target (up previously from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.15.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $74.33 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $75.17. The firm has a market capitalization of $37.02 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 3.83 and a beta of 0.56. The firm has a 50-day moving average price of $68.25 and a 200-day moving average price of $63.77.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total transaction of $86,562.00. Following the sale, the chief executive officer now owns 153,721 shares in the company, valued at approximately $9,684,423. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now owns 31,122 shares in the company, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. Insiders sold 9,322 shares of company stock worth $607,376 in the last 90 days. Insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Public Service Enterprise Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PEG. Operose Advisors LLC boosted its stake in shares of Public Service Enterprise Group by 435.0% in the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock worth $30,000 after buying an additional 435 shares during the last quarter. Addison Advisors LLC purchased a new position in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $31,000. Bruce G. Allen Investments LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter worth $36,000. Northwest Investment Counselors LLC acquired a new stake in Public Service Enterprise Group during the first quarter valued at $36,000. Finally, Anchor Investment Management LLC purchased a new position in Public Service Enterprise Group in the fourth quarter valued at $37,000. 73.34% of the stock is owned by institutional investors and hedge funds.

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.