Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) – Research analysts at Zacks Research dropped their Q2 2023 earnings estimates for Public Service Enterprise Group in a report issued on Tuesday, May 16th. Zacks Research analyst A. Dutta now expects that the utilities provider will post earnings per share of $0.59 for the quarter, down from their prior forecast of $0.64. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.44 per share. Zacks Research also issued estimates for Public Service Enterprise Group’s Q4 2023 earnings at $0.67 EPS, Q2 2024 earnings at $0.93 EPS, Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $3.60 EPS, Q1 2025 earnings at $0.98 EPS and FY2025 earnings at $3.87 EPS.
Public Service Enterprise Group (NYSE:PEG – Get Rating) last posted its quarterly earnings data on Tuesday, May 2nd. The utilities provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.18. The company had revenue of $3.76 billion during the quarter, compared to analyst estimates of $2.89 billion. Public Service Enterprise Group had a net margin of 20.64% and a return on equity of 12.78%. The company’s revenue was up 62.3% on a year-over-year basis. During the same quarter last year, the business posted $1.33 earnings per share.
Several other research firms have also weighed in on PEG. Guggenheim raised their price objective on shares of Public Service Enterprise Group from $68.00 to $69.00 in a report on Monday, April 24th. Mizuho dropped their price objective on shares of Public Service Enterprise Group from $66.00 to $60.00 and set a “buy” rating for the company in a report on Monday, March 13th. Morgan Stanley raised their price target on shares of Public Service Enterprise Group from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, April 20th. StockNews.com assumed coverage on shares of Public Service Enterprise Group in a report on Thursday. They issued a “hold” rating for the company. Finally, TheStreet raised shares of Public Service Enterprise Group from a “c” rating to a “b” rating in a report on Tuesday, February 21st. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and an average price target of $67.25.
Public Service Enterprise Group Stock Performance
NYSE PEG opened at $61.41 on Friday. The firm has a market cap of $30.64 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 4.13 and a beta of 0.56. The company has a 50 day moving average of $61.85 and a 200-day moving average of $60.79. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 1.16. Public Service Enterprise Group has a 1-year low of $52.51 and a 1-year high of $69.94.
Public Service Enterprise Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 9th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Thursday, June 8th. Public Service Enterprise Group’s dividend payout ratio is presently 49.14%.
Insiders Place Their Bets
In other news, COO Eric Carr sold 7,105 shares of Public Service Enterprise Group stock in a transaction on Monday, March 13th. The shares were sold at an average price of $57.63, for a total transaction of $409,461.15. Following the transaction, the chief operating officer now directly owns 6,482 shares of the company’s stock, valued at $373,557.66. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.57% of the company’s stock.
Hedge Funds Weigh In On Public Service Enterprise Group
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Aspire Private Capital LLC bought a new stake in Public Service Enterprise Group in the 1st quarter valued at $15,721,538,000. Concord Wealth Partners bought a new stake in Public Service Enterprise Group in the 4th quarter valued at $25,000. Cranbrook Wealth Management LLC bought a new stake in Public Service Enterprise Group in the 1st quarter valued at $25,000. Boyd Watterson Asset Management LLC OH bought a new stake in Public Service Enterprise Group in the 4th quarter valued at $27,000. Finally, Romano Brothers AND Company bought a new stake in Public Service Enterprise Group in the 4th quarter valued at $30,000. 70.67% of the stock is owned by institutional investors.
About Public Service Enterprise Group
Public Service Enterprise Group, Inc is an energy company, which engages in the business of regulated electric and gas utility, and nuclear generation. Its products and services include energy, capacity, ancillary services, and emissions allowances and congestion credits. The firm operates through the Public Service Electric and Gas Company (PSE&G) and PSEG Power segments.
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