Public Service Enterprise Group (NYSE:PEG) Issues Quarterly Earnings Results

Public Service Enterprise Group (NYSE:PEG - Get Free Report) announced its earnings results 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 10.72% and a net margin of 16.12%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.85 earnings per share. 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 Performance

PEG stock traded up $1.91 during trading on Tuesday, hitting $83.78. 2,608,325 shares of the company's stock traded hands, compared to its average volume of 2,792,401. The stock has a market capitalization of $41.74 billion, a price-to-earnings ratio of 25.39, a price-to-earnings-growth ratio of 2.87 and a beta of 0.61. Public Service Enterprise Group has a 52 week low of $56.85 and a 52 week high of $92.20. The stock has a fifty day moving average price of $86.56 and a two-hundred day moving average price of $78.99. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16.

Insider Activity

In other news, EVP Tamara Louise Linde sold 19,127 shares of the 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 transaction, the executive vice president now owns 67,524 shares of the company's stock, valued at approximately $5,419,476.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the completion of the sale, the chief executive officer now directly owns 147,514 shares in the company, valued at approximately $13,305,762.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares of the company's stock, valued at $5,419,476.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,010 shares of company stock valued at $3,397,855. 0.18% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Barclays dropped their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an "overweight" rating on the stock in a research note on Tuesday. BMO Capital Markets increased their price objective on shares of 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. Scotiabank increased their price target on 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. Evercore ISI boosted their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an "outperform" rating in a report on Tuesday, October 8th. Finally, UBS Group increased their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Four 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $86.69.

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.