Public Service Enterprise Group (NYSE:PEG) Updates FY 2022 Earnings Guidance

Public Service Enterprise Group (NYSE:PEGGet Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.35-$3.55 for the period, compared to the consensus earnings per share estimate of $3.47. The company issued revenue guidance of -.

Several research firms recently weighed in on PEG. StockNews.com upgraded Public Service Enterprise Group from a sell rating to a hold rating in a research report on Monday. Morgan Stanley increased their target price on Public Service Enterprise Group from $80.00 to $86.00 and gave the stock an overweight rating in a research report on Wednesday, April 20th. Credit Suisse Group began coverage on Public Service Enterprise Group in a report on Monday, April 25th. They issued a neutral rating and a $76.00 price objective on the stock. TheStreet upgraded Public Service Enterprise Group from a c+ rating to a b rating in a report on Monday, April 18th. Finally, Evercore ISI upgraded shares of Public Service Enterprise Group from an in-line rating to an outperform rating and set a $71.00 price target on the stock in a report on Tuesday, January 25th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Buy and an average target price of $73.17.

Shares of Public Service Enterprise Group stock traded down $1.05 during trading hours on Tuesday, hitting $68.01. The company’s stock had a trading volume of 101,716 shares, compared to its average volume of 2,599,458. Public Service Enterprise Group has a 1-year low of $58.96 and a 1-year high of $75.61. The business has a fifty day moving average of $69.50 and a 200 day moving average of $66.38. The company has a market capitalization of $33.95 billion, a PE ratio of -26.87, a P/E/G ratio of 4.73 and a beta of 0.54. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 1.25.

Public Service Enterprise Group (NYSE:PEGGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.21. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.70 billion. Public Service Enterprise Group had a negative net margin of 14.19% and a positive return on equity of 12.94%. The business’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 earnings per share. On average, sell-side analysts anticipate that Public Service Enterprise Group will post 3.47 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 9th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Wednesday, June 8th. Public Service Enterprise Group’s payout ratio is -84.05%.

In related news, CEO Ralph Izzo sold 9,883 shares of the firm’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $70.44, for a total transaction of $696,158.52. Following the completion of the sale, the chief executive officer now directly owns 474,153 shares of the company’s stock, valued at approximately $33,399,337.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Ralph A. Larossa sold 4,890 shares of the stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $64.47, for a total transaction of $315,258.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,256 shares of company stock valued at $1,733,966. Company insiders own 0.55% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of PEG. First Community Trust NA bought a new position in Public Service Enterprise Group during the 4th quarter valued at $31,000. Covington Capital Management boosted its stake in Public Service Enterprise Group by 343.4% during the 4th quarter. Covington Capital Management now owns 2,195 shares of the utilities provider’s stock valued at $146,000 after acquiring an additional 1,700 shares during the last quarter. NEXT Financial Group Inc boosted its stake in Public Service Enterprise Group by 33.1% during the 4th quarter. NEXT Financial Group Inc now owns 3,065 shares of the utilities provider’s stock valued at $204,000 after acquiring an additional 763 shares during the last quarter. Bell Rock Capital LLC bought a new position in Public Service Enterprise Group during the 4th quarter valued at $276,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Public Service Enterprise Group during the 4th quarter valued at $358,000. Hedge funds and other institutional investors own 70.82% of the company’s stock.

About Public Service Enterprise Group (Get Rating)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid-Atlantic United States. It operates through two segments, PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.

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Earnings History and Estimates for Public Service Enterprise Group (NYSE:PEG)

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