Public Service Enterprise Group Incorporated (NYSE:PEG) Forecasted to Post FY2024 Earnings of $3.61 Per Share

Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) – KeyCorp upped their FY2024 EPS estimates for shares of Public Service Enterprise Group in a research note issued to investors on Wednesday, March 1st. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $3.61 for the year, up from their previous estimate of $3.59. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.43 per share. KeyCorp also issued estimates for Public Service Enterprise Group’s FY2025 earnings at $3.88 EPS and FY2026 earnings at $4.24 EPS.

Public Service Enterprise Group (NYSE:PEGGet Rating) last released its quarterly earnings data on Tuesday, February 21st. The utilities provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. Public Service Enterprise Group had a return on equity of 12.88% and a net margin of 10.52%. The business had revenue of $3.14 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the firm posted $0.69 earnings per share. Public Service Enterprise Group’s revenue was up 2.7% compared to the same quarter last year.

A number of other equities research analysts have also weighed in on the company. Mizuho reduced their price objective on Public Service Enterprise Group from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, November 22nd. Morgan Stanley reduced their target price on shares of Public Service Enterprise Group from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Wednesday, February 22nd. Guggenheim reduced their price objective on shares of Public Service Enterprise Group from $71.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, February 22nd. BMO Capital Markets cut their target price on Public Service Enterprise Group from $65.00 to $64.00 and set a “market perform” rating on the stock in a report on Wednesday, February 22nd. Finally, Wolfe Research cut Public Service Enterprise Group from an “outperform” rating to a “peer perform” rating in a research note on Thursday, November 17th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Hold” and an average price target of $67.60.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock opened at $60.37 on Monday. The company’s 50 day moving average price is $61.40 and its two-hundred day moving average price is $60.73. The firm has a market capitalization of $30.11 billion, a P/E ratio of 29.31, a P/E/G ratio of 7.47 and a beta of 0.55. Public Service Enterprise Group has a fifty-two week low of $52.51 and a fifty-two week high of $75.61. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.64 and a quick ratio of 0.50.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 10th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Thursday, March 9th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.54. Public Service Enterprise Group’s payout ratio is presently 104.85%.

Institutional Investors Weigh In On Public Service Enterprise Group

Large investors have recently bought and sold shares of the stock. Destiny Wealth Partners LLC boosted its holdings in Public Service Enterprise Group by 304.5% in the third quarter. Destiny Wealth Partners LLC now owns 453 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 341 shares in the last quarter. Concord Wealth Partners acquired a new position in Public Service Enterprise Group during the fourth quarter worth $25,000. Boyd Watterson Asset Management LLC OH bought a new position in shares of Public Service Enterprise Group in the fourth quarter valued at $27,000. Romano Brothers AND Company acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $30,000. Finally, Clear Street Markets LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter worth about $31,000. 70.67% of the stock is currently owned by institutional investors and hedge funds.

About Public Service Enterprise Group

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Public Service Enterprise Group, Inc is a holding company, which engages in the provision of electric and gas services. The firm operates through the following two segments: Public Service Electric & Gas Co (PSE&G) and PSEG Power. The PSE&G segment engages in the transmission of electricity and distribution of electricity and natural gas.

Further Reading

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

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