KeyCorp Issues Positive Forecast for PEG Earnings

Public Service Enterprise Group Incorporated (NYSE:PEG) – Stock analysts at KeyCorp raised their Q4 2024 earnings estimates for shares of Public Service Enterprise Group in a research note issued on Tuesday, December 3rd. KeyCorp analyst S. Karp now expects that the utilities provider will earn $0.85 per share for the quarter, up from their prior estimate of $0.84. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.67 per share.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 EPS.

Several other research analysts have also commented on PEG. Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. Evercore ISI raised their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. UBS Group raised their price target 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. Finally, Scotiabank raised their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus target price of $88.08.

Public Service Enterprise Group Trading Down 0.3 %

Shares of PEG stock opened at $91.54 on Thursday. The firm has a market cap of $45.61 billion, a P/E ratio of 22.49, a PEG ratio of 3.34 and a beta of 0.62. Public Service Enterprise Group has a 1-year low of $56.85 and a 1-year high of $95.22. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The firm’s 50-day simple moving average is $89.62 and its 200-day simple moving average is $81.82.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of large investors have recently made changes to their positions in PEG. Raymond James & Associates grew its stake in shares of Public Service Enterprise Group by 315.2% in the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after buying an additional 1,674,827 shares in the last quarter. Sound Shore Management Inc. CT bought a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at approximately $71,298,000. FMR LLC grew its stake in shares of Public Service Enterprise Group by 19.4% in the 3rd quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock valued at $481,825,000 after buying an additional 877,345 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Public Service Enterprise Group by 43.2% in the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after buying an additional 732,443 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Public Service Enterprise Group by 79.5% in the 3rd quarter. Jennison Associates LLC now owns 1,502,136 shares of the utilities provider’s stock valued at $134,006,000 after buying an additional 665,105 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insiders Place Their Bets

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,564 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total transaction of $866,594.04. Following the sale, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. The trade was a 16.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total value of $124,295.60. Following the sale, the chief executive officer now owns 147,514 shares in the company, valued at approximately $13,305,762.80. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,361 shares of company stock worth $2,356,562. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

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.