What is Zacks Research’s Forecast for PEG FY2024 Earnings?

Public Service Enterprise Group Incorporated (NYSE:PEG) – Research analysts at Zacks Research boosted their FY2024 earnings estimates for Public Service Enterprise Group in a note issued to investors on Monday, November 25th. Zacks Research analyst R. Department now forecasts that the utilities provider will post earnings of $3.68 per share for the year, up from their prior estimate of $3.67. The consensus estimate for Public Service Enterprise Group’s current full-year earnings is $3.67 per share. Zacks Research also issued estimates for Public Service Enterprise Group’s Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $1.23 EPS and Q2 2026 earnings at $0.78 EPS.

PEG has been the topic of several other reports. UBS Group upped their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 target price for the company. Wells Fargo & Company upped their price target on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, BMO Capital Markets lifted their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target of $86.69.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $94.20 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company has a market cap of $46.93 billion, a PE ratio of 23.15, a PEG ratio of 3.41 and a beta of 0.61. Public Service Enterprise Group has a 12-month low of $56.85 and a 12-month high of $95.22. The business’s fifty day simple moving average is $88.94 and its 200-day simple moving average is $81.10.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.87 by $0.03. The firm had revenue of $2.64 billion during 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%. Public Service Enterprise Group’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 EPS.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $2.40 annualized dividend and a dividend yield of 2.55%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Insider Transactions at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 956 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. This represents a 1.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,739 shares of company stock worth $2,467,753 over the last quarter. 0.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James & Associates boosted its holdings in 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 worth $162,590,000 after buying an additional 1,674,827 shares during the last quarter. Sound Shore Management Inc. CT acquired a new stake in shares of Public Service Enterprise Group in the second quarter worth approximately $71,298,000. FMR LLC increased its position in shares of Public Service Enterprise Group by 19.4% during the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after purchasing an additional 877,345 shares in the last quarter. Hsbc Holdings PLC raised its stake in 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 purchasing an additional 732,443 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in 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 purchasing an additional 665,105 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

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.