Public Service Enterprise Group (NYSE:PEG) Updates FY19 Earnings Guidance

Public Service Enterprise Group (NYSE:PEG) updated its FY19 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.15-3.35 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.24. Public Service Enterprise Group also updated its FY 2019 guidance to $3.15-3.35 EPS.

Several brokerages have commented on PEG. Mizuho boosted their target price on Public Service Enterprise Group from $61.50 to $64.00 and gave the stock a buy rating in a research note on Wednesday, May 29th. JPMorgan Chase & Co. downgraded Public Service Enterprise Group from an overweight rating to a neutral rating and lowered their target price for the stock from $64.00 to $62.00 in a research note on Tuesday, April 23rd. ValuEngine downgraded Public Service Enterprise Group from a buy rating to a hold rating in a research note on Thursday. KeyCorp began coverage on Public Service Enterprise Group in a research note on Tuesday, June 4th. They set a sector weight rating and a $59.40 target price for the company. Finally, Morgan Stanley boosted their target price on Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an overweight rating in a research note on Friday, June 14th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Public Service Enterprise Group presently has a consensus rating of Buy and an average price target of $62.41.

Shares of NYSE:PEG traded down $0.31 during midday trading on Friday, hitting $56.87. 3,609,560 shares of the stock were exchanged, compared to its average volume of 2,701,698. The firm has a market cap of $29.26 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 4.55 and a beta of 0.38. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.68 and a quick ratio of 0.52. The business’s 50-day simple moving average is $59.79. Public Service Enterprise Group has a 12 month low of $49.22 and a 12 month high of $61.63.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.04). The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.23 billion. Public Service Enterprise Group had a return on equity of 10.05% and a net margin of 14.41%. During the same quarter last year, the firm posted $0.64 earnings per share. Research analysts forecast that Public Service Enterprise Group will post 3.25 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.26%.

In related news, CFO Daniel J. Cregg sold 625 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $59.25, for a total value of $37,031.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Ralph Izzo sold 52,407 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.78, for a total value of $3,080,483.46. Following the completion of the sale, the chairman now owns 419,818 shares in the company, valued at $24,676,902.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,046 shares of company stock worth $9,530,682. Company insiders own 0.51% of the company’s stock.

Public Service Enterprise Group Company Profile

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 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 to customers.

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