$2.31 Billion in Sales Expected for Public Service Enterprise Group Inc. (PEG) This Quarter

Wall Street brokerages forecast that Public Service Enterprise Group Inc. (NYSE:PEG) will report $2.31 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Public Service Enterprise Group’s earnings, with the lowest sales estimate coming in at $2.13 billion and the highest estimate coming in at $2.49 billion. Public Service Enterprise Group posted sales of $2.10 billion in the same quarter last year, which suggests a positive year over year growth rate of 10%. The company is expected to issue its next quarterly earnings results on Friday, February 22nd.

According to Zacks, analysts expect that Public Service Enterprise Group will report full-year sales of $9.78 billion for the current fiscal year, with estimates ranging from $9.24 billion to $10.62 billion. For the next fiscal year, analysts forecast that the firm will report sales of $10.11 billion, with estimates ranging from $9.59 billion to $10.93 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Public Service Enterprise Group.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, October 30th. The utilities provider reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.04. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Public Service Enterprise Group had a return on equity of 11.24% and a net margin of 23.54%. During the same period in the prior year, the business posted $0.82 EPS.

A number of brokerages recently commented on PEG. ValuEngine upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. UBS Group upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $56.00 to $60.00 in a report on Wednesday, October 10th. Argus raised their target price on Public Service Enterprise Group from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 17th. Morgan Stanley set a $59.00 target price on Public Service Enterprise Group and gave the company a “buy” rating in a report on Thursday, October 11th. Finally, Wells Fargo & Co lowered their target price on Public Service Enterprise Group from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, September 17th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $56.46.

Shares of Public Service Enterprise Group stock opened at $52.98 on Friday. Public Service Enterprise Group has a 12 month low of $46.19 and a 12 month high of $56.68. The stock has a market cap of $26.78 billion, a P/E ratio of 18.08, a PEG ratio of 2.54 and a beta of 0.28. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.72 and a quick ratio of 0.52.

In related news, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $52.57, for a total transaction of $2,755,035.99. Following the completion of the transaction, the chairman now directly owns 558,073 shares in the company, valued at approximately $29,337,897.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.58% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp boosted its stake in shares of Public Service Enterprise Group by 1.3% in the 2nd quarter. Northern Trust Corp now owns 5,783,332 shares of the utilities provider’s stock valued at $313,109,000 after buying an additional 71,786 shares during the period. FMR LLC boosted its stake in shares of Public Service Enterprise Group by 4.0% in the 2nd quarter. FMR LLC now owns 4,829,070 shares of the utilities provider’s stock valued at $261,445,000 after buying an additional 184,169 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Public Service Enterprise Group by 20.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,328,952 shares of the utilities provider’s stock valued at $228,525,000 after buying an additional 729,547 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of Public Service Enterprise Group by 100.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,468,152 shares of the utilities provider’s stock valued at $185,421,000 after buying an additional 1,734,031 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Public Service Enterprise Group by 1.7% in the 2nd quarter. Legal & General Group Plc now owns 3,278,681 shares of the utilities provider’s stock valued at $177,509,000 after buying an additional 53,372 shares during the period. Institutional investors and hedge funds own 68.48% 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; and 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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