Wall Street Zen cut shares of Public Service Enterprise Group (NYSE:PEG – Free Report) from a hold rating to a sell rating in a research note published on Saturday morning,Wall Street Zen reports.
PEG has been the topic of several other research reports. Bank of America lowered their price objective on shares of Public Service Enterprise Group from $87.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. LADENBURG THALM/SH SH cut their target price on shares of Public Service Enterprise Group from $80.50 to $75.50 and set a “neutral” rating for the company in a research note on Tuesday, November 3rd. HSBC initiated coverage on shares of Public Service Enterprise Group in a report on Thursday, October 22nd. They set a “hold” rating and a $72.50 target price for the company. BTIG Research decreased their price target on shares of Public Service Enterprise Group from $94.00 to $84.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. Finally, Truist Financial dropped their price target on Public Service Enterprise Group from $84.00 to $78.00 and set a “hold” rating on the stock in a report on Thursday, October 15th. Seven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $79.32.
Check Out Our Latest Research Report on PEG
Public Service Enterprise Group Trading Down 0.8%
Shares of Public Service Enterprise Group stock opened at $72.52 on Friday. The business has a fifty day simple moving average of $71.18 and a 200-day simple moving average of $77.90. Public Service Enterprise Group has a fifty-two week low of $66.15 and a fifty-two week high of $87.63. The firm has a market cap of $36.15 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 2.49 and a beta of 0.48. The company has a quick ratio of 0.67, a current ratio of 1.01 and a debt-to-equity ratio of 1.39.
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last released its earnings results on Monday, November 2nd. The utilities provider reported $1.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.04). Public Service Enterprise Group had a return on equity of 12.40% and a net margin of 14.31%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same period in the previous year, the firm earned $1.13 earnings per share. Public Service Enterprise Group’s revenue was down 6.4% on a year-over-year basis. On average, equities analysts forecast that Public Service Enterprise Group will post 4.36 EPS for the current fiscal year.
Insider Transactions at Public Service Enterprise Group
In other Public Service Enterprise Group news, SVP Richard Thigpen sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the sale, the senior vice president owned 20,970 shares in the company, valued at approximately $1,563,523.20. The trade was a 27.61% 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 LaRossa sold 2,083 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $73.60, for a total transaction of $153,308.80. Following the sale, the chief executive officer directly owned 276,487 shares of the company’s stock, valued at $20,349,443.20. This represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 12,166 shares of company stock worth $890,350 in the last three months. 0.19% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Public Service Enterprise Group
Several hedge funds have recently made changes to their positions in PEG. Kestra Advisory Services LLC lifted its stake in Public Service Enterprise Group by 26.3% in the first quarter. Kestra Advisory Services LLC now owns 69,089 shares of the utilities provider’s stock valued at $5,593,000 after acquiring an additional 14,406 shares during the last quarter. Commerce Bank bought a new stake in Public Service Enterprise Group in the second quarter worth approximately $3,934,000. Quantinno Capital Management LP increased its stake in shares of Public Service Enterprise Group by 66.2% during the 1st quarter. Quantinno Capital Management LP now owns 359,477 shares of the utilities provider’s stock worth $29,100,000 after purchasing an additional 143,148 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter worth $15,071,000. Finally, Assenagon Asset Management S.A. increased its stake in shares of Public Service Enterprise Group by 2,311.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 386,895 shares of the utilities provider’s stock worth $31,400,000 after purchasing an additional 370,852 shares during 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 (PSEG) is an energy company headquartered in New Jersey. Its principal subsidiary, Public Service Electric and Gas Company (PSE&G), provides regulated electric and natural gas service to residential, commercial and industrial customers across much of the state.
PSE&G operates electric and gas transmission and distribution systems and offers energy-efficiency programs. Through its generation business, PSEG also operates nuclear power plants in New Jersey, producing electricity for the regional power market.
The company traces its roots to the Public Service Corporation of New Jersey, established in 1903, and serves customers primarily in New Jersey.
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