Public Service Enterprise Group (NYSE:PEG) Lowered to “Hold” at ValuEngine

ValuEngine cut shares of Public Service Enterprise Group (NYSE:PEG) from a buy rating to a hold rating in a report released on Thursday morning, ValuEngine reports.

PEG has been the subject of several other reports. Mizuho lifted their price objective on shares of Public Service Enterprise Group from $61.50 to $64.00 and gave the company a buy rating in a research note on Wednesday, May 29th. Morgan Stanley lifted their price objective on shares of Public Service Enterprise Group from $67.00 to $69.00 and gave the company an overweight rating in a research note on Friday, June 14th. KeyCorp began coverage on shares of Public Service Enterprise Group in a research note on Tuesday, June 4th. They set a sector weight rating and a $59.40 price objective for the company. JPMorgan Chase & Co. cut shares of Public Service Enterprise Group from an overweight rating to a neutral rating and decreased their price objective for the company from $64.00 to $62.00 in a research note on Tuesday, April 23rd. Finally, Citigroup cut shares of Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price objective for the company. in a research note on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $62.41.

NYSE PEG traded down $1.24 on Thursday, hitting $55.63. 2,440,266 shares of the company’s stock traded hands, compared to its average volume of 2,370,525. The company has a quick ratio of 0.52, a current ratio of 0.79 and a debt-to-equity ratio of 0.99. Public Service Enterprise Group has a 1-year low of $49.22 and a 1-year high of $61.63. The stock’s 50-day moving average price is $59.79. The firm has a market cap of $28.76 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 7.73 and a beta of 0.33.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.04). Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. The business had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. As a group, equities research analysts forecast that Public Service Enterprise Group will post 3.24 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio is currently 60.26%.

In related news, VP Daniel J. Cregg sold 625 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $60.92, for a total value of $38,075.00. Following the completion of the sale, the vice president now owns 60,833 shares of the company’s stock, valued at approximately $3,705,946.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Ralph A. Larossa sold 1,650 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $58.80, for a total transaction of $97,020.00. Following the completion of the sale, the chief operating officer now directly owns 85,068 shares of the company’s stock, valued at approximately $5,001,998.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,046 shares of company stock valued at $9,530,682. Company insiders own 0.51% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of PEG. CIBC Asset Management Inc grew its holdings in shares of Public Service Enterprise Group by 2.7% during the second quarter. CIBC Asset Management Inc now owns 52,270 shares of the utilities provider’s stock worth $3,075,000 after buying an additional 1,362 shares in the last quarter. Securian Asset Management Inc grew its holdings in shares of Public Service Enterprise Group by 0.7% during the second quarter. Securian Asset Management Inc now owns 51,992 shares of the utilities provider’s stock worth $3,058,000 after buying an additional 357 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of Public Service Enterprise Group by 3.9% during the second quarter. Pinnacle Associates Ltd. now owns 34,547 shares of the utilities provider’s stock worth $2,032,000 after buying an additional 1,303 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in shares of Public Service Enterprise Group by 8.0% during the second quarter. Meeder Asset Management Inc. now owns 7,400 shares of the utilities provider’s stock worth $435,000 after buying an additional 545 shares in the last quarter. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of Public Service Enterprise Group during the second quarter worth $206,000. 68.82% of the stock is owned by institutional investors.

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.

Further Reading: Does a trade war provide a risk to the global economy?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Public Service Enterprise Group (NYSE:PEG)

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.