Public Service Enterprise Group (NYSE:PEG) Coverage Initiated by Analysts at Barclays

Barclays assumed coverage on shares of Public Service Enterprise Group (NYSE:PEG) in a research report report published on Tuesday, BenzingaRatingsTable reports. The firm issued an overweight rating and a $63.00 price target on the utilities provider’s stock.

Several other brokerages also recently commented on PEG. JPMorgan Chase & Co. downgraded Public Service Enterprise Group from an overweight rating to a neutral rating and reduced their target price for the company from $64.00 to $62.00 in a research note on Tuesday, April 23rd. Bank of America downgraded Public Service Enterprise Group from a buy rating to a neutral rating and set a $65.00 target price for the company. in a research note on Friday, July 19th. Mizuho raised their target price on 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. Citigroup downgraded Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 target price for the company. in a research note on Monday, July 29th. Finally, UBS Group set a $67.00 target price on Public Service Enterprise Group and gave the company a buy rating in a research note on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $62.46.

Shares of PEG opened at $58.10 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.79 and a quick ratio of 0.59. The stock has a 50-day moving average of $58.89 and a 200-day moving average of $58.91. The company has a market cap of $29.38 billion, a PE ratio of 18.62, a P/E/G ratio of 7.84 and a beta of 0.33. Public Service Enterprise Group has a one year low of $49.22 and a one year high of $61.63.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.04). The firm had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same quarter in the prior year, the business earned $0.64 earnings per share. Analysts expect that Public Service Enterprise Group will post 3.24 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.88 annualized dividend and a yield of 3.24%. Public Service Enterprise Group’s payout ratio is 60.26%.

In related news, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now owns 419,818 shares of the company’s stock, valued at approximately $24,676,902.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel J. Cregg sold 625 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.45, for a total transaction of $37,781.25. Following the completion of the transaction, the chief financial officer now directly owns 60,208 shares in the company, valued at approximately $3,639,573.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 164,046 shares of company stock worth $9,529,482. 0.51% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the business. Amundi Pioneer Asset Management Inc. lifted its position in shares of Public Service Enterprise Group by 5.4% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 1,830,290 shares of the utilities provider’s stock worth $478,096,000 after buying an additional 93,162 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Public Service Enterprise Group during the 2nd quarter worth approximately $2,047,000. Prestige Wealth Management Group LLC bought a new position in shares of Public Service Enterprise Group during the 2nd quarter worth approximately $1,119,000. California Public Employees Retirement System lifted its position in shares of Public Service Enterprise Group by 16.6% during the 2nd quarter. California Public Employees Retirement System now owns 3,798,378 shares of the utilities provider’s stock worth $223,421,000 after buying an additional 539,988 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Public Service Enterprise Group by 3.2% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 41,859 shares of the utilities provider’s stock worth $2,462,000 after purchasing an additional 1,292 shares during the last quarter. 68.78% of the stock is currently owned by hedge funds and other institutional investors.

About Public Service Enterprise Group

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

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