Public Service Enterprise Group (NYSE:PEG) Stock Rating Lowered by Wall Street Zen

Public Service Enterprise Group (NYSE:PEG) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday, Wall Street Zen reports.

Several other research firms have also recently commented on PEG. Weiss Ratings reissued a “hold (c)” rating on shares of Public Service Enterprise Group in a research note on Tuesday, November 3rd. Wells Fargo & Company reduced their price target on Public Service Enterprise Group from $89.00 to $87.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 3rd. Morgan Stanley reduced their price target on Public Service Enterprise Group from $88.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 21st. LADENBURG THALM/SH SH decreased their price objective on 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. Finally, HSBC started coverage on Public Service Enterprise Group in a research report on Thursday, October 22nd. They set a “hold” rating and a $72.50 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $79.32.

Public Service Enterprise Group Price Performance

PEG stock opened at $72.52 on Friday. The business has a fifty day moving average of $71.18 and a two-hundred day moving average of $77.90. The company has a quick ratio of 0.78, a current ratio of 1.01 and a debt-to-equity ratio of 1.39. The stock 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. Public Service Enterprise Group has a 52-week low of $66.15 and a 52-week high of $87.63.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly 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 business had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter last year, the company earned $1.13 earnings per share. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, research analysts anticipate that Public Service Enterprise Group will post 4.36 earnings per share for the current year.

Insider Activity

In other news, CEO Ralph A. Larossa sold 2,083 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the sale, the chief executive officer owned 276,487 shares of the company’s stock, valued at approximately $20,349,443.20. This trade represents a 0.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the sale, the senior vice president owned 20,970 shares of the company’s stock, valued at approximately $1,563,523.20. The trade was a 27.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 12,166 shares of company stock valued at $890,350. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Public Service Enterprise Group

Several hedge funds have recently added to or reduced their stakes in PEG. Ibex Wealth Advisors boosted its holdings in Public Service Enterprise Group by 6.7% during the third quarter. Ibex Wealth Advisors now owns 11,150 shares of the utilities provider’s stock worth $751,000 after buying an additional 705 shares in the last quarter. Diversified Trust Co increased its holdings in shares of Public Service Enterprise Group by 67.3% in the third quarter. Diversified Trust Co now owns 22,042 shares of the utilities provider’s stock valued at $1,484,000 after buying an additional 8,868 shares in the last quarter. Vista Capital Partners Inc. bought a new position in shares of Public Service Enterprise Group in the third quarter valued at $422,000. Allworth Financial LP increased its holdings in shares of Public Service Enterprise Group by 1.8% in the third quarter. Allworth Financial LP now owns 20,414 shares of the utilities provider’s stock valued at $1,375,000 after buying an additional 353 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Public Service Enterprise Group by 8.0% in the third quarter. Fisher Asset Management LLC now owns 7,804 shares of the utilities provider’s stock valued at $526,000 after buying an additional 579 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

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.