Public Service Enterprise Group Incorporated $PEG Stock: Candriam S.C.A. Grows Stake

Candriam S.C.A. lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 114,100 shares of the utilities provider’s stock after acquiring an additional 8,668 shares during the period. Candriam S.C.A.’s holdings in Public Service Enterprise Group were worth $7,712,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Advisory Services LLC lifted its position 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 worth $5,593,000 after purchasing an additional 14,406 shares during the period. Commerce Bank bought a new position in Public Service Enterprise Group during the 2nd quarter valued at $3,934,000. Quantinno Capital Management LP increased its position 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 valued at $29,100,000 after purchasing an additional 143,148 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at $15,071,000. Finally, Assenagon Asset Management S.A. increased its position 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 valued at $31,400,000 after purchasing an additional 370,852 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PEG has been the topic of a number of research reports. Bank of America dropped their price objective on 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. BMO Capital Markets decreased their target price on Public Service Enterprise Group from $79.00 to $77.00 and set a “market perform” rating for the company in a research note on Thursday, October 22nd. LADENBURG THALM/SH SH lowered their target price on Public Service Enterprise Group from $80.50 to $75.50 and set a “neutral” rating on the stock in a report on Tuesday, November 3rd. BTIG Research lowered their target price on Public Service Enterprise Group from $94.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. Finally, Jefferies Financial Group dropped their price target on shares of Public Service Enterprise Group from $73.00 to $69.00 and set a “hold” rating on the stock in a research report on Friday, October 9th. Seven investment analysts have rated the stock with a Buy rating and eleven have given 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 target price of $79.32.

Public Service Enterprise Group Stock Up 3.3%

PEG stock opened at $75.04 on Tuesday. Public Service Enterprise Group Incorporated has a 12 month low of $66.15 and a 12 month high of $87.63. The firm has a market cap of $37.41 billion, a PE ratio of 17.11, a P/E/G ratio of 2.51 and a beta of 0.48. The firm has a 50 day simple moving average of $71.22 and a 200 day simple moving average of $77.87. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.01 and a quick ratio of 0.67.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 2nd. The utilities provider reported $1.15 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.04). The business had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.19 billion. Public Service Enterprise Group had a return on equity of 12.40% and a net margin of 14.31%. The company’s quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.13 earnings per share. Equities research analysts forecast that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current fiscal year.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph LaRossa sold 2,083 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the completion of the sale, the chief executive officer owned 276,487 shares in the company, valued at approximately $20,349,443.20. This 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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Company Profile

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.