Public Service Enterprise Group (PEG) Given New $58.00 Price Target at Morgan Stanley

Public Service Enterprise Group (NYSE:PEG) had its target price boosted by Morgan Stanley from $56.00 to $58.00 in a research note published on Wednesday morning. They currently have an overweight rating on the utilities provider’s stock.

Several other equities analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of Public Service Enterprise Group from a hold rating to a buy rating and set a $53.00 price target on the stock in a report on Tuesday, October 10th. BidaskClub upgraded shares of Public Service Enterprise Group from a sell rating to a hold rating in a report on Friday, August 18th. Argus boosted their price target on shares of Public Service Enterprise Group from $51.00 to $56.00 and gave the company a buy rating in a report on Wednesday, October 25th. Wells Fargo & Company upgraded shares of Public Service Enterprise Group from a market perform rating to an outperform rating in a report on Wednesday, November 1st. Finally, Bank of America began coverage on shares of Public Service Enterprise Group in a report on Tuesday, October 24th. They set a neutral rating and a $49.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Public Service Enterprise Group has an average rating of Buy and an average price target of $50.81.

Public Service Enterprise Group (PEG) traded up $0.17 during midday trading on Wednesday, reaching $52.18. 3,326,000 shares of the company’s stock traded hands, compared to its average volume of 2,838,251. Public Service Enterprise Group has a 12-month low of $41.67 and a 12-month high of $53.28. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.56 and a current ratio of 0.80. The stock has a market cap of $26,319.58, a PE ratio of 17.93, a price-to-earnings-growth ratio of 6.50 and a beta of 0.41.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.02). Public Service Enterprise Group had a return on equity of 11.33% and a net margin of 5.73%. The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The company’s revenue for the quarter was down 7.6% on a year-over-year basis. equities research analysts expect that Public Service Enterprise Group will post 2.92 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Thursday, December 7th. Public Service Enterprise Group’s payout ratio is presently 166.99%.

In related news, Chairman Ralph Izzo sold 79,920 shares of Public Service Enterprise Group stock in a transaction on Thursday, October 12th. The shares were sold at an average price of $48.83, for a total value of $3,902,493.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Derek M. Dirisio sold 2,185 shares of Public Service Enterprise Group stock in a transaction on Friday, November 17th. The shares were sold at an average price of $51.50, for a total transaction of $112,527.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,951 shares of company stock valued at $13,045,041. 0.61% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in PEG. Vanguard Group Inc. lifted its position in Public Service Enterprise Group by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 35,870,541 shares of the utilities provider’s stock worth $1,542,792,000 after acquiring an additional 828,458 shares during the last quarter. Nordea Investment Management AB lifted its position in Public Service Enterprise Group by 1.8% during the 3rd quarter. Nordea Investment Management AB now owns 11,274,720 shares of the utilities provider’s stock worth $521,456,000 after acquiring an additional 199,441 shares during the last quarter. Federated Investors Inc. PA lifted its position in Public Service Enterprise Group by 179.9% during the 2nd quarter. Federated Investors Inc. PA now owns 6,711,861 shares of the utilities provider’s stock worth $288,677,000 after acquiring an additional 4,314,015 shares during the last quarter. Legal & General Group Plc lifted its position in Public Service Enterprise Group by 2.2% during the 3rd quarter. Legal & General Group Plc now owns 3,211,024 shares of the utilities provider’s stock worth $148,510,000 after acquiring an additional 70,089 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Public Service Enterprise Group by 16.3% during the 3rd quarter. Wells Fargo & Company MN now owns 2,681,594 shares of the utilities provider’s stock worth $124,024,000 after acquiring an additional 376,379 shares during the last quarter. 66.77% of the stock is owned by institutional investors and hedge funds.

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Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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

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