Public Service Enterprise Group (PEG) Sets New 52-Week High After Analyst Upgrade

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Public Service Enterprise Group Inc. (NYSE:PEG) shares reached a new 52-week high during mid-day trading on Thursday after Mizuho raised their price target on the stock from $54.00 to $61.50. Mizuho currently has a buy rating on the stock. Public Service Enterprise Group traded as high as $59.95 and last traded at $59.71, with a volume of 55788 shares changing hands. The stock had previously closed at $59.51.

Other research analysts also recently issued research reports about the company. Zacks Investment Research raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Tuesday, January 15th. ValuEngine raised Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research note on Monday, February 4th. Deutsche Bank downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating and set a $58.56 price objective for the company. in a research note on Thursday, February 28th. Wells Fargo & Co upped their price objective on Public Service Enterprise Group from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, February 28th. They noted that the move was a valuation call. Finally, Wolfe Research raised Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 22nd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $59.10.

In other Public Service Enterprise Group news, VP Stuart J. Black sold 6,000 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $59.07, for a total transaction of $354,420.00. Following the completion of the sale, the vice president now owns 24,981 shares of the company’s stock, valued at approximately $1,475,627.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Ralph Izzo sold 52,407 shares of the stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $54.31, for a total transaction of $2,846,224.17. The disclosure for this sale can be found here. Insiders have sold a total of 163,219 shares of company stock valued at $8,962,684 in the last three months. Insiders own 0.58% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in PEG. American Century Companies Inc. grew its position in shares of Public Service Enterprise Group by 0.9% during the 4th quarter. American Century Companies Inc. now owns 218,541 shares of the utilities provider’s stock worth $11,375,000 after buying an additional 1,973 shares during the period. Norges Bank acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $179,057,000. O Brien Greene & Co. Inc acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $219,000. Princeton Global Asset Management LLC acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $390,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $520,000. 68.54% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $30.12 billion, a P/E ratio of 19.14, a P/E/G ratio of 2.74 and a beta of 0.41. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.53 and a current ratio of 0.71.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Wednesday, February 27th. The utilities provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. Public Service Enterprise Group had a net margin of 14.83% and a return on equity of 11.10%. During the same quarter in the prior year, the business posted $0.57 earnings per share. On average, equities research analysts predict that Public Service Enterprise Group Inc. will post 3.25 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be issued a $0.47 dividend. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.45. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend is Thursday, March 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.26%.

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Public Service Enterprise Group Company Profile (NYSE:PEG)

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; and 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: What is a Leveraged Buyout (LBO)?

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