Public Service Enterprise Group (NYSE:PEG) Shares Gap Down - Here's Why

Public Service Enterprise Group Incorporated (NYSE:PEG - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $87.31, but opened at $84.20. Public Service Enterprise Group shares last traded at $83.15, with a volume of 598,468 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PEG. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 5th. Scotiabank lifted their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 20th. Bank of America increased their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a "buy" rating in a research report on Thursday, August 29th. Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They issued a "hold" rating and a $85.00 price target on the stock. Finally, Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $87.46.

Public Service Enterprise Group Stock Down 6.2 %

The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. The firm's fifty day moving average price is $86.48 and its two-hundred day moving average price is $78.75. The stock has a market cap of $40.78 billion, a price-to-earnings ratio of 24.96, a price-to-earnings-growth ratio of 2.94 and a beta of 0.61.

Insiders Place Their Bets

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the firm's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares of the company's stock, valued at approximately $5,419,476.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the sale, the chief executive officer now owns 148,892 shares in the company, valued at $12,014,095.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of the business's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the transaction, the executive vice president now owns 67,524 shares in the company, valued at approximately $5,419,476.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,010 shares of company stock worth $3,397,855. Corporate insiders own 0.57% of the company's stock.

Hedge Funds Weigh In On Public Service Enterprise Group

Several hedge funds have recently modified their holdings of the company. Family Firm Inc. purchased a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group during the second quarter worth about $35,000. Ashton Thomas Securities LLC purchased a new position in Public Service Enterprise Group in the third quarter valued at about $35,000. Salomon & Ludwin LLC grew its position in shares of Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 560 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in Public Service Enterprise Group during the third quarter valued at $48,000. Institutional investors own 73.34% of the company's stock.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.