Merewether Investment Management LP Sells 848,900 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Merewether Investment Management LP cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 98.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,400 shares of the utilities provider's stock after selling 848,900 shares during the quarter. Merewether Investment Management LP's holdings in Public Service Enterprise Group were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Heritage Wealth Management Inc. bought a new stake in shares of Public Service Enterprise Group in the 2nd quarter worth approximately $422,000. DRW Securities LLC bought a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth approximately $8,244,000. QRG Capital Management Inc. increased its stake in shares of Public Service Enterprise Group by 28.0% in the second quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider's stock worth $5,227,000 after buying an additional 15,505 shares during the period. Cerity Partners LLC increased its stake in shares of Public Service Enterprise Group by 36.1% in the third quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider's stock worth $8,575,000 after buying an additional 25,503 shares during the period. Finally, CWM LLC increased its stake in shares of Public Service Enterprise Group by 72.3% in the second quarter. CWM LLC now owns 20,786 shares of the utilities provider's stock worth $1,532,000 after buying an additional 8,723 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG traded up $0.64 during midday trading on Wednesday, hitting $91.80. 1,725,175 shares of the company's stock traded hands, compared to its average volume of 2,758,048. Public Service Enterprise Group Incorporated has a 1 year low of $56.85 and a 1 year high of $95.22. The stock has a market capitalization of $45.74 billion, a price-to-earnings ratio of 22.49, a price-to-earnings-growth ratio of 3.38 and a beta of 0.62. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The firm has a fifty day moving average of $89.46 and a 200 day moving average of $81.68.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.85 EPS. On average, analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 58.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PEG shares. Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an "outperform" rating in a research report on Tuesday, October 8th. UBS Group boosted their target price on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Wells Fargo & Company boosted their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Scotiabank upped their price target on shares of 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. Finally, Barclays dropped their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group presently has an average rating of "Moderate Buy" and a consensus price target of $88.08.

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 5,900 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at approximately $2,271,660.55. This represents a 18.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kim C. Hanemann sold 956 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the transaction, the chief operating officer now owns 70,011 shares of the company's stock, valued at $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,361 shares of company stock valued at $2,356,562 in the last three months. 0.18% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Profile

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.