Public Service Enterprise Group (NYSE:PEG) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Public Service Enterprise Group (NYSE:PEG - Free Report) from a sell rating to a hold rating in a report published on Wednesday morning.

Several other analysts have also issued reports on PEG. Scotiabank upped their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a "sector perform" rating in a research note on Thursday, December 12th. Bank of America lowered their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Barclays downgraded Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $88.00 to $84.00 in a research report on Monday, January 27th. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a "market perform" rating in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company lowered their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.83.

Remove Ads

Public Service Enterprise Group Price Performance

Shares of PEG traded up $0.90 during trading hours on Wednesday, reaching $79.10. 4,391,970 shares of the company's stock traded hands, compared to its average volume of 2,671,094. The stock has a market cap of $39.44 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.78 and a beta of 0.60. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The firm's 50 day simple moving average is $84.27 and its 200-day simple moving average is $86.03. Public Service Enterprise Group has a 12 month low of $63.31 and a 12 month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. Public Service Enterprise Group's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share. Equities analysts expect that Public Service Enterprise Group will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Monday, March 10th. This is an increase from Public Service Enterprise Group's previous quarterly dividend of $0.60. Public Service Enterprise Group's dividend payout ratio is currently 71.19%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the transaction, the chief executive officer now owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Public Service Enterprise Group by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider's stock worth $5,134,882,000 after purchasing an additional 492,517 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Public Service Enterprise Group by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 12,195,300 shares of the utilities provider's stock worth $1,027,725,000 after acquiring an additional 365,666 shares during the last quarter. Invesco Ltd. grew its stake in shares of Public Service Enterprise Group by 10.2% in the fourth quarter. Invesco Ltd. now owns 6,525,305 shares of the utilities provider's stock worth $551,323,000 after acquiring an additional 604,978 shares during the last quarter. Northern Trust Corp grew its stake in shares of Public Service Enterprise Group by 6.1% in the fourth quarter. Northern Trust Corp now owns 5,807,124 shares of the utilities provider's stock worth $490,644,000 after acquiring an additional 335,135 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Public Service Enterprise Group by 19.4% in the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider's stock worth $481,825,000 after acquiring an additional 877,345 shares during the last quarter. Institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Company 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.