Public Service Enterprise Group (PEG) Stock Rating Reaffirmed by Guggenheim

Public Service Enterprise Group (NYSE:PEG)‘s stock had its “buy” rating reissued by analysts at Guggenheim in a research note issued to investors on Friday. They currently have a $56.00 target price on the utilities provider’s stock. Guggenheim’s price objective suggests a potential upside of 10.83% from the company’s previous close.

Several other analysts also recently issued reports on PEG. Wells Fargo & Co raised shares of Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a research report on Wednesday, November 1st. Zacks Investment Research downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Thursday, November 2nd. Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $56.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, December 13th. Macquarie raised shares of Public Service Enterprise Group from a “neutral” rating to an “outperform” rating in a research report on Monday, January 22nd. Finally, ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $50.89.

Public Service Enterprise Group (PEG) traded up $1.35 during midday trading on Friday, reaching $50.53. 2,637,456 shares of the company traded hands, compared to its average volume of 3,604,998. Public Service Enterprise Group has a 52-week low of $41.67 and a 52-week high of $53.28. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.80 and a quick ratio of 0.56. The stock has a market capitalization of $24,886.99, a price-to-earnings ratio of 49.06, a price-to-earnings-growth ratio of 4.17 and a beta of 0.39.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. Public Service Enterprise Group had a net margin of 5.73% and a return on equity of 11.33%. The firm had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm posted $0.54 earnings per share. sell-side analysts anticipate that Public Service Enterprise Group will post 2.91 earnings per share for the current fiscal year.

In other news, Chairman Ralph Izzo sold 20,833 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $51.25, for a total transaction of $1,067,691.25. Following the completion of the sale, the chairman now owns 645,934 shares of the company’s stock, valued at $33,104,117.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 62,499 shares of company stock valued at $3,232,240 in the last three months. Corporate insiders own 0.61% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PEG. BlackRock Inc. boosted its holdings in Public Service Enterprise Group by 1.4% in the fourth quarter. BlackRock Inc. now owns 48,420,436 shares of the utilities provider’s stock worth $2,493,654,000 after purchasing an additional 674,875 shares during the period. Nordea Investment Management AB boosted its holdings in Public Service Enterprise Group by 1.8% in the third quarter. Nordea Investment Management AB now owns 11,274,720 shares of the utilities provider’s stock worth $521,456,000 after purchasing an additional 199,441 shares during the period. Bank of New York Mellon Corp boosted its holdings in Public Service Enterprise Group by 14.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,947,022 shares of the utilities provider’s stock worth $357,772,000 after purchasing an additional 892,228 shares during the period. Allianz Asset Management GmbH boosted its holdings in Public Service Enterprise Group by 14.0% in the fourth quarter. Allianz Asset Management GmbH now owns 3,590,147 shares of the utilities provider’s stock worth $184,892,000 after purchasing an additional 441,556 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Public Service Enterprise Group by 2.2% in the third quarter. Legal & General Group Plc now owns 3,211,024 shares of the utilities provider’s stock worth $148,510,000 after purchasing an additional 70,089 shares during the period. 66.78% of the stock is owned by institutional investors and hedge funds.

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About Public Service Enterprise Group

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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