Public Service Enterprise Group (PEG) Upgraded to “Buy” at UBS Group

UBS Group upgraded shares of Public Service Enterprise Group (NYSE:PEG) from a neutral rating to a buy rating in a report issued on Wednesday morning, The Fly reports. UBS Group currently has $60.00 target price on the utilities provider’s stock, up from their previous target price of $56.00.

Several other analysts also recently commented on the stock. Morgan Stanley reduced their price objective on shares of Public Service Enterprise Group from $60.00 to $59.00 and set a buy rating for the company in a research report on Friday, September 21st. Goldman Sachs Group downgraded shares of Public Service Enterprise Group from a buy rating to a neutral rating and reduced their price objective for the stock from $55.00 to $53.00 in a research report on Thursday, July 19th. Wells Fargo & Co reduced their price objective on shares of Public Service Enterprise Group from $63.00 to $60.00 and set an outperform rating for the company in a research report on Monday, September 17th. Mizuho reaffirmed a hold rating and set a $50.00 price objective on shares of Public Service Enterprise Group in a research report on Monday, August 6th. Finally, Deutsche Bank downgraded shares of Public Service Enterprise Group from a buy rating to a hold rating in a research report on Tuesday, July 3rd. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $55.31.

Public Service Enterprise Group stock opened at $53.68 on Wednesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.71 and a quick ratio of 0.52. Public Service Enterprise Group has a 52-week low of $46.19 and a 52-week high of $55.36. The company has a market cap of $26.68 billion, a price-to-earnings ratio of 18.32, a PEG ratio of 2.86 and a beta of 0.32.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Wednesday, August 1st. The utilities provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.63 by $0.01. The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.37 billion. Public Service Enterprise Group had a net margin of 23.69% and a return on equity of 11.03%. During the same quarter last year, the firm posted $0.62 EPS. Analysts forecast that Public Service Enterprise Group will post 3.09 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Thursday, September 6th. Public Service Enterprise Group’s payout ratio is currently 61.43%.

In related news, Chairman Ralph Izzo sold 49,829 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $52.60, for a total value of $2,621,005.40. Following the completion of the sale, the chairman now owns 578,910 shares of the company’s stock, valued at approximately $30,450,666. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 123,069 shares of company stock valued at $6,430,191. 0.58% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PEG. American Research & Management Co. acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at $108,000. NuWave Investment Management LLC acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at $118,000. Squar Milner Financial Services LLC acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at $149,000. Cordasco Financial Network grew its position in Public Service Enterprise Group by 63.1% in the 2nd quarter. Cordasco Financial Network now owns 2,842 shares of the utilities provider’s stock valued at $154,000 after purchasing an additional 1,100 shares during the period. Finally, Centaurus Financial Inc. acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at $161,000. 68.45% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Company Profile

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.

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