StockNews.com Downgrades Public Service Enterprise Group (NYSE:PEG) to Sell

StockNews.com lowered shares of Public Service Enterprise Group (NYSE:PEGGet Rating) from a hold rating to a sell rating in a report published on Wednesday.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company raised their price objective on Public Service Enterprise Group from $82.00 to $87.00 and gave the company an overweight rating in a research report on Tuesday, April 12th. Barclays cut their price objective on Public Service Enterprise Group from $75.00 to $66.00 and set an equal weight rating for the company in a research report on Monday, July 18th. Mizuho cut their price objective on Public Service Enterprise Group from $73.00 to $68.00 and set a buy rating for the company in a research report on Tuesday, July 12th. Morgan Stanley dropped their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an overweight rating for the company in a research report on Monday, May 23rd. Finally, TheStreet lowered Public Service Enterprise Group from a b rating to a c rating in a research report on Monday, June 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $70.36.

Public Service Enterprise Group Trading Up 0.0 %

Shares of PEG stock opened at $64.74 on Wednesday. Public Service Enterprise Group has a 52-week low of $58.19 and a 52-week high of $75.61. The company has a current ratio of 0.78, a quick ratio of 0.79 and a debt-to-equity ratio of 1.23. The stock has a fifty day simple moving average of $63.21 and a two-hundred day simple moving average of $66.34.

Public Service Enterprise Group (NYSE:PEGGet Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The utilities provider reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Public Service Enterprise Group had a negative net margin of 10.59% and a positive return on equity of 13.25%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, analysts forecast that Public Service Enterprise Group will post 3.48 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 9th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.34%. The ex-dividend date is Thursday, September 8th. Public Service Enterprise Group’s payout ratio is currently -110.20%.

Insiders Place Their Bets

In other news, COO Ralph A. Larossa sold 1,054 shares of Public Service Enterprise Group stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $65.75, for a total transaction of $69,300.50. Following the completion of the sale, the chief operating officer now owns 62,313 shares of the company’s stock, valued at $4,097,079.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Public Service Enterprise Group news, CEO Ralph Izzo sold 9,883 shares of Public Service Enterprise Group stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $68.10, for a total value of $673,032.30. Following the transaction, the chief executive officer now directly owns 457,539 shares of the company’s stock, valued at $31,158,405.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Ralph A. Larossa sold 1,054 shares of Public Service Enterprise Group stock in a transaction on Friday, July 29th. The stock was sold at an average price of $65.75, for a total transaction of $69,300.50. Following the completion of the transaction, the chief operating officer now directly owns 62,313 shares in the company, valued at $4,097,079.75. The disclosure for this sale can be found here. Insiders sold a total of 32,357 shares of company stock valued at $2,133,525 over the last 90 days. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On Public Service Enterprise Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Reaves W H & Co. Inc. grew its holdings in Public Service Enterprise Group by 11.3% in the second quarter. Reaves W H & Co. Inc. now owns 1,600,543 shares of the utilities provider’s stock worth $101,282,000 after purchasing an additional 161,869 shares during the last quarter. M&T Bank Corp grew its holdings in Public Service Enterprise Group by 21.6% in the second quarter. M&T Bank Corp now owns 42,473 shares of the utilities provider’s stock worth $2,553,000 after purchasing an additional 7,555 shares during the last quarter. Archer Investment Corp grew its holdings in shares of Public Service Enterprise Group by 10,831.3% during the second quarter. Archer Investment Corp now owns 1,749 shares of the utilities provider’s stock valued at $111,000 after buying an additional 1,733 shares during the last quarter. Gilbert & Cook Inc. grew its holdings in shares of Public Service Enterprise Group by 4.7% during the second quarter. Gilbert & Cook Inc. now owns 5,760 shares of the utilities provider’s stock valued at $364,000 after buying an additional 256 shares during the last quarter. Finally, Abundance Wealth Counselors grew its holdings in shares of Public Service Enterprise Group by 5.7% during the second quarter. Abundance Wealth Counselors now owns 10,964 shares of the utilities provider’s stock valued at $694,000 after buying an additional 593 shares during the last quarter. 70.82% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Company Profile

(Get Rating)

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 PSEG Power. The PSE&G segment transmits electricity; 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.

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Analyst Recommendations for Public Service Enterprise Group (NYSE:PEG)

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