Public Service Enterprise Group Inc. (NYSE:PEG) Short Interest Update

Public Service Enterprise Group Inc. (NYSE:PEG) was the target of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 9,769,900 shares, a growth of 10.5% from the June 30th total of 8,840,900 shares. Based on an average daily volume of 2,240,000 shares, the short-interest ratio is currently 4.4 days. Approximately 1.9% of the company’s shares are sold short.

Several research analysts have recently issued reports on the company. Citigroup downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target for the company. in a research note on Monday, July 29th. JPMorgan Chase & Co. downgraded Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $64.00 to $62.00 in a research note on Tuesday, April 23rd. Mizuho lifted their price target on Public Service Enterprise Group from $61.50 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. Morgan Stanley lifted their price target on Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, Bank of America downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research note on Friday, July 19th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $62.46.

In other Public Service Enterprise Group news, CFO Daniel J. Cregg sold 625 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.45, for a total value of $37,781.25. Following the completion of the sale, the chief financial officer now directly owns 60,208 shares of the company’s stock, valued at $3,639,573.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Ralph Izzo sold 52,407 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.78, for a total transaction of $3,080,483.46. Following the completion of the transaction, the chairman now owns 419,818 shares in the company, valued at $24,676,902.04. The disclosure for this sale can be found here. Insiders sold 163,421 shares of company stock valued at $9,493,650 over the last three months. 0.51% of the stock is currently owned by insiders.



Institutional investors and hedge funds have recently made changes to their positions in the business. Zions Bancorporation N.A. acquired a new stake in Public Service Enterprise Group during the 1st quarter worth about $25,000. Berman Capital Advisors LLC boosted its position in shares of Public Service Enterprise Group by 79.0% during the 2nd quarter. Berman Capital Advisors LLC now owns 460 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 203 shares in the last quarter. Stonebridge Capital Advisors LLC bought a new position in shares of Public Service Enterprise Group during the 2nd quarter worth about $29,000. Thor Advisors LLC bought a new position in shares of Public Service Enterprise Group during the 1st quarter worth about $45,000. Finally, Executive Wealth Management LLC boosted its position in shares of Public Service Enterprise Group by 137.4% during the 2nd quarter. Executive Wealth Management LLC now owns 781 shares of the utilities provider’s stock worth $46,000 after purchasing an additional 452 shares in the last quarter. 68.78% of the stock is currently owned by institutional investors.

PEG traded up $0.29 during midday trading on Friday, hitting $58.05. The company’s stock had a trading volume of 59,373 shares, compared to its average volume of 2,628,528. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 0.99. The firm has a market cap of $29.30 billion, a P/E ratio of 18.61, a PEG ratio of 7.84 and a beta of 0.33. The firm has a 50-day moving average price of $58.91 and a two-hundred day moving average price of $58.91. Public Service Enterprise Group has a 52-week low of $49.22 and a 52-week high of $61.63.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.04). The business had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same quarter last year, the firm earned $0.64 EPS. On average, equities analysts expect that Public Service Enterprise Group will post 3.24 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.24%. The ex-dividend date is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 60.26%.

About Public Service Enterprise Group

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; 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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