Public Service Enterprise Group (NYSE:PEG) Price Target Cut to $62.00

Public Service Enterprise Group (NYSE:PEG) had its price objective reduced by investment analysts at Scotiabank from $64.00 to $62.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s target price indicates a potential downside of 6.75% from the stock’s current price.

A number of other brokerages also recently commented on PEG. Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. Royal Bank of Canada raised their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Wells Fargo & Company boosted their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Finally, Barclays increased their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average target price of $67.15.

Public Service Enterprise Group Price Performance

Shares of PEG stock opened at $66.49 on Monday. Public Service Enterprise Group has a twelve month low of $53.71 and a twelve month high of $67.51. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. The stock has a fifty day simple moving average of $64.14 and a two-hundred day simple moving average of $62.14. The stock has a market capitalization of $33.15 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 2.88 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The firm’s revenue for the quarter was down 17.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. On average, analysts predict that Public Service Enterprise Group will post 3.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares of the company’s stock, valued at $9,684,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the transaction, the chief executive officer now owns 153,721 shares in the company, valued at approximately $9,684,423. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,948 shares of company stock valued at $511,814. 0.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

Institutional investors have recently modified their holdings of the stock. Addison Advisors LLC acquired a new stake in Public Service Enterprise Group during the fourth quarter worth about $31,000. Operose Advisors LLC increased its holdings in shares of Public Service Enterprise Group by 435.0% during the 3rd quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 435 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Public Service Enterprise Group in the 1st quarter valued at $36,000. Bruce G. Allen Investments LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter worth $36,000. Finally, CNB Bank acquired a new stake in Public Service Enterprise Group during the third quarter valued at $34,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

About Public Service Enterprise Group

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.