Public Service Enterprise Group (NYSE:PEG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Public Service Enterprise's share price has outperformed the broader industry over a year, buoyed by its consistent capital-investment plans on account of its stable liquidity position. Currently, the company expects to spend in the range of $13-$15 billion on its energy infrastructure during 2018-2020. Apart from focusing on transmission and distribution infrastructure, the company is also expanding its renewable assets. The company has a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. However any inability to comply with various regulations and obtain fair and timely rate relief could have an adverse impact on its future earnings and growth. Environmental issues like restrictions on carbon dioxide emissions and other pollutants produced by its fossil units, might increase compliance-related costs. There are also concerns over the huge capital investments.”
A number of other equities research analysts also recently weighed in on PEG. Morgan Stanley lifted their target price on Public Service Enterprise Group from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, March 8th. UBS began coverage on Public Service Enterprise Group in a report on Friday, February 2nd. They set a “neutral” rating and a $52.00 target price for the company. Mizuho reissued a “hold” rating and set a $47.00 target price on shares of Public Service Enterprise Group in a report on Friday, March 2nd. Royal Bank of Canada reissued a “hold” rating and set a $52.00 target price on shares of Public Service Enterprise Group in a report on Wednesday, March 14th. Finally, JPMorgan Chase & Co. dropped their target price on Public Service Enterprise Group from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, March 5th. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Public Service Enterprise Group has an average rating of “Buy” and an average target price of $51.23.
Shares of Public Service Enterprise Group (PEG) opened at $48.39 on Tuesday. Public Service Enterprise Group has a twelve month low of $41.67 and a twelve month high of $53.28. The stock has a market capitalization of $24,884.90, a price-to-earnings ratio of 15.61, a price-to-earnings-growth ratio of 4.02 and a beta of 0.46. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 0.87.
Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Public Service Enterprise Group had a return on equity of 11.25% and a net margin of 17.33%. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm posted $0.54 EPS. equities research analysts expect that Public Service Enterprise Group will post 3.15 earnings per share for the current fiscal year.
In related news, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $48.36, for a total value of $1,007,483.88. Following the completion of the transaction, the chairman now owns 652,180 shares of the company’s stock, valued at $31,539,424.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 62,499 shares of company stock valued at $3,137,658. 0.58% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Commerzbank Aktiengesellschaft FI acquired a new position in Public Service Enterprise Group in the third quarter valued at about $340,000. Bank of Montreal Can raised its stake in Public Service Enterprise Group by 12.5% in the fourth quarter. Bank of Montreal Can now owns 819,808 shares of the utilities provider’s stock valued at $42,219,000 after purchasing an additional 91,251 shares in the last quarter. California Public Employees Retirement System raised its stake in Public Service Enterprise Group by 6.5% in the third quarter. California Public Employees Retirement System now owns 1,441,287 shares of the utilities provider’s stock valued at $66,660,000 after purchasing an additional 87,822 shares in the last quarter. Alliance Wealth Management Group raised its stake in Public Service Enterprise Group by 100.0% in the third quarter. Alliance Wealth Management Group now owns 24,222 shares of the utilities provider’s stock valued at $1,120,000 after purchasing an additional 12,111 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Public Service Enterprise Group by 2.0% in the third quarter. Schwab Charles Investment Management Inc. now owns 1,820,918 shares of the utilities provider’s stock valued at $84,218,000 after purchasing an additional 35,284 shares in the last quarter. 68.33% of the stock is owned by institutional investors and hedge funds.
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Public Service Enterprise Group Company Profile
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.
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