Public Service Enterprise Group (NYSE:PEG) Price Target Raised to $98.00

by · The Markets Daily

Public Service Enterprise Group (NYSE:PEG – Free Report) had its price target increased by Barclays from $80.00 to $98.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

A number of other analysts also recently issued reports on PEG. Morgan Stanley lifted their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an overweight rating in a report on Monday, September 23rd. UBS Group lifted their target price on shares of Public Service Enterprise Group from $87.00 to $94.00 and gave the stock a neutral rating in a research note on Tuesday, September 24th. Royal Bank of Canada increased their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an outperform rating in a research note on Monday, July 15th. Bank of America lifted their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a buy rating in a research report on Thursday, August 29th. Finally, LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a hold rating to a strong-buy rating in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $84.62.

Check Out Our Latest Stock Analysis on Public Service Enterprise Group

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $90.04 on Monday. The company has a market cap of $44.85 billion, a P/E ratio of 25.21, a P/E/G ratio of 3.32 and a beta of 0.61. Public Service Enterprise Group has a twelve month low of $56.85 and a twelve month high of $92.20. The company’s 50-day moving average price is $83.10 and its 200-day moving average price is $75.81. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG – Get Free Report) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the business earned $0.70 earnings per share. On average, sell-side analysts forecast that Public Service Enterprise Group will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Tamara Louise Linde sold 9,563 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the transaction, the executive vice president now owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,446 shares of company stock worth $2,531,260 over the last three months. Company insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Public Service Enterprise Group

Several hedge funds and other institutional investors have recently made changes to their positions in PEG. Family Firm Inc. acquired a new stake in Public Service Enterprise Group in the second quarter valued at approximately $33,000. OFI Invest Asset Management acquired a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group during the 1st quarter worth $36,000. Salomon & Ludwin LLC grew its stake in shares of Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 560 shares in the last quarter. Finally, Scarborough Advisors LLC purchased a new position in Public Service Enterprise Group in the fourth quarter valued at $41,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Company Profile

(Get Free Report)

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.

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