Public Service Enterprise Group Incorporated (NYSE:PEG) Rating Increased to Buy at Zacks Investment Research

Public Service Enterprise Group Incorporated (NYSE:PEG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, July 4th. The firm presently has a $48.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 6.76% from the company’s previous close.

According to Zacks, “Public Service Enterprise’s consistent capital-investment plans backed by a stable liquidity position have the potential to boost its performance. Moreover, Public Service Enterprise boasts a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. Apart from focusing on transmission and distribution infrastructure, the company’s initiative to expand its renewable assets also buoys optimism.  Toward this end, the notable solar initiatives that the company currently is pursuing are the Solar Loan Program and the Solar 4 All and Solar 4 All Extension programs. However, stringent environmental regulations and commodity price volatility  may be a setback for the stock.”

A number of other equities research analysts have also commented on PEG. UBS AG upped their price objective on Public Service Enterprise Group from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, March 7th. Mizuho started coverage on Public Service Enterprise Group in a research report on Wednesday, April 19th. They issued a “neutral” rating and a $44.50 price objective on the stock. Royal Bank Of Canada lowered their price objective on Public Service Enterprise Group from $48.00 to $47.00 and set a “sector perform” rating on the stock in a research report on Friday, March 10th. BidaskClub lowered Public Service Enterprise Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 24th. Finally, Barclays PLC increased their target price on Public Service Enterprise Group from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Public Service Enterprise Group presently has a consensus rating of “Hold” and a consensus target price of $47.10.

Shares of Public Service Enterprise Group (NYSE PEG) traded up 1.40% during mid-day trading on Tuesday, reaching $44.96. 2,755,683 shares of the company’s stock were exchanged. The firm has a market cap of $22.74 billion, a P/E ratio of 43.23 and a beta of 0.38. The company has a 50 day moving average price of $43.54 and a 200 day moving average price of $44.06. Public Service Enterprise Group has a 52-week low of $39.28 and a 52-week high of $46.14.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Friday, July 28th. The utilities provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.05. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.33 billion. Public Service Enterprise Group had a return on equity of 11.17% and a net margin of 5.86%. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Analysts forecast that Public Service Enterprise Group will post $2.90 earnings per share for the current fiscal year.

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In other news, COO Ralph A. Larossa sold 24,021 shares of Public Service Enterprise Group stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $43.55, for a total value of $1,046,114.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Ralph Izzo sold 30,000 shares of Public Service Enterprise Group stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $42.83, for a total value of $1,284,900.00. Following the completion of the transaction, the chairman now owns 748,121 shares of the company’s stock, valued at approximately $32,042,022.43. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,021 shares of company stock valued at $3,733,335. Company insiders own 0.61% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Chevy Chase Trust Holdings Inc. boosted its position in shares of Public Service Enterprise Group by 3.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 440,685 shares of the utilities provider’s stock valued at $19,543,000 after buying an additional 14,760 shares during the last quarter. Private Asset Management Inc. boosted its position in shares of Public Service Enterprise Group by 2.3% in the first quarter. Private Asset Management Inc. now owns 7,364 shares of the utilities provider’s stock valued at $327,000 after buying an additional 167 shares during the last quarter. Foundry Partners LLC bought a new position in shares of Public Service Enterprise Group during the first quarter valued at about $5,372,000. Macquarie Group Ltd. raised its stake in shares of Public Service Enterprise Group by 55.0% in the fourth quarter. Macquarie Group Ltd. now owns 564,433 shares of the utilities provider’s stock valued at $24,767,000 after buying an additional 200,233 shares during the period. Finally, Wsfs Capital Management LLC acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at $413,000. Institutional investors and hedge funds own 66.17% of the company’s stock.

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

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