Public Service Enterprise Group Incorporated (PEG) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Public Service Enterprise Group Incorporated (NYSE:PEG) from a buy rating to a hold rating in a research report report published on Monday.

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 is also expanding its renewable assets. Further, its share price outperformed the broader industry in past one year. However, environmental issues, such as restrictions on carbon dioxide emissions and other pollutants produced by Public Service Enterprise’s fossil units, may enhance compliance-related costs for the company.”

PEG has been the subject of a number of other research reports. BidaskClub raised Public Service Enterprise Group from a hold rating to a buy rating in a report on Saturday, August 26th. Morgan Stanley increased their target price on Public Service Enterprise Group from $51.00 to $53.00 and gave the stock an equal weight rating in a report on Friday, September 8th. Mizuho raised Public Service Enterprise Group from a neutral rating to a buy rating and increased their target price for the stock from $44.50 to $50.00 in a report on Friday, August 11th. Citigroup Inc. reaffirmed a neutral rating and set a $49.00 target price (up previously from $44.00) on shares of Public Service Enterprise Group in a report on Thursday, August 10th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a buy rating on shares of Public Service Enterprise Group in a report on Tuesday, June 27th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Public Service Enterprise Group has a consensus rating of Buy and an average price target of $48.46.

Shares of Public Service Enterprise Group (NYSE PEG) opened at 45.60 on Monday. Public Service Enterprise Group has a 1-year low of $39.28 and a 1-year high of $47.47. The company’s 50-day moving average price is $46.20 and its 200 day moving average price is $44.64. The stock has a market cap of $23.07 billion, a PE ratio of 51.24 and a beta of 0.39.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.05. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.33 billion. Public Service Enterprise Group had a return on equity of 11.46% and a net margin of 4.88%. During the same quarter in the prior year, the business posted $0.57 earnings per share. Equities analysts forecast that Public Service Enterprise Group will post $2.92 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 193.26%.

In related news, insider Derek M. Dirisio sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $47.11, for a total value of $70,665.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Ralph Izzo sold 23,400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $45.23, for a total value of $1,058,382.00. Following the completion of the sale, the chairman now directly owns 748,474 shares in the company, valued at approximately $33,853,479.02. The disclosure for this sale can be found here. In the last three months, insiders sold 54,900 shares of company stock worth $2,413,947. Company insiders own 0.61% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PEG. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Public Service Enterprise Group by 19.7% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,314 shares of the utilities provider’s stock worth $103,000 after purchasing an additional 381 shares during the last quarter. Hudock Capital Group LLC lifted its holdings in shares of Public Service Enterprise Group by 38.8% in the 2nd quarter. Hudock Capital Group LLC now owns 2,629 shares of the utilities provider’s stock worth $113,000 after purchasing an additional 735 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Public Service Enterprise Group by 0.8% in the 1st quarter. Parallel Advisors LLC now owns 2,615 shares of the utilities provider’s stock worth $114,000 after purchasing an additional 20 shares during the last quarter. Vantage Investment Advisors LLC lifted its holdings in shares of Public Service Enterprise Group by 35.3% in the 2nd quarter. Vantage Investment Advisors LLC now owns 2,685 shares of the utilities provider’s stock worth $115,000 after purchasing an additional 700 shares during the last quarter. Finally, IHT Wealth Management LLC lifted its holdings in shares of Public Service Enterprise Group by 45.9% in the 2nd quarter. IHT Wealth Management LLC now owns 642 shares of the utilities provider’s stock worth $131,000 after purchasing an additional 202 shares during the last quarter. 65.88% of the stock is currently owned by institutional investors and hedge funds.

About Public Service Enterprise Group

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.

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

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