Public Service Enterprise Group (PEG) Raised to Buy at Bank of America

Public Service Enterprise Group (NYSE:PEG) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, The Fly reports.

Other equities analysts also recently issued research reports about the company. Wells Fargo reiterated an “outperform” rating and issued a $56.00 target price (down previously from $59.00) on shares of Public Service Enterprise Group in a report on Monday, February 26th. Guggenheim reiterated a “buy” rating and issued a $56.00 target price on shares of Public Service Enterprise Group in a report on Friday, February 23rd. Zacks Investment Research downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Monday, February 19th. Morgan Stanley dropped their target price on Public Service Enterprise Group from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, February 13th. Finally, Mizuho downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating in a report on Monday, February 5th. They noted that the move was a valuation call. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $51.61.

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Shares of PEG opened at $49.88 on Monday. The stock has a market capitalization of $25,177.66, a PE ratio of 17.02, a price-to-earnings-growth ratio of 4.07 and a beta of 0.39. Public Service Enterprise Group has a fifty-two week low of $41.67 and a fifty-two week high of $53.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.59 and a current ratio of 0.79.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Friday, February 23rd. The utilities provider reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.36 billion. Public Service Enterprise Group had a return on equity of 11.25% and a net margin of 17.33%. During the same quarter in the prior year, the company earned $0.54 EPS. sell-side analysts expect that Public Service Enterprise Group will post 3.15 EPS for the current fiscal year.

In related news, Chairman Ralph Izzo sold 20,833 shares of the stock in a transaction that occurred on 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 transaction, the chairman now owns 652,180 shares in the company, valued at $31,539,424.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 62,499 shares of company stock worth $3,109,534 in the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Boston Advisors LLC boosted its position in Public Service Enterprise Group by 0.4% during the fourth quarter. Boston Advisors LLC now owns 234,061 shares of the utilities provider’s stock worth $12,054,000 after purchasing an additional 1,017 shares during the period. Mariner Wealth Advisors LLC boosted its position in Public Service Enterprise Group by 11.0% during the fourth quarter. Mariner Wealth Advisors LLC now owns 11,360 shares of the utilities provider’s stock worth $585,000 after purchasing an additional 1,122 shares during the period. BB&T Investment Services Inc. boosted its position in Public Service Enterprise Group by 14.2% during the fourth quarter. BB&T Investment Services Inc. now owns 9,541 shares of the utilities provider’s stock worth $486,000 after purchasing an additional 1,183 shares during the period. Tompkins Financial Corp boosted its position in Public Service Enterprise Group by 1.9% during the fourth quarter. Tompkins Financial Corp now owns 69,497 shares of the utilities provider’s stock worth $3,579,000 after purchasing an additional 1,329 shares during the period. Finally, Rare Infrastructure Ltd boosted its position in Public Service Enterprise Group by 42.4% during the fourth quarter. Rare Infrastructure Ltd now owns 4,765 shares of the utilities provider’s stock worth $246,000 after purchasing an additional 1,418 shares during the period. 68.37% of the stock is owned by hedge funds and other institutional investors.

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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.

The Fly

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

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