Macquarie Increases Public Service Enterprise Group (PEG) Price Target to $57.00

Public Service Enterprise Group (NYSE:PEG) had its target price hoisted by Macquarie from $55.50 to $57.00 in a research report issued to clients and investors on Monday. The brokerage presently has an “outperform” rating on the utilities provider’s stock. Macquarie’s price target indicates a potential upside of 9.32% from the company’s current price.

PEG has been the subject of a number of other reports. Goldman Sachs Group lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $55.00 to $53.00 in a research note on Thursday, July 19th. Morgan Stanley dropped their price target on Public Service Enterprise Group from $60.00 to $59.00 and set a “buy” rating for the company in a research note on Friday. ValuEngine upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research report on Tuesday, June 26th. Citigroup upped their price objective on Public Service Enterprise Group from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, July 9th. Finally, Deutsche Bank downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.43.

Shares of Public Service Enterprise Group stock opened at $52.14 on Monday. Public Service Enterprise Group has a 12 month low of $45.73 and a 12 month high of $54.50. The company has a market cap of $26.35 billion, a P/E ratio of 17.80, a PEG ratio of 2.82 and a beta of 0.32. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.71 and a quick ratio of 0.52.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Wednesday, August 1st. The utilities provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. Public Service Enterprise Group had a return on equity of 11.03% and a net margin of 23.69%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period in the prior year, the company earned $0.62 earnings per share. research analysts predict that Public Service Enterprise Group will post 3.09 earnings per share for the current year.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 20,833 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $50.60, for a total transaction of $1,054,149.80. Following the sale, the chairman now directly owns 557,716 shares in the company, valued at $28,220,429.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 91,495 shares of company stock worth $4,797,012. Company insiders own 0.58% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. CIBC World Markets Inc. purchased a new stake in shares of Public Service Enterprise Group in the second quarter worth approximately $811,000. Toronto Dominion Bank raised its holdings in shares of Public Service Enterprise Group by 19.3% in the second quarter. Toronto Dominion Bank now owns 324,730 shares of the utilities provider’s stock worth $17,577,000 after buying an additional 52,549 shares during the period. Glen Harbor Capital Management LLC raised its holdings in shares of Public Service Enterprise Group by 6.0% in the second quarter. Glen Harbor Capital Management LLC now owns 17,752 shares of the utilities provider’s stock worth $961,000 after buying an additional 1,008 shares during the period. Pinnacle Associates Ltd. raised its holdings in shares of Public Service Enterprise Group by 3.3% in the second quarter. Pinnacle Associates Ltd. now owns 30,718 shares of the utilities provider’s stock worth $1,663,000 after buying an additional 993 shares during the period. Finally, Twin Capital Management Inc. raised its holdings in shares of Public Service Enterprise Group by 3.5% in the second quarter. Twin Capital Management Inc. now owns 175,210 shares of the utilities provider’s stock worth $9,486,000 after buying an additional 5,880 shares during the period. Hedge funds and other institutional investors own 68.40% of the company’s stock.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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

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