Zacks Reiterates “Neutral” Rating for Public Service Enterprise Group (PEG)
Public Service Enterprise Group (NYSE:PEG)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Thursday. They currently have a $38.00 target price on the stock. Zacks‘s price target points to a potential upside of 5.29% from the company’s current price.
Zacks’ analyst wrote, “Public Service Enterprise Group reported mixed results in second-quarter 2014 – earnings per share missed the Zacks Consensus Estimate while revenues beat the mark. On a year over year basis, bottom line improved primarily on the heels of improvement in gas sales volume and positive impacts from investments at the rate regulated businesses. We appreciate the company’s strategic investments in infrastructure ventures, which will subsequently enable it to serve more customers besides providing reliable services. In addition, the company’s stable liquidity position backed by strong cash generation capacity, a well-diversified set of regulated and non-regulated assets and focus on expanding renewable assets are expected to act as key growth drivers. However, commodity price volatility and stringent environmental regulations could adversely impact the company’s future performance. Thus, we are maintaining our Neutral recommendation.”
Public Service Enterprise Group (NYSE:PEG) traded down 2.11% on Thursday, hitting $35.33. The stock had a trading volume of 2,375,320 shares. Public Service Enterprise Group has a 1-year low of $31.25 and a 1-year high of $41.38. The stock’s 50-day moving average is $38.32 and its 200-day moving average is $37.14. The company has a market cap of $17.874 billion and a P/E ratio of 13.99. Public Service Enterprise Group also saw a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 16,672,660 shares, a decline of 25.2% from the June 30th total of 22,294,907 shares. Currently, 3.3% of the company’s shares are short sold. Based on an average daily trading volume, of 3,835,370 shares, the days-to-cover ratio is currently 4.3 days.
Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.49 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.51 by $0.02. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the company posted $0.48 earnings per share. Public Service Enterprise Group’s revenue was down 2.6% compared to the same quarter last year. On average, analysts predict that Public Service Enterprise Group will post $2.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Saturday, September 6th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Wednesday, September 3rd.
A number of other analysts have also recently weighed in on PEG. Analysts at Jefferies Group cut their price target on shares of Public Service Enterprise Group from $44.00 to $41.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, July 23rd. They now have a $50.00 price target on the stock, up previously from $44.00. Finally, analysts at Macquarie cut their price target on shares of Public Service Enterprise Group from $39.00 to $38.00 in a research note on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Public Service Enterprise Group has an average rating of “Hold” and an average target price of $39.67.
Public Service Enterprise Group Incorporated (NYSE:PEG) is an energy company.
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