Public Service Enterprise Group Incorporated (PEG) Lowered to “Hold” at Zacks Investment Research
Public Service Enterprise Group Incorporated (NYSE:PEG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Public Service Enterprise reported dismal quarterly numbers for the third quarter of 2017. Both the top and bottom-line figures failed to meet the respective Zacks Consensus Estimates. Year over year also results were disappointing. Nevertheless, the company’s consistent capital-investment plans backed by a stable liquidity position have the potential to boost its performance. Apart from focusing on transmission and distribution infrastructure, the company is also expanding its renewable assets. Its share price has outperformed the broader industry over a 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. The company’s huge capital investment also remains a concern.”
A number of other research analysts have also weighed in on the company. Wells Fargo & Company raised Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a report on Wednesday. Argus lifted their target price on Public Service Enterprise Group from $51.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Bank of America Corporation assumed coverage on Public Service Enterprise Group in a report on Tuesday, October 24th. They set a “neutral” rating and a $49.00 target price for the company. J P Morgan Chase & Co lifted their target price on Public Service Enterprise Group from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday, October 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $46.50 target price on shares of Public Service Enterprise Group in a report on Thursday, October 12th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $50.42.
Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, October 31st. The utilities provider reported $0.82 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.02). The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Public Service Enterprise Group had a net margin of 5.73% and a return on equity of 11.35%. The firm’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.88 EPS.
In other Public Service Enterprise Group news, insider Derek M. Dirisio sold 1,500 shares of the company’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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Ralph Izzo sold 20,833 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $46.50, for a total value of $968,734.50. The disclosure for this sale can be found here. Insiders have sold 148,640 shares of company stock valued at $7,225,740 in the last three months. 0.61% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. First Premier Bank purchased a new stake in Public Service Enterprise Group in the fourth quarter worth approximately $3,145,000. Eastern Bank boosted its stake in Public Service Enterprise Group by 2.0% in the fourth quarter. Eastern Bank now owns 45,005 shares of the utilities provider’s stock worth $1,741,000 after buying an additional 867 shares in the last quarter. Parkwood LLC bought a new stake in Public Service Enterprise Group in the fourth quarter valued at approximately $1,243,000. Swiss National Bank lifted its position in Public Service Enterprise Group by 1.8% in the fourth quarter. Swiss National Bank now owns 918,977 shares of the utilities provider’s stock valued at $35,555,000 after purchasing an additional 16,300 shares during the last quarter. Finally, Concert Wealth Management Inc. lifted its position in Public Service Enterprise Group by 2.4% in the second quarter. Concert Wealth Management Inc. now owns 4,998 shares of the utilities provider’s stock valued at $236,000 after purchasing an additional 116 shares during the last quarter. 64.85% of the stock is owned by institutional investors and hedge funds.
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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