Public Service Enterprise Group (PEG) PT Raised to $58.00 at Morgan Stanley

Public Service Enterprise Group (NYSE:PEG) had its price objective increased by equities research analysts at Morgan Stanley from $56.00 to $58.00 in a research note issued on Wednesday. The firm currently has an “overweight” rating on the utilities provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 11.52% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Bank of America assumed coverage on Public Service Enterprise Group in a report on Tuesday, October 24th. They issued a “neutral” rating and a $49.00 price target for the company. Evercore ISI raised Public Service Enterprise Group from an “in-line” rating to an “outperform” rating and increased their price target for the company from $46.75 to $50.00 in a report on Monday, September 25th. Zacks Investment Research raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a report on Tuesday, October 10th. Barclays raised Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $49.00 to $51.00 in a report on Friday, September 22nd. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $46.50 price target on shares of Public Service Enterprise Group in a report on Thursday, October 12th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $50.81.

Shares of Public Service Enterprise Group (PEG) traded down $0.39 during trading on Wednesday, hitting $52.01. The company’s stock had a trading volume of 4,230,400 shares, compared to its average volume of 2,836,210. Public Service Enterprise Group has a fifty-two week low of $41.67 and a fifty-two week high of $53.28. The firm has a market capitalization of $26,516.43, a PE ratio of 18.07, a P/E/G ratio of 6.55 and a beta of 0.41. The company has a quick ratio of 0.56, a current ratio of 0.80 and a debt-to-equity ratio of 0.86.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, October 31st. The utilities provider reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). Public Service Enterprise Group had a net margin of 5.73% and a return on equity of 11.33%. The firm had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period in the previous year, the company earned $0.88 EPS. Public Service Enterprise Group’s revenue was down 7.6% compared to the same quarter last year. equities analysts forecast that Public Service Enterprise Group will post 2.92 EPS for the current fiscal year.

In other news, COO Ralph A. Larossa sold 33,000 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $50.12, for a total transaction of $1,653,960.00. Following the completion of the transaction, the chief operating officer now directly owns 81,241 shares in the company, valued at $4,071,798.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Ralph Izzo sold 79,920 shares of the firm’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $48.83, for a total value of $3,902,493.60. The disclosure for this sale can be found here. Insiders sold 263,951 shares of company stock valued at $13,045,041 over the last quarter. 0.61% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Public Service Enterprise Group by 2.4% during the second quarter. Vanguard Group Inc. now owns 35,870,541 shares of the utilities provider’s stock worth $1,542,792,000 after buying an additional 828,458 shares during the period. Nordea Investment Management AB boosted its position in shares of Public Service Enterprise Group by 1.8% during the third quarter. Nordea Investment Management AB now owns 11,274,720 shares of the utilities provider’s stock worth $521,456,000 after buying an additional 199,441 shares during the period. Federated Investors Inc. PA boosted its holdings in Public Service Enterprise Group by 179.9% in the second quarter. Federated Investors Inc. PA now owns 6,711,861 shares of the utilities provider’s stock valued at $288,677,000 after purchasing an additional 4,314,015 shares during the period. Legal & General Group Plc boosted its holdings in Public Service Enterprise Group by 2.2% in the third quarter. Legal & General Group Plc now owns 3,211,024 shares of the utilities provider’s stock valued at $148,510,000 after purchasing an additional 70,089 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in Public Service Enterprise Group by 16.3% in the third quarter. Wells Fargo & Company MN now owns 2,681,594 shares of the utilities provider’s stock valued at $124,024,000 after purchasing an additional 376,379 shares during the period. Institutional investors and hedge funds own 66.77% of the company’s stock.

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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.

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