Public Service Enterprise Group (PEG) Upgraded to Buy at Zacks Investment Research

Public Service Enterprise Group (NYSE:PEG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $53.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.58% from the stock’s current price.

According to Zacks, “Public Service Enterprise's consistent capital-investment plans backed by a stable liquidity position have the potential to boost its performance. The investments made so far have helped in increasing the fleet's generation capacity and improve its operating efficiency. Apart from focusing on transmission and distribution infrastructure, the company is also expanding its renewable assets. The company has a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. Its share price has outperformed the broader industry over a year. However, the company’s huge capital investment remains a concern.”

PEG has been the subject of several other research reports. Macquarie upgraded Public Service Enterprise Group from a “neutral” rating to an “outperform” rating in a report on Monday, January 22nd. Morgan Stanley raised their price objective on Public Service Enterprise Group from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, December 13th. UBS Group assumed coverage on Public Service Enterprise Group in a report on Friday, February 2nd. They set a “neutral” rating and a $52.00 price target for the company. Bank of America assumed coverage on Public Service Enterprise Group in a report on Tuesday, October 24th. They set a “neutral” rating and a $49.00 price target for the company. Finally, ValuEngine upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Public Service Enterprise Group currently has an average rating of “Buy” and an average price target of $51.04.

Shares of Public Service Enterprise Group (NYSE:PEG) traded down $0.12 during midday trading on Tuesday, hitting $47.50. The stock had a trading volume of 809,243 shares, compared to its average volume of 3,799,109. The company has a market cap of $23,905.27, a PE ratio of 45.92, a price-to-earnings-growth ratio of 4.46 and a beta of 0.39. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.80 and a quick ratio of 0.56. Public Service Enterprise Group has a 12 month low of $41.67 and a 12 month high of $53.28.

In other news, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $51.25, for a total transaction of $1,067,691.25. Following the completion of the sale, the chairman now owns 645,934 shares in the company, valued at $33,104,117.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Derek M. Dirisio sold 2,185 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $51.50, for a total value of $112,527.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,684 shares of company stock valued at $3,344,767. Corporate insiders own 0.61% of the company’s stock.

Several large investors have recently modified their holdings of PEG. Dimensional Fund Advisors LP boosted its holdings in shares of Public Service Enterprise Group by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 911,146 shares of the utilities provider’s stock worth $39,188,000 after acquiring an additional 14,037 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Public Service Enterprise Group by 529.9% during the second quarter. Janus Henderson Group PLC now owns 417,887 shares of the utilities provider’s stock worth $17,974,000 after acquiring an additional 351,547 shares during the period. Gotham Asset Management LLC bought a new stake in shares of Public Service Enterprise Group during the second quarter worth approximately $535,000. Colony Group LLC bought a new stake in shares of Public Service Enterprise Group during the second quarter worth approximately $268,000. Finally, WINTON GROUP Ltd boosted its holdings in shares of Public Service Enterprise Group by 31.8% during the second quarter. WINTON GROUP Ltd now owns 28,839 shares of the utilities provider’s stock worth $1,240,000 after acquiring an additional 6,957 shares during the period. Institutional investors own 66.40% 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.

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