Public Service Enterprise Group (NYSE:PEG) Downgraded by StockNews.com

StockNews.com downgraded shares of Public Service Enterprise Group (NYSE:PEGGet Rating) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

Other equities research analysts have also recently issued research reports about the company. Mizuho reduced their price objective on Public Service Enterprise Group from $73.00 to $68.00 and set a buy rating for the company in a research note on Tuesday, July 12th. Barclays dropped their target price on Public Service Enterprise Group from $75.00 to $66.00 and set an equal weight rating on the stock in a report on Monday, July 18th. Morgan Stanley dropped their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an overweight rating on the stock in a report on Monday, May 23rd. Credit Suisse Group assumed coverage on Public Service Enterprise Group in a report on Monday, April 25th. They issued a neutral rating and a $76.00 target price on the stock. Finally, TheStreet lowered Public Service Enterprise Group from a b rating to a c rating in a report on Monday, June 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $70.36.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $64.74 on Wednesday. The business has a 50 day simple moving average of $63.21 and a 200 day simple moving average of $66.34. Public Service Enterprise Group has a one year low of $58.19 and a one year high of $75.61. The company has a quick ratio of 0.79, a current ratio of 0.78 and a debt-to-equity ratio of 1.23.

Public Service Enterprise Group (NYSE:PEGGet Rating) last released its earnings results on Tuesday, August 2nd. The utilities provider reported $0.64 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.01). Public Service Enterprise Group had a positive return on equity of 13.25% and a negative net margin of 10.59%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business earned $0.70 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Public Service Enterprise Group will post 3.48 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Thursday, September 8th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently -110.20%.

Insider Activity

In related news, CEO Ralph Izzo sold 9,883 shares of the business’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $68.10, for a total transaction of $673,032.30. Following the completion of the transaction, the chief executive officer now directly owns 457,539 shares in the company, valued at $31,158,405.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Ralph Izzo sold 9,883 shares of the business’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $68.10, for a total transaction of $673,032.30. Following the completion of the transaction, the chief executive officer now directly owns 457,539 shares in the company, valued at $31,158,405.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Ralph A. Larossa sold 1,054 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $65.76, for a total value of $69,311.04. Following the transaction, the chief operating officer now owns 61,259 shares of the company’s stock, valued at $4,028,391.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,357 shares of company stock worth $2,133,525. 0.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Public Service Enterprise Group

Hedge funds have recently added to or reduced their stakes in the company. Reaves W H & Co. Inc. lifted its stake in shares of Public Service Enterprise Group by 11.3% in the 2nd quarter. Reaves W H & Co. Inc. now owns 1,600,543 shares of the utilities provider’s stock valued at $101,282,000 after acquiring an additional 161,869 shares during the last quarter. M&T Bank Corp lifted its stake in shares of Public Service Enterprise Group by 21.6% in the 2nd quarter. M&T Bank Corp now owns 42,473 shares of the utilities provider’s stock valued at $2,553,000 after acquiring an additional 7,555 shares during the last quarter. Archer Investment Corp lifted its stake in shares of Public Service Enterprise Group by 10,831.3% in the 2nd quarter. Archer Investment Corp now owns 1,749 shares of the utilities provider’s stock valued at $111,000 after acquiring an additional 1,733 shares during the last quarter. Gilbert & Cook Inc. lifted its stake in shares of Public Service Enterprise Group by 4.7% in the 2nd quarter. Gilbert & Cook Inc. now owns 5,760 shares of the utilities provider’s stock valued at $364,000 after acquiring an additional 256 shares during the last quarter. Finally, Abundance Wealth Counselors lifted its stake in shares of Public Service Enterprise Group by 5.7% in the 2nd quarter. Abundance Wealth Counselors now owns 10,964 shares of the utilities provider’s stock valued at $694,000 after acquiring an additional 593 shares during the last quarter. Institutional investors own 70.82% of the company’s stock.

About Public Service Enterprise Group

(Get Rating)

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 PSEG Power. The PSE&G segment transmits electricity; 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.

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

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