Public Service Enterprise Group Incorporated (PEG) Lifted to “Buy” at Zacks Investment Research

Public Service Enterprise Group Incorporated (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 presently has a $53.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.32% 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. Moreover, Public Service Enterprise boasts a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. Apart from focusing on transmission and distribution infrastructure, the company is also expanding its renewable assets. Further, its share price outperformed the broader industry in past one 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.”

Other equities research analysts have also recently issued research reports about the company. Goldman Sachs Group, Inc. (The) reissued a “buy” rating on shares of Public Service Enterprise Group in a report on Tuesday, June 27th. BidaskClub raised Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Mizuho raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $44.50 to $50.00 in a report on Friday, August 11th. Morgan Stanley upped their price target on Public Service Enterprise Group from $51.00 to $53.00 and gave the company an “equal weight” rating in a report on Friday, September 8th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $47.00 price target on shares of Public Service Enterprise Group in a report on Tuesday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Public Service Enterprise Group currently has a consensus rating of “Buy” and an average price target of $49.29.

Public Service Enterprise Group (PEG) traded up 0.71% during midday trading on Tuesday, hitting $47.95. The company had a trading volume of 686,986 shares. The stock has a market cap of $24.26 billion, a price-to-earnings ratio of 53.88 and a beta of 0.38. Public Service Enterprise Group has a 12-month low of $39.28 and a 12-month high of $48.04. The company’s 50 day moving average is $46.50 and its 200 day moving average is $44.83.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Friday, July 28th. The utilities provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.05. Public Service Enterprise Group had a return on equity of 11.46% and a net margin of 4.88%. The firm had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. On average, equities analysts anticipate that Public Service Enterprise Group will post $2.92 EPS for the current fiscal year.

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In other news, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $46.50, for a total transaction of $968,734.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Derek M. Dirisio sold 1,500 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $47.11, for a total transaction of $70,665.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,733 shares of company stock worth $2,097,782. 0.61% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. KBC Group NV lifted its stake in shares of Public Service Enterprise Group by 1.2% in the 2nd quarter. KBC Group NV now owns 54,191 shares of the utilities provider’s stock valued at $2,331,000 after purchasing an additional 617 shares during the last quarter. FMR LLC lifted its stake in shares of Public Service Enterprise Group by 1.9% in the 1st quarter. FMR LLC now owns 2,166,576 shares of the utilities provider’s stock valued at $96,088,000 after purchasing an additional 40,125 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Public Service Enterprise Group by 4.1% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 134,336 shares of the utilities provider’s stock valued at $5,778,000 after purchasing an additional 5,263 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Public Service Enterprise Group by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 35,042,083 shares of the utilities provider’s stock valued at $1,554,116,000 after purchasing an additional 1,144,077 shares during the last quarter. Finally, Airain ltd acquired a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at $5,205,000. Institutional investors and hedge funds own 65.88% of the company’s stock.

About Public Service Enterprise Group

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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