Public Service Enterprise Group Incorporated (PEG) Rating 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 note issued to investors 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 analysts have also issued reports on the stock. Morgan Stanley raised their target price on shares of Public Service Enterprise Group from $51.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Friday, September 8th. J P Morgan Chase & Co raised their target price on shares of Public Service Enterprise Group from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Thursday, October 12th. BidaskClub upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Evercore ISI upgraded shares of Public Service Enterprise Group from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $46.75 to $50.00 in a research report on Monday, September 25th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $47.00 target price on shares of Public Service Enterprise Group in a research report on Tuesday, October 10th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $50.42.

Shares of Public Service Enterprise Group (NYSE:PEG) traded up $0.52 during midday trading on Thursday, reaching $50.31. 2,410,000 shares of the company were exchanged, compared to its average volume of 3,130,000. Public Service Enterprise Group has a 1 year low of $39.28 and a 1 year high of $50.56. The firm has a market capitalization of $25,460.00, a price-to-earnings ratio of 17.17, a P/E/G ratio of 6.50 and a beta of 0.39. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.74 and a current ratio of 0.80.

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

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In related news, insider Derek M. Dirisio sold 1,500 shares of Public Service Enterprise Group 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Ralph Izzo sold 20,833 shares of Public Service Enterprise Group stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $46.50, for a total transaction of $968,734.50. The disclosure for this sale can be found here. In the last three months, insiders sold 209,433 shares of company stock worth $10,247,152. Insiders own 0.61% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Hudock Capital Group LLC increased its stake in Public Service Enterprise Group by 38.8% during the 2nd quarter. Hudock Capital Group LLC now owns 2,629 shares of the utilities provider’s stock worth $113,000 after buying an additional 735 shares during the period. Vantage Investment Advisors LLC increased its stake in Public Service Enterprise Group by 35.3% during the 2nd quarter. Vantage Investment Advisors LLC now owns 2,685 shares of the utilities provider’s stock worth $115,000 after buying an additional 700 shares during the period. Parallel Advisors LLC increased its stake in Public Service Enterprise Group by 6.0% during the 2nd quarter. Parallel Advisors LLC now owns 2,772 shares of the utilities provider’s stock worth $125,000 after buying an additional 157 shares during the period. IHT Wealth Management LLC increased its stake in Public Service Enterprise Group by 45.9% during the 2nd quarter. IHT Wealth Management LLC now owns 642 shares of the utilities provider’s stock worth $131,000 after buying an additional 202 shares during the period. Finally, Gradient Investments LLC increased its stake in Public Service Enterprise Group by 331.2% during the 2nd quarter. Gradient Investments LLC now owns 3,234 shares of the utilities provider’s stock worth $139,000 after buying an additional 2,484 shares during the period. 64.85% of the stock is currently owned by hedge funds and other institutional investors.

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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