BMO Capital Markets Lowers Public Service Enterprise Group (NYSE:PEG) Price Target to $83.00

Public Service Enterprise Group (NYSE:PEG) had its target price reduced by research analysts at BMO Capital Markets from $86.00 to $83.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the utilities provider’s stock. BMO Capital Markets’ price target would indicate a potential upside of 1.04% from the stock’s current price.

Several other brokerages have also weighed in on PEG. Guggenheim reissued a “buy” rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Bank of America lowered their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Barclays reduced their price objective on Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Tuesday. StockNews.com lowered shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Scotiabank raised their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $89.35.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $82.14 on Thursday. Public Service Enterprise Group has a 52-week low of $64.03 and a 52-week high of $95.22. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The firm has a market cap of $40.95 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 2.78 and a beta of 0.52. The business’s 50 day moving average is $81.94 and its two-hundred day moving average is $85.72.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. Analysts forecast that Public Service Enterprise Group will post 3.67 EPS for the current fiscal year.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the transaction, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Transce3nd LLC acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter worth approximately $25,000. Chapman Financial Group LLC bought a new stake in Public Service Enterprise Group during the fourth quarter worth approximately $25,000. REAP Financial Group LLC raised its holdings in Public Service Enterprise Group by 105.9% during the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 162 shares in the last quarter. Wingate Wealth Advisors Inc. acquired a new stake in Public Service Enterprise Group in the fourth quarter worth approximately $35,000. Finally, OFI Invest Asset Management bought a new position in Public Service Enterprise Group during the 4th quarter valued at $39,000. Institutional investors own 73.34% of the company’s stock.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.