Public Service Enterprise Group (NYSE:PEG) Price Target Cut to $64.00

Public Service Enterprise Group (NYSE:PEG – Get Rating) had its price target dropped by Wells Fargo & Company from $65.00 to $64.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 1.13% from the stock’s current price.

Several other analysts also recently weighed in on PEG. Morgan Stanley dropped their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an “overweight” rating on the stock in a research note on Monday, May 23rd. StockNews.com downgraded Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Mizuho lowered their target price on Public Service Enterprise Group from $73.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, July 12th. Credit Suisse Group started coverage on Public Service Enterprise Group in a research note on Monday, April 25th. They issued a “neutral” rating and a $76.00 target price on the stock. Finally, TheStreet downgraded Public Service Enterprise Group from a “b” rating to a “c” rating in a research note on Monday, June 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus price target of $70.36.

Public Service Enterprise Group Stock Down 1.0 %

Public Service Enterprise Group stock opened at $64.73 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.79 and a current ratio of 0.89. The business’s 50-day simple moving average is $63.29 and its two-hundred day simple moving average is $66.34. The company has a market cap of $32.32 billion, a PE ratio of -33.03, a PEG ratio of 5.30 and a beta of 0.55. Public Service Enterprise Group has a fifty-two week low of $58.19 and a fifty-two week high of $75.61.

Public Service Enterprise Group (NYSE:PEG – Get Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The utilities provider reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.01). The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Public Service Enterprise Group had a negative net margin of 10.59% and a positive return on equity of 13.10%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 EPS. Equities analysts anticipate that Public Service Enterprise Group will post 3.47 EPS for the current year.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph Izzo sold 9,883 shares of the stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $68.10, for a total transaction of $673,032.30. Following the transaction, the chief executive officer now owns 457,539 shares in the company, valued at $31,158,405.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Public Service Enterprise Group news, COO Ralph A. Larossa sold 1,054 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $65.76, for a total transaction of $69,311.04. Following the completion of the transaction, the chief operating officer now owns 61,259 shares of the company’s stock, valued at $4,028,391.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ralph Izzo sold 9,883 shares of the stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $68.10, for a total value of $673,032.30. Following the transaction, the chief executive officer now directly owns 457,539 shares of the company’s stock, valued at approximately $31,158,405.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,157 shares of company stock worth $2,120,423. 0.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Public Service Enterprise Group by 2.7% during the first quarter. Vanguard Group Inc. now owns 43,654,799 shares of the utilities provider’s stock valued at $3,055,836,000 after acquiring an additional 1,159,331 shares during the last quarter. State Street Corp raised its holdings in shares of Public Service Enterprise Group by 8.0% during the first quarter. State Street Corp now owns 30,643,671 shares of the utilities provider’s stock valued at $2,145,057,000 after acquiring an additional 2,264,629 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Public Service Enterprise Group by 13.8% during the first quarter. Capital Research Global Investors now owns 26,008,799 shares of the utilities provider’s stock valued at $1,820,616,000 after acquiring an additional 3,144,006 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Public Service Enterprise Group by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 9,626,846 shares of the utilities provider’s stock valued at $640,751,000 after purchasing an additional 133,384 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Public Service Enterprise Group by 8.3% in the fourth quarter. JPMorgan Chase & Co. now owns 8,329,900 shares of the utilities provider’s stock valued at $555,855,000 after purchasing an additional 640,728 shares during the last quarter. Institutional investors and hedge funds own 70.82% of the company’s stock.

About Public Service Enterprise Group

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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.