Scotiabank Trims Public Service Enterprise Group (NYSE:PEG) Target Price to $62.00

Public Service Enterprise Group (NYSE:PEG) had its price objective decreased by stock analysts at Scotiabank from $64.00 to $62.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s price objective suggests a potential downside of 6.75% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PEG. Royal Bank of Canada increased their target price on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. Evercore ISI upped their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Bank of America lifted their price target on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Wells Fargo & Company raised their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus target price of $67.15.

Public Service Enterprise Group Stock Performance

PEG opened at $66.49 on Monday. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $67.51. The firm has a market capitalization of $33.15 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 2.88 and a beta of 0.58. The stock’s 50 day moving average price is $64.14 and its two-hundred day moving average price is $62.14. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. Public Service Enterprise Group’s quarterly revenue was down 17.0% on a year-over-year basis. During the same quarter last year, the company posted $0.64 earnings per share. On average, equities analysts forecast that Public Service Enterprise Group will post 3.66 earnings per share for the current year.

Insider Transactions at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the sale, the chief executive officer now directly owns 152,347 shares in the company, valued at $10,111,270.39. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,948 shares of company stock valued at $511,814. Corporate insiders own 0.57% of the company’s stock.

Institutional Trading of Public Service Enterprise Group

Hedge funds have recently modified their holdings of the stock. Addison Advisors LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $31,000. Operose Advisors LLC grew its stake in shares of Public Service Enterprise Group by 435.0% during the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 435 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the first quarter valued at approximately $36,000. Bruce G. Allen Investments LLC bought a new position in Public Service Enterprise Group in the fourth quarter valued at approximately $36,000. Finally, CNB Bank bought a new position in Public Service Enterprise Group in the third quarter valued at approximately $34,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Company Profile

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.