Zacks Investment Research downgraded shares of Public Service Enterprise Group Inc. (NYSE:PEG) from a buy rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Public Service Enterprise has a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. It continues to emphasize on building a strong transmission and distribution infrastructure. Its consistent capital investment plans backed by a stable liquidity position, will likely boost Public Service Enterprise’s future performance. The company’s focus on expanding its renewable capacity will also boost its growth trajectory. However, environmental issues, such as restrictions on carbon dioxide emissions and other pollutants produced by Public Service Enterprise’s fossil units, might increase compliance-related costs. Again, commodity price volatility and extensive regulation by federal, state and local agencies could be a setback for the company.”
Other research analysts also recently issued reports about the company. Argus dropped their price target on Public Service Enterprise Group from $52.00 to $48.00 and set a buy rating for the company in a research note on Tuesday, September 20th. Barclays PLC upped their price target on Public Service Enterprise Group from $47.00 to $50.00 and gave the stock an equal weight rating in a research note on Thursday, September 22nd. Morgan Stanley upgraded Public Service Enterprise Group from an underweight rating to an equal weight rating and upped their price target for the stock from $43.00 to $47.00 in a research note on Wednesday, July 13th. Finally, Deutsche Bank AG restated a hold rating and issued a $47.00 price target on shares of Public Service Enterprise Group in a research note on Wednesday, June 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $46.78.
Public Service Enterprise Group (NYSE:PEG) opened at 41.55 on Wednesday. Public Service Enterprise Group has a one year low of $36.80 and a one year high of $47.41. The company has a market cap of $21.02 billion, a PE ratio of 15.00 and a beta of 0.25. The stock has a 50 day moving average of $42.08 and a 200 day moving average of $44.49.
Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.01. Public Service Enterprise Group had a net margin of 14.82% and a return on equity of 10.71%. During the same period in the prior year, the company earned $0.57 EPS. On average, analysts anticipate that Public Service Enterprise Group will post $2.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 9th were issued a dividend of $0.41 per share. The ex-dividend date was Wednesday, September 7th. This represents a $1.64 annualized dividend and a yield of 4.01%. Public Service Enterprise Group’s payout ratio is presently 59.21%.
In other Public Service Enterprise Group news, COO William Levis sold 7,500 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $43.73, for a total value of $327,975.00. Following the sale, the chief operating officer now owns 156,671 shares in the company, valued at $6,851,222.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Ralph Izzo sold 11,147 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $42.86, for a total value of $477,760.42. Following the completion of the sale, the chairman now owns 692,533 shares in the company, valued at approximately $29,681,964.38. The disclosure for this sale can be found here. Corporate insiders own 0.71% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. PGGM Investments raised its stake in Public Service Enterprise Group by 0.7% in the second quarter. PGGM Investments now owns 1,437,634 shares of the company’s stock worth $67,008,000 after buying an additional 9,542 shares during the last quarter. Retirement Systems of Alabama increased its position in Public Service Enterprise Group by 0.7% in the second quarter. Retirement Systems of Alabama now owns 257,927 shares of the company’s stock worth $12,022,000 after buying an additional 1,861 shares during the last quarter. Bank of Montreal Can purchased a new position in Public Service Enterprise Group during the second quarter worth about $33,329,000. Boston Advisors LLC increased its position in Public Service Enterprise Group by 229.9% in the second quarter. Boston Advisors LLC now owns 257,288 shares of the company’s stock worth $11,992,000 after buying an additional 179,300 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Public Service Enterprise Group by 1.2% in the first quarter. Legal & General Group Plc now owns 2,623,754 shares of the company’s stock worth $123,677,000 after buying an additional 30,319 shares during the last quarter. Institutional investors and hedge funds own 66.33% of the company’s stock.
About Public Service Enterprise Group
Public Service Enterprise Group Incorporated (PSEG) is an energy holding company with operations located in the Northeastern and Mid- Atlantic United States. The Company is engaged in the transmission and distribution of electricity and natural gas. The Company’s business consists of two segments, including Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC (Power).