Public Service Enterprise Group (NYSE:PEG) Price Target Cut to $73.00 by Analysts at Morgan Stanley

Public Service Enterprise Group (NYSE:PEG) had its target price lowered by Morgan Stanley from $74.00 to $73.00 in a research report sent to investors on Friday morning, Price Targets.com reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

Other analysts also recently issued research reports about the stock. KeyCorp increased their price objective on shares of Public Service Enterprise Group from $65.00 to $68.00 and gave the company an overweight rating in a research report on Friday, August 13th. Seaport Global Securities raised shares of Public Service Enterprise Group from a neutral rating to a buy rating and set a $70.00 price objective for the company in a research report on Monday, May 24th. Seaport Res Ptn raised shares of Public Service Enterprise Group from a neutral rating to a buy rating in a research report on Monday, May 24th. Wells Fargo & Company raised their price target on shares of Public Service Enterprise Group from $74.00 to $75.00 and gave the stock an overweight rating in a research report on Thursday, August 26th. Finally, Barclays raised their price target on shares of Public Service Enterprise Group from $62.00 to $67.00 and gave the stock an equal weight rating in a research report on Tuesday, May 25th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and an average price target of $67.39.

PEG opened at $62.07 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.53 and a current ratio of 0.71. Public Service Enterprise Group has a 1 year low of $50.32 and a 1 year high of $65.33. The firm has a 50 day moving average price of $62.99 and a 200 day moving average price of $61.67. The company has a market cap of $31.38 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 4.99 and a beta of 0.54.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, August 3rd. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.70. Public Service Enterprise Group had a net margin of 15.49% and a return on equity of 11.40%. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the company earned $0.79 earnings per share. Public Service Enterprise Group’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, sell-side analysts predict that Public Service Enterprise Group will post 3.55 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 8th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Tuesday, September 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 59.48%.

In other Public Service Enterprise Group news, COO Ralph A. Larossa sold 4,890 shares of the firm’s stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $62.85, for a total value of $307,336.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Rose M. Chernick sold 400 shares of the firm’s stock in a transaction on Tuesday, August 17th. The shares were sold at an average price of $64.71, for a total value of $25,884.00. The disclosure for this sale can be found here. Insiders have sold 10,580 shares of company stock worth $673,651 over the last 90 days. 0.52% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. OLD Republic International Corp raised its stake in shares of Public Service Enterprise Group by 82.4% during the second quarter. OLD Republic International Corp now owns 1,217,500 shares of the utilities provider’s stock valued at $72,733,000 after purchasing an additional 550,000 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Public Service Enterprise Group by 9.1% during the first quarter. Public Employees Retirement System of Ohio now owns 288,463 shares of the utilities provider’s stock valued at $17,368,000 after purchasing an additional 24,152 shares in the last quarter. Voloridge Investment Management LLC raised its stake in shares of Public Service Enterprise Group by 583.6% during the first quarter. Voloridge Investment Management LLC now owns 520,734 shares of the utilities provider’s stock valued at $31,353,000 after purchasing an additional 444,559 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Public Service Enterprise Group by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,272,556 shares of the utilities provider’s stock valued at $74,182,000 after purchasing an additional 16,334 shares in the last quarter. Finally, Occidental Asset Management LLC raised its stake in shares of Public Service Enterprise Group by 32.5% during the first quarter. Occidental Asset Management LLC now owns 26,704 shares of the utilities provider’s stock valued at $1,608,000 after purchasing an additional 6,545 shares in the last quarter. Institutional investors own 70.24% of the company’s stock.

About Public Service Enterprise Group

Public Service Enterprise Group, Inc is a holding company, which engages in the provision of electric and gas services. The firm operates through the following two segments: Public Service Electric & Gas Co (PSE&G) and PSEG Power. The PSE&G segment engages in the transmission of electricity and distribution of electricity and natural gas.

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Analyst Recommendations for Public Service Enterprise Group (NYSE:PEG)

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