Public Service Enterprise Group (PEG) Reaches New 1-Year High After Analyst Upgrade
Public Service Enterprise Group Inc. (NYSE:PEG) hit a new 52-week high during mid-day trading on Thursday after Mizuho raised their price target on the stock from $54.00 to $61.50. Mizuho currently has a buy rating on the stock. Public Service Enterprise Group traded as high as $59.95 and last traded at $59.71, with a volume of 55788 shares traded. The stock had previously closed at $59.51.
PEG has been the topic of a number of other research reports. Zacks Investment Research raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Tuesday, January 15th. Wells Fargo & Co raised their price target on shares of Public Service Enterprise Group from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, February 28th. They noted that the move was a valuation call. Wolfe Research raised shares of Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 22nd. ValuEngine cut shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 19th. Finally, Deutsche Bank cut shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and set a $58.56 target price for the company. in a research report on Thursday, February 28th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $59.10.
In related news, VP Stuart J. Black sold 6,000 shares of Public Service Enterprise Group stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $59.07, for a total transaction of $354,420.00. Following the completion of the transaction, the vice president now directly owns 24,981 shares of the company’s stock, valued at approximately $1,475,627.67. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Ralph Izzo sold 52,406 shares of Public Service Enterprise Group stock in a transaction dated Wednesday, January 2nd. The shares were sold at an average price of $50.87, for a total transaction of $2,665,893.22. Following the transaction, the chairman now directly owns 462,726 shares of the company’s stock, valued at $23,538,871.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 163,219 shares of company stock valued at $8,962,684. Corporate insiders own 0.58% of the company’s stock.
The company has a market cap of $30.05 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.74 and a beta of 0.41. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.53 and a current ratio of 0.71.
Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Wednesday, February 27th. The utilities provider reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. Public Service Enterprise Group had a net margin of 14.83% and a return on equity of 11.10%. During the same quarter last year, the company posted $0.57 earnings per share. Equities analysts forecast that Public Service Enterprise Group Inc. will post 3.25 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 8th will be paid a dividend of $0.47 per share. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.45. This represents a $1.88 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date is Thursday, March 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.26%.
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About Public Service Enterprise Group (NYSE:PEG)
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 Power. The PSE&G segment transmits electricity; and 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 to customers.
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