Viking Fund Management LLC Invests $5.43 Million in Public Service Enterprise Group Incorporated $PEG

Viking Fund Management LLC acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 65,000 shares of the utilities provider’s stock, valued at approximately $5,425,000.

Several other hedge funds have also recently made changes to their positions in PEG. TFB Advisors LLC lifted its position in Public Service Enterprise Group by 4.8% during the 2nd quarter. TFB Advisors LLC now owns 2,611 shares of the utilities provider’s stock worth $220,000 after acquiring an additional 119 shares during the period. Massachusetts Wealth Management raised its stake in shares of Public Service Enterprise Group by 2.5% in the second quarter. Massachusetts Wealth Management now owns 5,125 shares of the utilities provider’s stock worth $431,000 after purchasing an additional 125 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in shares of Public Service Enterprise Group by 0.8% during the second quarter. Apollon Wealth Management LLC now owns 15,621 shares of the utilities provider’s stock worth $1,315,000 after purchasing an additional 126 shares during the period. Summit Financial LLC lifted its holdings in shares of Public Service Enterprise Group by 2.2% during the first quarter. Summit Financial LLC now owns 6,166 shares of the utilities provider’s stock worth $507,000 after purchasing an additional 133 shares during the period. Finally, Benjamin Edwards Inc. boosted its position in Public Service Enterprise Group by 4.3% in the second quarter. Benjamin Edwards Inc. now owns 3,231 shares of the utilities provider’s stock valued at $272,000 after buying an additional 134 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Stock Performance

PEG opened at $80.06 on Friday. The firm has a fifty day moving average price of $81.75 and a 200 day moving average price of $82.69. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $91.25. The stock has a market cap of $39.96 billion, a P/E ratio of 19.24, a P/E/G ratio of 2.44 and a beta of 0.59. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 3rd. The utilities provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.02 by $0.11. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same quarter last year, the business earned $0.90 earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Wednesday, December 10th. Public Service Enterprise Group’s payout ratio is currently 60.58%.

Analyst Upgrades and Downgrades

PEG has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Public Service Enterprise Group from $96.00 to $88.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. Evercore ISI began coverage on shares of Public Service Enterprise Group in a research note on Tuesday, October 7th. They issued an “in-line” rating and a $83.00 price objective on the stock. UBS Group reduced their target price on shares of Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating for the company in a report on Wednesday. BMO Capital Markets lowered their price target on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating on the stock in a report on Tuesday, November 4th. Finally, TD Cowen increased their price target on Public Service Enterprise Group from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.96.

Insiders Place Their Bets

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,920 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $82.33, for a total transaction of $405,063.60. Following the transaction, the senior vice president owned 26,134 shares in the company, valued at approximately $2,151,612.22. This represents a 15.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.