Public Service Enterprise Group (PEG) Lifted to Buy at Citigroup

Public Service Enterprise Group (NYSE:PEG) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, The Fly reports.

A number of other equities research analysts have also weighed in on the company. Morgan Stanley set a $58.00 price target on Public Service Enterprise Group and gave the stock a “buy” rating in a research note on Thursday, September 27th. Macquarie boosted their price target on Public Service Enterprise Group from $55.50 to $57.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. Wells Fargo & Co dropped their price target on Public Service Enterprise Group from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, September 17th. Mizuho restated a “hold” rating and set a $50.00 price target on shares of Public Service Enterprise Group in a research note on Monday, August 6th. Finally, Goldman Sachs Group lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $55.00 to $53.00 in a research note on Thursday, July 19th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $53.61.

PEG opened at $53.52 on Tuesday. Public Service Enterprise Group has a 1 year low of $46.19 and a 1 year high of $54.50. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.52 and a current ratio of 0.71. The stock has a market capitalization of $26.68 billion, a price-to-earnings ratio of 18.27, a P/E/G ratio of 2.86 and a beta of 0.32.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Wednesday, August 1st. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.01. Public Service Enterprise Group had a return on equity of 11.03% and a net margin of 23.69%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm earned $0.62 earnings per share. Sell-side analysts predict that Public Service Enterprise Group will post 3.09 EPS for the current fiscal year.

In related news, Chairman Ralph Izzo sold 52,407 shares of Public Service Enterprise Group stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $52.57, for a total transaction of $2,755,035.99. Following the completion of the sale, the chairman now owns 558,073 shares of the company’s stock, valued at $29,337,897.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 123,069 shares of company stock valued at $6,430,191 in the last ninety days. Corporate insiders own 0.58% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in PEG. American Research & Management Co. acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth about $108,000. NuWave Investment Management LLC acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth about $118,000. Squar Milner Financial Services LLC acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth about $149,000. Cordasco Financial Network lifted its holdings in shares of Public Service Enterprise Group by 63.1% during the second quarter. Cordasco Financial Network now owns 2,842 shares of the utilities provider’s stock worth $154,000 after purchasing an additional 1,100 shares during the period. Finally, Centaurus Financial Inc. acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth about $161,000. 68.45% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Company Profile

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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