Citigroup Lowers Public Service Enterprise Group (NYSE:PEG) to Neutral

Citigroup lowered shares of Public Service Enterprise Group (NYSE:PEG) from a buy rating to a neutral rating in a report issued on Monday, 24/7 WallStreet reports. The firm currently has $61.00 price objective on the utilities provider’s stock.

A number of other research firms have also weighed in on PEG. Mizuho increased their price objective on shares of Public Service Enterprise Group from $61.50 to $64.00 and gave the stock a buy rating in a research note on Wednesday, May 29th. JPMorgan Chase & Co. lowered shares of Public Service Enterprise Group from an overweight rating to a neutral rating and cut their price objective for the stock from $64.00 to $62.00 in a research note on Tuesday, April 23rd. KeyCorp initiated coverage on shares of Public Service Enterprise Group in a research note on Tuesday, June 4th. They issued a sector weight rating and a $59.40 price objective on the stock. Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an overweight rating in a research note on Friday, June 14th. Finally, Bank of America lowered shares of Public Service Enterprise Group from a buy rating to a neutral rating and set a $65.00 price objective on the stock. in a research note on Friday, July 19th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Public Service Enterprise Group currently has a consensus rating of Buy and a consensus target price of $61.83.

NYSE:PEG opened at $57.15 on Monday. The firm has a market capitalization of $29.98 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 4.66 and a beta of 0.38. Public Service Enterprise Group has a 1-year low of $49.22 and a 1-year high of $61.63. The business has a fifty day simple moving average of $59.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.68 and a quick ratio of 0.52.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.04). The business had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.23 billion. Public Service Enterprise Group had a return on equity of 11.35% and a net margin of 16.03%. During the same quarter in the previous year, the company earned $0.64 EPS. Equities research analysts forecast that Public Service Enterprise Group will post 3.25 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, September 6th. This represents a $1.88 annualized dividend and a yield of 3.29%. Public Service Enterprise Group’s dividend payout ratio is presently 60.26%.

In related news, COO Ralph A. Larossa sold 1,650 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $58.26, for a total transaction of $96,129.00. Following the sale, the chief operating officer now owns 83,418 shares in the company, valued at $4,859,932.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Ralph Izzo sold 52,407 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $58.78, for a total transaction of $3,080,483.46. Following the transaction, the chairman now directly owns 419,818 shares in the company, valued at $24,676,902.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,989 shares of company stock worth $6,439,752. 0.51% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Zions Bancorporation N.A. acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at about $25,000. Berman Capital Advisors LLC raised its position in shares of Public Service Enterprise Group by 79.0% in the second quarter. Berman Capital Advisors LLC now owns 460 shares of the utilities provider’s stock valued at $27,000 after buying an additional 203 shares during the last quarter. Thor Advisors LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at about $45,000. Truvestments Capital LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at about $49,000. Finally, Icon Wealth Partners LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at about $58,000. 68.76% of the stock is currently owned by institutional investors and hedge funds.

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

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