Public Service Enterprise Group (NYSE:PEG) Price Target Raised to $62.00 at Royal Bank of Canada

Public Service Enterprise Group (NYSE:PEG) had its price objective upped by analysts at Royal Bank of Canada from $60.00 to $62.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The firm currently has a “sector perform” rating on the utilities provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 1.25% from the stock’s current price.

Other analysts have also recently issued reports about the company. Citigroup cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target on the stock. in a research note on Monday, July 29th. Bank of America cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research note on Friday, July 19th. UBS Group raised their price target on Public Service Enterprise Group from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Mizuho raised their price target on Public Service Enterprise Group from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Morgan Stanley raised their price target on Public Service Enterprise Group from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $63.00.

NYSE:PEG traded down $0.05 during midday trading on Thursday, reaching $61.24. The company had a trading volume of 248,996 shares, compared to its average volume of 2,063,594. The firm has a market capitalization of $31.39 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 6.14 and a beta of 0.30. The stock’s fifty day simple moving average is $60.36 and its 200-day simple moving average is $59.67. Public Service Enterprise Group has a 12-month low of $49.22 and a 12-month high of $62.60. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 0.99.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results 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). Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. The business had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the prior year, the business earned $0.64 earnings per share. As a group, sell-side analysts expect that Public Service Enterprise Group will post 3.23 EPS for the current year.

In other news, CFO Daniel J. Cregg sold 625 shares of Public Service Enterprise Group stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $60.82, for a total transaction of $38,012.50. Following the sale, the chief financial officer now owns 59,137 shares in the company, valued at $3,596,712.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Ralph A. Larossa sold 1,650 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $60.82, for a total value of $100,353.00. The disclosure for this sale can be found here. Insiders have sold 59,758 shares of company stock worth $3,433,642 in the last quarter. Insiders own 0.51% of the company’s stock.

A number of hedge funds have recently modified their holdings of PEG. State of Alaska Department of Revenue boosted its stake in shares of Public Service Enterprise Group by 5.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 201,331 shares of the utilities provider’s stock worth $12,498,000 after acquiring an additional 9,954 shares in the last quarter. Park National Corp OH purchased a new stake in shares of Public Service Enterprise Group during the 3rd quarter worth approximately $213,000. Macquarie Group Ltd. boosted its stake in shares of Public Service Enterprise Group by 2.1% during the 2nd quarter. Macquarie Group Ltd. now owns 321,450 shares of the utilities provider’s stock worth $18,908,000 after acquiring an additional 6,500 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Public Service Enterprise Group by 8.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 144,093 shares of the utilities provider’s stock worth $8,476,000 after acquiring an additional 11,420 shares in the last quarter. Finally, Keudell Morrison Wealth Management purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth approximately $2,953,000. Hedge funds and other institutional investors own 69.37% of the company’s stock.

About Public Service Enterprise Group

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.

Featured Article: What is Elliott Wave theory?

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

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.