Public Service Enterprise Group (NYSE:PEG) Price Target Raised to $74.00

Public Service Enterprise Group (NYSE:PEG) had its target price lifted by BMO Capital Markets from $69.00 to $74.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “market perform” rating on the utilities provider’s stock. BMO Capital Markets’ price target would indicate a potential upside of 0.01% from the stock’s previous close.

PEG has been the topic of a number of other research reports. Mizuho increased their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Scotiabank decreased their price objective on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Royal Bank of Canada upped their target price on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. Wells Fargo & Company lifted their price target on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, Evercore ISI increased their price objective on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.42.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $73.99 on Wednesday. The firm has a market capitalization of $36.85 billion, a PE ratio of 20.50, a PEG ratio of 3.05 and a beta of 0.59. The stock’s fifty day moving average is $73.11 and its 200 day moving average is $66.01. Public Service Enterprise Group has a fifty-two week low of $53.71 and a fifty-two week high of $75.82. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the prior year, the firm posted $1.39 earnings per share. Public Service Enterprise Group’s revenue for the quarter was down 26.5% on a year-over-year basis. On average, sell-side analysts anticipate that Public Service Enterprise Group will post 3.68 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the sale, the chief executive officer now directly owns 150,973 shares in the company, valued at approximately $10,500,172.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by corporate insiders.

Institutional Trading of Public Service Enterprise Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Addison Advisors LLC purchased a new position in Public Service Enterprise Group during the 4th quarter worth $31,000. Bruce G. Allen Investments LLC acquired a new stake in Public Service Enterprise Group in the fourth quarter worth about $36,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group during the first quarter worth about $36,000. Anchor Investment Management LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $37,000. Finally, Salomon & Ludwin LLC raised its position in shares of Public Service Enterprise Group by 1,866.7% in the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 560 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.