Bank of America Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $92.00

Public Service Enterprise Group (NYSE:PEG) had its target price reduced by equities researchers at Bank of America from $95.00 to $92.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the utilities provider’s stock. Bank of America‘s target price indicates a potential upside of 13.45% from the company’s previous close.

A number of other research firms also recently issued reports on PEG. Wells Fargo & Company lowered their price objective on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Scotiabank lifted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research note on Thursday, December 12th. Guggenheim restated a “buy” rating and set a $98.00 price objective on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. BMO Capital Markets raised their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a report on Wednesday, February 26th. Finally, Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.83.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG opened at $81.09 on Monday. The company has a fifty day moving average price of $84.78 and a 200 day moving average price of $86.07. The firm has a market cap of $40.40 billion, a PE ratio of 19.92, a PEG ratio of 2.78 and a beta of 0.64. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group has a 1-year low of $61.48 and a 1-year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the firm earned $0.54 earnings per share. Public Service Enterprise Group’s revenue for the quarter was down 5.4% compared to the same quarter last year. Research analysts predict that Public Service Enterprise Group will post 3.67 earnings per share for the current fiscal year.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the completion of the sale, the chief executive officer now owns 126,791 shares of the company’s stock, valued at $10,536,332.10. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Transce3nd LLC bought a new stake in shares of Public Service Enterprise Group during the 4th quarter worth about $25,000. Chapman Financial Group LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter worth approximately $25,000. REAP Financial Group LLC grew its position in shares of Public Service Enterprise Group by 105.9% in the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 162 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Public Service Enterprise Group during the third quarter worth approximately $35,000. Finally, Wingate Wealth Advisors Inc. bought a new position in shares of Public Service Enterprise Group during the fourth quarter worth approximately $35,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

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.