Public Service Enterprise Group (NYSE:PEG) Price Target Raised to $65.00


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Public Service Enterprise Group (NYSE:PEG) had its target price lifted by KeyCorp from $60.00 to $65.00 in a report issued on Wednesday morning, The Fly reports. The firm currently has an overweight rating on the utilities provider’s stock. KeyCorp also issued estimates for Public Service Enterprise Group’s Q1 2021 earnings at $1.09 EPS, Q2 2021 earnings at $0.73 EPS, Q3 2021 earnings at $0.90 EPS, Q4 2021 earnings at $0.68 EPS, FY2022 earnings at $3.51 EPS, FY2023 earnings at $3.48 EPS, FY2024 earnings at $3.55 EPS and FY2025 earnings at $3.62 EPS.

A number of other brokerages have also commented on PEG. The Goldman Sachs Group upgraded Public Service Enterprise Group from a neutral rating to a buy rating and set a $66.00 price objective on the stock in a research report on Thursday, January 14th. Morgan Stanley dropped their price target on shares of Public Service Enterprise Group from $72.00 to $70.00 and set an overweight rating for the company in a research report on Thursday, March 25th. Finally, Mizuho cut their target price on Public Service Enterprise Group from $57.00 to $56.00 and set a neutral rating for the company in a research report on Friday, January 8th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $64.11.

PEG opened at $63.35 on Wednesday. The stock has a market capitalization of $32.00 billion, a PE ratio of 16.80, a PEG ratio of 6.10 and a beta of 0.49. Public Service Enterprise Group has a 1-year low of $43.87 and a 1-year high of $62.94. The company has a current ratio of 0.76, a quick ratio of 0.59 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $58.51 and a two-hundred day moving average price of $58.17.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Thursday, February 25th. The utilities provider reported $0.65 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.65. Public Service Enterprise Group had a return on equity of 11.30% and a net margin of 19.74%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same quarter in the prior year, the firm posted $0.64 EPS. The business’s revenue was down 3.1% on a year-over-year basis. On average, research analysts predict that Public Service Enterprise Group will post 3.42 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 31st. Stockholders of record on Tuesday, March 9th were issued a dividend of $0.51 per share. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.49. This represents a $2.04 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Monday, March 8th. Public Service Enterprise Group’s payout ratio is 62.20%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. DNB Asset Management AS increased its holdings in Public Service Enterprise Group by 4.5% in the fourth quarter. DNB Asset Management AS now owns 69,132 shares of the utilities provider’s stock valued at $4,030,000 after purchasing an additional 2,957 shares during the period. ExodusPoint Capital Management LP lifted its position in shares of Public Service Enterprise Group by 5.1% in the 4th quarter. ExodusPoint Capital Management LP now owns 301,873 shares of the utilities provider’s stock worth $17,599,000 after purchasing an additional 14,759 shares during the period. Candriam Luxembourg S.C.A. increased its position in shares of Public Service Enterprise Group by 4.5% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 45,000 shares of the utilities provider’s stock worth $2,624,000 after buying an additional 1,951 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Public Service Enterprise Group by 62.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 13,853 shares of the utilities provider’s stock valued at $808,000 after buying an additional 5,310 shares during the period. Finally, Toronto Dominion Bank boosted its position in Public Service Enterprise Group by 10.6% during the fourth quarter. Toronto Dominion Bank now owns 263,718 shares of the utilities provider’s stock valued at $15,375,000 after acquiring an additional 25,282 shares during the last quarter. 69.55% of the stock is currently 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 PSEG 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.

Further Reading: What is Cost of Goods Sold (COGS)?

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

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