Public Service Enterprise Group (NYSE:PEG) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Public Service Enterprise Group (NYSE:PEG) from a hold rating to a sell rating in a research note published on Saturday morning,Wall Street Zen reports.

Several other research firms have also recently weighed in on PEG. BMO Capital Markets lowered their price objective on Public Service Enterprise Group from $79.00 to $77.00 and set a “market perform” rating on the stock in a research report on Thursday, October 22nd. Royal Bank Of Canada reduced their target price on shares of Public Service Enterprise Group from $81.00 to $76.00 in a research report on Monday, October 26th. Truist Financial decreased their price target on shares of Public Service Enterprise Group from $84.00 to $78.00 and set a “hold” rating on the stock in a research note on Thursday, October 15th. Scotiabank decreased their price target on shares of Public Service Enterprise Group from $92.00 to $77.00 and set a “sector perform” rating on the stock in a research note on Wednesday, September 30th. Finally, Barclays lowered their price target on shares of Public Service Enterprise Group from $83.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Monday, October 12th. Seven investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $79.32.

Public Service Enterprise Group Trading Up 3.3%

Shares of NYSE:PEG opened at $75.04 on Friday. Public Service Enterprise Group has a 12-month low of $66.15 and a 12-month high of $87.63. The business has a 50 day moving average of $71.22 and a 200-day moving average of $77.87. The company has a quick ratio of 0.67, a current ratio of 1.01 and a debt-to-equity ratio of 1.39. The stock has a market cap of $37.41 billion, a PE ratio of 17.11, a P/E/G ratio of 2.51 and a beta of 0.48.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Monday, November 2nd. The utilities provider reported $1.15 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.04). The firm had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.19 billion. Public Service Enterprise Group had a return on equity of 12.40% and a net margin of 14.31%. Public Service Enterprise Group’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the business posted $1.13 EPS. As a group, equities research analysts forecast that Public Service Enterprise Group will post 4.36 earnings per share for the current year.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph LaRossa sold 2,083 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the transaction, the chief executive officer owned 276,487 shares in the company, valued at $20,349,443.20. This trade represents a 0.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Public Service Enterprise Group

A number of institutional investors have recently modified their holdings of PEG. Community Financial Services Group LLC acquired a new position in Public Service Enterprise Group in the second quarter valued at about $25,000. Edmond DE Rothschild Holding S.A. bought a new stake in Public Service Enterprise Group during the second quarter worth about $26,000. Elevation Wealth Partners LLC grew its stake in Public Service Enterprise Group by 240.6% during the second quarter. Elevation Wealth Partners LLC now owns 344 shares of the utilities provider’s stock worth $28,000 after buying an additional 243 shares in the last quarter. Aberdeen Wealth Management LLC acquired a new stake in Public Service Enterprise Group during the second quarter worth about $32,000. Finally, James T. Borello RIA acquired a new stake in Public Service Enterprise Group during the third quarter worth about $27,000. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group (PSEG) is an energy company headquartered in New Jersey. Its principal subsidiary, Public Service Electric and Gas Company (PSE&G), provides regulated electric and natural gas service to residential, commercial and industrial customers across much of the state.

PSE&G operates electric and gas transmission and distribution systems and offers energy-efficiency programs. Through its generation business, PSEG also operates nuclear power plants in New Jersey, producing electricity for the regional power market.

The company traces its roots to the Public Service Corporation of New Jersey, established in 1903, and serves customers primarily in New Jersey.