Public Service Enterprise Group Incorporated (PEG) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Public Service Enterprise Group Incorporated (NYSE:PEG) from a buy rating to a hold rating in a research note released on Thursday, November 2nd.

According to Zacks, “Public Service Enterprise reported dismal quarterly numbers for the third quarter of 2017. Both the top and bottom-line figures failed to meet the respective Zacks Consensus Estimates. Year over year also results were disappointing. Nevertheless, the company’s consistent capital-investment plans backed by a stable liquidity position have the potential to boost its performance. Apart from focusing on transmission and distribution infrastructure, the company is also expanding its renewable assets. Its share price has outperformed the broader industry over a year. However, environmental issues, such as restrictions on carbon dioxide emissions and other pollutants produced by Public Service Enterprise’s fossil units, may enhance compliance-related costs for the company. The company’s huge capital investment also remains a concern.”

PEG has been the topic of several other reports. Jefferies Group LLC reaffirmed a hold rating and set a $46.50 price target on shares of Public Service Enterprise Group in a research report on Thursday, October 12th. Barclays PLC raised shares of Public Service Enterprise Group from an equal weight rating to an overweight rating and increased their price objective for the company from $49.00 to $51.00 in a research report on Friday, September 22nd. Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $50.00 to $51.00 and gave the company an equal weight rating in a research report on Thursday, August 10th. J P Morgan Chase & Co increased their price objective on shares of Public Service Enterprise Group from $49.00 to $53.00 and gave the company an overweight rating in a research report on Thursday, October 12th. Finally, Royal Bank Of Canada reissued a hold rating and issued a $47.00 price objective on shares of Public Service Enterprise Group in a research report on Tuesday, October 10th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $50.42.

Public Service Enterprise Group (NYSE PEG) traded up $1.06 on Thursday, hitting $51.72. 3,483,400 shares of the company were exchanged, compared to its average volume of 2,747,684. The company has a market capitalization of $25,635.93, a P/E ratio of 17.47, a price-to-earnings-growth ratio of 6.64 and a beta of 0.39. Public Service Enterprise Group has a twelve month low of $40.08 and a twelve month high of $51.73. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.56 and a current ratio of 0.80.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, October 31st. The utilities provider reported $0.82 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.02). Public Service Enterprise Group had a return on equity of 11.33% and a net margin of 5.73%. The business had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same quarter in the previous year, the company posted $0.88 EPS. The business’s revenue for the quarter was down 7.6% compared to the same quarter last year. equities analysts anticipate that Public Service Enterprise Group will post 2.91 earnings per share for the current fiscal year.

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In other news, Chairman Ralph Izzo sold 20,833 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $46.50, for a total value of $968,734.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Derek M. Dirisio sold 1,500 shares of Public Service Enterprise Group stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $47.11, for a total value of $70,665.00. The disclosure for this sale can be found here. Insiders sold 242,433 shares of company stock worth $11,901,112 in the last ninety days. Corporate insiders own 0.61% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. IHT Wealth Management LLC raised its stake in Public Service Enterprise Group by 45.9% during the 2nd quarter. IHT Wealth Management LLC now owns 642 shares of the utilities provider’s stock valued at $131,000 after purchasing an additional 202 shares during the period. Grove Bank & Trust raised its stake in Public Service Enterprise Group by 209.4% during the 3rd quarter. Grove Bank & Trust now owns 2,274 shares of the utilities provider’s stock valued at $105,000 after purchasing an additional 1,539 shares during the period. Hudock Capital Group LLC raised its stake in Public Service Enterprise Group by 38.8% during the 2nd quarter. Hudock Capital Group LLC now owns 2,629 shares of the utilities provider’s stock valued at $113,000 after purchasing an additional 735 shares during the period. Vantage Investment Advisors LLC raised its stake in Public Service Enterprise Group by 35.3% during the 2nd quarter. Vantage Investment Advisors LLC now owns 2,685 shares of the utilities provider’s stock valued at $115,000 after purchasing an additional 700 shares during the period. Finally, Parallel Advisors LLC raised its stake in Public Service Enterprise Group by 6.0% during the 2nd quarter. Parallel Advisors LLC now owns 2,772 shares of the utilities provider’s stock valued at $125,000 after purchasing an additional 157 shares during the period. 65.03% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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

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