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

Zacks Investment Research downgraded shares of Public Service Enterprise Group Incorporated (NYSE:PEG) from a buy rating to a hold rating in a research note released on Monday morning.

According to Zacks, “Public Service Enterprise’s consistent capital-investment plans backed by a stable liquidity position have the potential to boost its performance. Moreover, Public Service Enterprise boasts a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. Apart from focusing on transmission and distribution infrastructure, the company is also expanding its renewable assets. Further, its share price outperformed the broader industry in past one 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.”

A number of other equities analysts have also recently commented on the stock. BidaskClub raised shares of Public Service Enterprise Group from a hold rating to a buy rating in a research note on Saturday, August 26th. Morgan Stanley lifted their price objective on shares of Public Service Enterprise Group from $51.00 to $53.00 and gave the stock an equal weight rating in a research note on Friday, September 8th. Mizuho raised shares of Public Service Enterprise Group from a neutral rating to a buy rating and lifted their price objective for the stock from $44.50 to $50.00 in a research note on Friday, August 11th. Citigroup Inc. reissued a neutral rating and issued a $49.00 price objective (up from $44.00) on shares of Public Service Enterprise Group in a research note on Thursday, August 10th. Finally, Goldman Sachs Group, Inc. (The) reissued a buy rating on shares of Public Service Enterprise Group in a research note on Tuesday, June 27th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $48.50.

Shares of Public Service Enterprise Group (NYSE PEG) opened at 46.22 on Monday. The stock has a market capitalization of $23.38 billion, a price-to-earnings ratio of 51.93 and a beta of 0.39. Public Service Enterprise Group has a 52-week low of $39.28 and a 52-week high of $47.47. The firm’s 50-day moving average is $46.22 and its 200 day moving average is $44.64.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.05. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.33 billion. Public Service Enterprise Group had a net margin of 4.88% and a return on equity of 11.46%. During the same period in the previous year, the firm posted $0.57 EPS. Equities analysts expect that Public Service Enterprise Group will post $2.92 EPS for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be paid a dividend of $0.43 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.80%. Public Service Enterprise Group’s dividend payout ratio is presently 193.26%.

In related news, insider Derek M. Dirisio sold 1,500 shares of Public Service Enterprise Group stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $47.11, for a total transaction of $70,665.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Ralph Izzo sold 23,400 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $45.23, for a total transaction of $1,058,382.00. Following the transaction, the chairman now directly owns 748,474 shares of the company’s stock, valued at $33,853,479.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,900 shares of company stock valued at $2,413,947. 0.61% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in PEG. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Public Service Enterprise Group by 19.7% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,314 shares of the utilities provider’s stock worth $103,000 after purchasing an additional 381 shares during the period. Hudock Capital Group LLC boosted its stake in shares of 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 worth $113,000 after purchasing an additional 735 shares during the period. Parallel Advisors LLC boosted its stake in shares of Public Service Enterprise Group by 0.8% during the 1st quarter. Parallel Advisors LLC now owns 2,615 shares of the utilities provider’s stock worth $114,000 after purchasing an additional 20 shares during the period. Vantage Investment Advisors LLC boosted its stake in shares of 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 worth $115,000 after purchasing an additional 700 shares during the period. Finally, IHT Wealth Management LLC boosted its stake in shares of 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 worth $131,000 after purchasing an additional 202 shares during the period. 65.88% of the stock is owned by hedge funds and other institutional investors.

About Public Service Enterprise Group

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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