Morgan Stanley Boosts Public Service Enterprise Group Incorporated (PEG) Price Target to $53.00

Public Service Enterprise Group Incorporated (NYSE:PEG) had its price objective raised by Morgan Stanley from $51.00 to $53.00 in a research note issued to investors on Friday morning. They currently have an equal weight rating on the utilities provider’s stock.

A number of other research analysts have also recently weighed in 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. Mizuho raised shares of Public Service Enterprise Group from a neutral rating to a buy rating and raised 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 set a $49.00 price objective (up from $44.00) on shares of Public Service Enterprise Group in a research note on Thursday, August 10th. Zacks Investment Research cut shares of Public Service Enterprise Group from a buy rating to a hold rating in a research note on Wednesday, August 2nd. Finally, Wolfe Research raised shares of Public Service Enterprise Group from an underperform rating to a market perform rating in a research note on Monday, July 17th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $48.38.

Public Service Enterprise Group (PEG) opened at 46.45 on Friday. The firm has a market capitalization of $23.50 billion, a PE ratio of 52.19 and a beta of 0.39. The stock’s 50 day moving average price is $45.94 and its 200 day moving average price is $44.61. Public Service Enterprise Group has a one year low of $39.28 and a one year high of $47.47.

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

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The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.72 annualized dividend and a yield of 3.70%. Public Service Enterprise Group’s payout ratio is currently 193.26%.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 30,000 shares of Public Service Enterprise Group stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $42.83, for a total value of $1,284,900.00. Following the transaction, the chairman now owns 748,121 shares in the company, valued at approximately $32,042,022.43. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Derek M. Dirisio sold 1,500 shares of Public Service Enterprise Group stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $47.11, for a total transaction of $70,665.00. The disclosure for this sale can be found here. Insiders sold a total of 54,900 shares of company stock valued at $2,413,947 over the last ninety days. 0.61% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in PEG. BlackRock Inc. boosted its holdings in shares of Public Service Enterprise Group by 4,031.7% in the 1st quarter. BlackRock Inc. now owns 48,379,255 shares of the utilities provider’s stock valued at $2,145,620,000 after purchasing an additional 47,208,334 shares during the last quarter. Federated Investors Inc. PA boosted its holdings in shares of Public Service Enterprise Group by 179.9% in the 2nd quarter. Federated Investors Inc. PA now owns 6,711,861 shares of the utilities provider’s stock valued at $288,677,000 after purchasing an additional 4,314,015 shares during the last quarter. BT Investment Management Ltd acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at $84,819,000. Balyasny Asset Management LLC boosted its holdings in shares of Public Service Enterprise Group by 413.1% in the 2nd quarter. Balyasny Asset Management LLC now owns 1,986,751 shares of the utilities provider’s stock valued at $85,450,000 after purchasing an additional 1,599,583 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Public Service Enterprise Group by 179.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,160,960 shares of the utilities provider’s stock valued at $92,943,000 after purchasing an additional 1,387,377 shares during the last quarter. Institutional investors own 65.97% of the company’s stock.

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.

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

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