Public Service Enterprise Group Incorporated $PEG Position Lessened by Covalis Capital LLP

Covalis Capital LLP lowered its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 30.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 436,046 shares of the utilities provider’s stock after selling 192,367 shares during the quarter. Public Service Enterprise Group comprises 4.5% of Covalis Capital LLP’s holdings, making the stock its 3rd largest holding. Covalis Capital LLP’s holdings in Public Service Enterprise Group were worth $36,706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Public Service Enterprise Group by 4.9% during the first quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider’s stock valued at $5,247,586,000 after buying an additional 2,986,646 shares during the last quarter. Nuveen LLC purchased a new position in shares of Public Service Enterprise Group in the 1st quarter worth approximately $95,076,000. Cbre Investment Management Listed Real Assets LLC bought a new position in shares of Public Service Enterprise Group during the 1st quarter worth approximately $68,317,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Public Service Enterprise Group by 20.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,803,810 shares of the utilities provider’s stock valued at $395,354,000 after acquiring an additional 806,782 shares during the last quarter. Finally, Reaves W H & Co. Inc. boosted its stake in Public Service Enterprise Group by 58.4% in the first quarter. Reaves W H & Co. Inc. now owns 1,312,292 shares of the utilities provider’s stock valued at $108,002,000 after acquiring an additional 483,682 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling

In other news, SVP Richard T. Thigpen sold 4,920 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $82.33, for a total transaction of $405,063.60. Following the sale, the senior vice president owned 26,134 shares of the company’s stock, valued at $2,151,612.22. This trade represents a 15.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Trading Up 0.6%

Public Service Enterprise Group stock opened at $81.25 on Friday. The stock has a 50-day moving average price of $82.19 and a 200 day moving average price of $82.48. The company has a market capitalization of $40.56 billion, a price-to-earnings ratio of 20.52, a price-to-earnings-growth ratio of 2.46 and a beta of 0.55. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $95.22. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, November 3rd. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.11. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $2.80 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. Public Service Enterprise Group’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period last year, the firm posted $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, December 10th. Public Service Enterprise Group’s payout ratio is 60.58%.

Analyst Ratings Changes

PEG has been the subject of several analyst reports. BTIG Research started coverage on Public Service Enterprise Group in a report on Wednesday, October 22nd. They set a “buy” rating and a $98.00 price objective for the company. TD Cowen raised their price target on Public Service Enterprise Group from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Wells Fargo & Company started coverage on Public Service Enterprise Group in a research note on Tuesday, October 28th. They set an “equal weight” rating and a $88.00 price target on the stock. Evercore ISI assumed coverage on shares of Public Service Enterprise Group in a research note on Tuesday, October 7th. They issued an “in-line” rating and a $83.00 target price for the company. Finally, Wall Street Zen raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $91.19.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.