Public Service Enterprise Group Incorporated $PEG Position Reduced by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 38.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,696,544 shares of the utilities provider’s stock after selling 1,060,817 shares during the quarter. Pictet Asset Management Holding SA owned 0.34% of Public Service Enterprise Group worth $114,245,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. REAP Financial Group LLC raised its holdings in shares of Public Service Enterprise Group by 11.3% in the 3rd quarter. REAP Financial Group LLC now owns 1,515 shares of the utilities provider’s stock worth $102,000 after buying an additional 154 shares in the last quarter. Y.D. More Investments Ltd boosted its stake in Public Service Enterprise Group by 22.5% in the 1st quarter. Y.D. More Investments Ltd now owns 866 shares of the utilities provider’s stock valued at $70,000 after buying an additional 159 shares in the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in Public Service Enterprise Group by 3.7% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 5,075 shares of the utilities provider’s stock valued at $342,000 after buying an additional 181 shares in the last quarter. Miller Howard Investments Inc. NY boosted its stake in Public Service Enterprise Group by 0.6% in the 3rd quarter. Miller Howard Investments Inc. NY now owns 30,687 shares of the utilities provider’s stock valued at $2,066,000 after buying an additional 185 shares in the last quarter. Finally, Green Ridge Wealth Planning LLC grew its position in Public Service Enterprise Group by 7.1% in the second quarter. Green Ridge Wealth Planning LLC now owns 2,986 shares of the utilities provider’s stock valued at $242,000 after acquiring an additional 198 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PEG. Wall Street Zen lowered Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Saturday. Bank of America cut their price objective on Public Service Enterprise Group from $87.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Barclays reduced their target price 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 note on Monday, October 12th. JPMorgan Chase & Co. reduced their target price on shares of Public Service Enterprise Group from $81.00 to $77.00 and set a “neutral” rating on the stock in a research note on Monday, October 19th. Finally, Citigroup lowered their target price on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Hold” and a consensus target price of $79.32.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $72.52 on Monday. Public Service Enterprise Group Incorporated has a 1 year low of $66.15 and a 1 year high of $87.63. The firm has a 50 day moving average of $71.18 and a 200-day moving average of $77.90. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $36.15 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 2.49 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 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.04). The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.19 billion. Public Service Enterprise Group had a return on equity of 12.40% and a net margin of 14.31%. The firm’s revenue was down 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.13 earnings per share. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 8,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the sale, the senior vice president owned 20,970 shares in the company, valued at approximately $1,563,523.20. This represents a 27.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph A. Larossa sold 2,083 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $73.60, for a total value of $153,308.80. Following the completion of the sale, the chief executive officer owned 276,487 shares of the company’s stock, valued at approximately $20,349,443.20. This trade represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 12,166 shares of company stock valued at $890,350. Corporate insiders own 0.19% of the company’s stock.

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.