Public Service Enterprise Group (NYSE:PEG) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Public Service Enterprise Group (NYSE:PEG) from a hold rating to a sell rating in a report released on Tuesday.

A number of other research firms have also recently issued reports on PEG. Barclays cut their price objective on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Bank of America cut their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Guggenheim restated a “buy” rating and set a $98.00 price objective on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Scotiabank increased their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. Finally, BMO Capital Markets lifted their price target on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Public Service Enterprise Group currently has an average rating of “Hold” and a consensus price target of $89.35.

Public Service Enterprise Group Trading Down 0.8 %

Shares of PEG stock opened at $81.21 on Tuesday. Public Service Enterprise Group has a fifty-two week low of $64.03 and a fifty-two week high of $95.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The stock has a 50 day simple moving average of $81.96 and a two-hundred day simple moving average of $85.76. The company has a market cap of $40.49 billion, a P/E ratio of 19.95, a PEG ratio of 2.78 and a beta of 0.52.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS. Research analysts forecast that Public Service Enterprise Group will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were issued a $0.63 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.10%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $82.88, for a total value of $114,208.64. Following the completion of the sale, the chief executive officer now owns 221,670 shares in the company, valued at approximately $18,372,009.60. This trade represents a 0.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Transce3nd LLC bought a new stake in Public Service Enterprise Group during the fourth quarter worth $25,000. Chapman Financial Group LLC bought a new position in Public Service Enterprise Group in the 4th quarter valued at $25,000. REAP Financial Group LLC increased its position in shares of Public Service Enterprise Group by 105.9% during the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 162 shares during the last quarter. Wingate Wealth Advisors Inc. bought a new stake in shares of Public Service Enterprise Group during the 4th quarter worth $35,000. Finally, OFI Invest Asset Management purchased a new position in shares of Public Service Enterprise Group in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

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.