Barclays Raises Public Service Enterprise Group (NYSE:PEG) Price Target to $98.00

Public Service Enterprise Group (NYSE:PEG) had its price target hoisted by equities researchers at Barclays from $80.00 to $98.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Barclays‘s price target suggests a potential upside of 8.96% from the company’s previous close.

PEG has been the topic of a number of other research reports. Bank of America lifted their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Monday, June 17th. Royal Bank of Canada raised their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Morgan Stanley raised their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Finally, Jefferies Financial Group started coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They set a “hold” rating and a $85.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.85.

Public Service Enterprise Group Stock Performance

Shares of PEG traded down $2.09 during trading hours on Monday, reaching $89.94. 1,706,026 shares of the company’s stock traded hands, compared to its average volume of 2,810,461. The firm has a market capitalization of $44.80 billion, a price-to-earnings ratio of 24.91, a P/E/G ratio of 3.32 and a beta of 0.61. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. Public Service Enterprise Group has a twelve month low of $56.85 and a twelve month high of $92.20. The business’s fifty day simple moving average is $82.58 and its two-hundred day simple moving average is $75.44.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. Public Service Enterprise Group’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.70 earnings per share. Analysts predict that Public Service Enterprise Group will post 3.67 earnings per share for the current year.

Insiders Place Their Bets

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total value of $124,295.60. Following the completion of the transaction, the chief executive officer now owns 147,514 shares in the company, valued at approximately $13,305,762.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,446 shares of company stock valued at $2,531,260. 0.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

Several hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in Public Service Enterprise Group by 10.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 926,533 shares of the utilities provider’s stock worth $56,658,000 after buying an additional 89,499 shares during the last quarter. Elo Mutual Pension Insurance Co boosted its holdings in Public Service Enterprise Group by 3.9% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 43,393 shares of the utilities provider’s stock worth $2,653,000 after buying an additional 1,632 shares during the last quarter. Hancock Whitney Corp boosted its holdings in Public Service Enterprise Group by 0.9% during the fourth quarter. Hancock Whitney Corp now owns 154,987 shares of the utilities provider’s stock worth $9,477,000 after buying an additional 1,432 shares during the last quarter. Cohen & Steers Inc. boosted its holdings in Public Service Enterprise Group by 23.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock worth $146,132,000 after buying an additional 455,693 shares during the last quarter. Finally, Grayhawk Investment Strategies Inc. bought a new position in Public Service Enterprise Group during the fourth quarter worth about $478,000. Institutional investors own 73.34% of the company’s stock.

About Public Service Enterprise Group

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.