Public Service Enterprise Group (NYSE:PEG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $52.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.73% from the company’s previous close.
According to Zacks, “Public Service Enterprise ended 2017 on a mixed note. While its fourth-quarter earnings surpassed the Zacks Consensus Estimate, top line missed the consensus mark. Nevertheless share price has outperformed the broader industry over a year, buoyed by its consistent capital-investment plans on account of its stable liquidity position. Currently, the company expects to spend in the range of $13-$15 billion on its energy infrastructure during 2018-2020. Apart from focusing on transmission and distribution infrastructure, the company is also expanding its renewable assets. The company has a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. However any inability to comply with various regulations and obtain fair and timely rate relief could have an adverse impact on its future earnings and growth.”
PEG has been the topic of several other research reports. JPMorgan Chase & Co. lowered their target price on shares of Public Service Enterprise Group from $53.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, March 5th. Morgan Stanley lifted their target price on shares of Public Service Enterprise Group from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, March 8th. ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Macquarie raised shares of Public Service Enterprise Group from a “neutral” rating to an “outperform” rating in a research note on Monday, January 22nd. Finally, Guggenheim reaffirmed a “buy” rating and set a $58.00 target price on shares of Public Service Enterprise Group in a research note on Wednesday, January 3rd. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $50.90.
Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Friday, February 23rd. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Public Service Enterprise Group had a net margin of 17.33% and a return on equity of 11.25%. The company had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the company posted $0.54 EPS. sell-side analysts forecast that Public Service Enterprise Group will post 3.15 earnings per share for the current year.
In other news, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $51.25, for a total transaction of $1,067,691.25. Following the transaction, the chairman now owns 645,934 shares of the company’s stock, valued at approximately $33,104,117.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 62,499 shares of company stock worth $3,137,658. Corporate insiders own 0.61% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Green Square Capital LLC raised its holdings in Public Service Enterprise Group by 27.1% in the 4th quarter. Green Square Capital LLC now owns 158,845 shares of the utilities provider’s stock valued at $8,181,000 after buying an additional 33,874 shares during the period. KCM Investment Advisors LLC raised its holdings in Public Service Enterprise Group by 4.2% in the 4th quarter. KCM Investment Advisors LLC now owns 68,467 shares of the utilities provider’s stock valued at $3,526,000 after buying an additional 2,771 shares during the period. Xact Kapitalforvaltning AB raised its holdings in Public Service Enterprise Group by 15.7% in the 4th quarter. Xact Kapitalforvaltning AB now owns 47,463 shares of the utilities provider’s stock valued at $2,444,000 after buying an additional 6,449 shares during the period. Envestnet Asset Management Inc. raised its holdings in Public Service Enterprise Group by 1.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 104,787 shares of the utilities provider’s stock valued at $5,396,000 after buying an additional 1,471 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Public Service Enterprise Group by 63.8% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 333,247 shares of the utilities provider’s stock valued at $17,162,000 after buying an additional 129,824 shares during the period. 68.37% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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