Scotiabank Raises Public Service Enterprise Group (NYSE:PEG) Price Target to $86.00

Public Service Enterprise Group (NYSE:PEG) had its price objective raised by equities research analysts at Scotiabank from $73.00 to $86.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s price objective suggests a potential downside of 0.93% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Bank of America upped their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Barclays dropped their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. BMO Capital Markets increased their target price on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Guggenheim reaffirmed a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday. Finally, Evercore ISI raised their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.17.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $86.81 on Thursday. The firm has a market capitalization of $43.25 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 3.14 and a beta of 0.62. The stock’s 50 day moving average price is $89.21 and its 200 day moving average price is $82.34. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group has a one year low of $56.85 and a one year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the business earned $0.85 EPS. As a group, sell-side analysts expect that Public Service Enterprise Group will post 3.67 EPS for the current fiscal year.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction 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 0.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total transaction of $86,126.04. Following the transaction, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,798 shares of company stock worth $1,595,921. 0.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of institutional investors have recently bought and sold shares of the business. Heritage Wealth Management Inc. bought a new stake in Public Service Enterprise Group in the 2nd quarter valued at $422,000. DRW Securities LLC bought a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at $8,244,000. Cerity Partners LLC raised its stake in Public Service Enterprise Group by 36.1% during the third quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider’s stock worth $8,575,000 after acquiring an additional 25,503 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter worth approximately $2,965,000. Finally, Maxwell Wealth Strategies Inc. acquired a new position in shares of Public Service Enterprise Group during the third quarter worth $723,000. Institutional investors and hedge funds 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.