Bank of America Has Lowered Expectations for Public Service Enterprise Group (NYSE:PEG) Stock Price

Public Service Enterprise Group (NYSE:PEG) had its price objective decreased by equities researchers at Bank of America from $95.00 to $92.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the utilities provider’s stock. Bank of America‘s price target suggests a potential upside of 13.45% from the stock’s current price.

A number of other brokerages have also recently weighed in on PEG. BMO Capital Markets boosted their price target on Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 26th. Scotiabank upped their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price objective on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and an average target price of $89.83.

Public Service Enterprise Group Stock Up 0.5 %

Shares of Public Service Enterprise Group stock opened at $81.09 on Monday. Public Service Enterprise Group has a 12-month low of $61.48 and a 12-month high of $95.22. The firm has a market capitalization of $40.40 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The stock’s fifty day moving average is $84.78 and its 200-day moving average is $86.07.

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

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the sale, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at $10,536,332.10. This represents a 1.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Foundations Investment Advisors LLC grew its holdings in shares of Public Service Enterprise Group by 27.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock valued at $7,403,000 after buying an additional 18,627 shares during the period. DRW Securities LLC acquired a new position in Public Service Enterprise Group in the third quarter valued at about $8,244,000. Cullen Investment Group LTD. grew its stake in Public Service Enterprise Group by 65.3% in the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock valued at $2,270,000 after acquiring an additional 10,610 shares during the period. Arvest Bank Trust Division bought a new stake in shares of Public Service Enterprise Group in the third quarter worth about $2,860,000. Finally, Parsons Capital Management Inc. RI acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter worth about $2,565,000. Institutional investors and hedge funds 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.