Bornite Capital Management LP Purchases New Shares in Public Service Enterprise Group Incorporated (NYSE:PEG)

Bornite Capital Management LP purchased a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 200,000 shares of the utilities provider’s stock, valued at approximately $13,356,000. Public Service Enterprise Group makes up approximately 2.2% of Bornite Capital Management LP’s investment portfolio, making the stock its 19th biggest position.

Several other hedge funds also recently made changes to their positions in the company. Paloma Partners Management Co bought a new stake in shares of Public Service Enterprise Group during the first quarter valued at approximately $1,333,000. Evergreen Wealth Solutions LLC boosted its holdings in Public Service Enterprise Group by 1.7% in the first quarter. Evergreen Wealth Solutions LLC now owns 9,697 shares of the utilities provider’s stock worth $648,000 after acquiring an additional 159 shares in the last quarter. Energy Income Partners LLC boosted its holdings in Public Service Enterprise Group by 14.2% in the first quarter. Energy Income Partners LLC now owns 1,557,690 shares of the utilities provider’s stock worth $104,023,000 after acquiring an additional 193,736 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Public Service Enterprise Group by 0.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 678,836 shares of the utilities provider’s stock worth $45,333,000 after acquiring an additional 4,941 shares in the last quarter. Finally, BOKF NA boosted its holdings in Public Service Enterprise Group by 3.5% in the first quarter. BOKF NA now owns 145,457 shares of the utilities provider’s stock worth $9,693,000 after acquiring an additional 4,943 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the completion of the transaction, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PEG. Evercore ISI boosted their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley dropped their target price on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Monday, June 24th. Bank of America boosted their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Monday, June 17th. Finally, Royal Bank of Canada boosted their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.17.

Public Service Enterprise Group Stock Performance

NYSE:PEG traded up $0.93 during mid-day trading on Monday, hitting $76.94. 3,228,658 shares of the company traded hands, compared to its average volume of 2,824,122. The stock’s fifty day moving average price is $74.36 and its 200-day moving average price is $67.82. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $77.46. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. The firm has a market cap of $38.32 billion, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the firm posted $1.39 EPS. The business’s revenue for the quarter was down 26.5% on a year-over-year basis. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

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.