Public Service Enterprise Group (NYSE:PEG) PT Lowered to $76.00 at Morgan Stanley

Public Service Enterprise Group (NYSE:PEG) had its price objective reduced by Morgan Stanley from $78.00 to $76.00 in a research report sent to investors on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the utilities provider’s stock.

PEG has been the topic of several other research reports. Guggenheim upgraded shares of Public Service Enterprise Group from a neutral rating to a buy rating and set a $82.00 price objective on the stock in a report on Monday, June 17th. Royal Bank of Canada boosted their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an outperform rating in a report on Thursday, March 7th. Wells Fargo & Company increased their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an overweight rating in a report on Tuesday, March 19th. Evercore ISI boosted their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Finally, BMO Capital Markets lowered their price objective on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating on the stock in a report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of Moderate Buy and a consensus target price of $71.50.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock opened at $73.07 on Monday. The company has a market cap of $36.39 billion, a P/E ratio of 20.24, a PEG ratio of 3.05 and a beta of 0.59. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $72.21 and a two-hundred day moving average price of $65.59. Public Service Enterprise Group has a 1-year low of $53.71 and a 1-year high of $75.82.

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

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 annualized dividend and a yield of 3.28%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.37, for a total value of $91,192.38. Following the transaction, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 2,948 shares of company stock valued at $199,910 in the last ninety days. 0.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

Institutional investors have recently bought and sold shares of the company. Evergreen Wealth Solutions LLC grew its holdings in Public Service Enterprise Group by 1.7% in the 1st 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 during the last quarter. Modera Wealth Management LLC grew its stake in shares of Public Service Enterprise Group by 2.6% in the third quarter. Modera Wealth Management LLC now owns 6,647 shares of the utilities provider’s stock worth $378,000 after purchasing an additional 170 shares during the last quarter. Strategic Investment Advisors MI increased its holdings in Public Service Enterprise Group by 1.0% during the 4th quarter. Strategic Investment Advisors MI now owns 17,511 shares of the utilities provider’s stock valued at $1,071,000 after purchasing an additional 179 shares during the period. PDS Planning Inc raised its position in Public Service Enterprise Group by 4.2% during the 1st quarter. PDS Planning Inc now owns 4,530 shares of the utilities provider’s stock valued at $303,000 after purchasing an additional 181 shares during the last quarter. Finally, Lido Advisors LLC lifted its holdings in Public Service Enterprise Group by 4.1% in the 3rd quarter. Lido Advisors LLC now owns 4,622 shares of the utilities provider’s stock worth $263,000 after buying an additional 183 shares during the period. Hedge funds and other institutional investors 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.