Arvest Investments Inc. Decreases Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Arvest Investments Inc. cut its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,745 shares of the utilities provider’s stock after selling 3,206 shares during the period. Arvest Investments Inc.’s holdings in Public Service Enterprise Group were worth $2,208,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PEG. Family Firm Inc. purchased a new position in Public Service Enterprise Group in the 2nd quarter valued at approximately $33,000. OFI Invest Asset Management purchased a new position in shares of Public Service Enterprise Group in the second quarter valued at $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth about $48,000. Country Trust Bank purchased a new stake in shares of Public Service Enterprise Group in the 2nd quarter worth about $52,000. Finally, Friedenthal Financial acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at about $52,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s 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 sale, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at $13,305,762.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 41,010 shares of company stock valued at $3,397,855. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Up 1.9 %

Shares of Public Service Enterprise Group stock traded up $1.59 during trading hours on Friday, hitting $85.82. The company’s stock had a trading volume of 2,639,223 shares, compared to its average volume of 2,790,766. The company has a quick ratio of 0.46, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $42.76 billion, a PE ratio of 21.09, a P/E/G ratio of 3.06 and a beta of 0.61. The business has a fifty day moving average of $86.80 and a 200 day moving average of $79.28. Public Service Enterprise Group Incorporated has a 1-year low of $56.85 and a 1-year high of $92.20.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the business posted $0.85 EPS. As a group, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PEG. Scotiabank upped their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Wells Fargo & Company increased their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Barclays cut their target price on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Morgan Stanley raised their price target on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price target for the company. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $86.69.

Public Service Enterprise Group 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.