Public Service Enterprise Group Incorporated (NYSE:PEG) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Public Service Enterprise Group Incorporated (NYSE:PEG) from a hold rating to a buy rating in a research report sent to investors on Tuesday, August 1st. Zacks Investment Research currently has $50.00 price target on the utilities provider’s stock.

According to Zacks, “Public Service Enterprise reported mixed results in the second quarter of 2017. While the company’s bottom-line figure comfortably surpassed the Zacks Consensus Estimate, the top-line number failed to meet the mark. Also the company’s unchanged guidance for 2017 indicated no significantly improved upside in the upcoming quarterly results. Nevertheless, its consistent capital-investment plans backed by a stable liquidity position have the potential to boost its performance. Moreover, Public Service Enterprise boasts a solid portfolio of regulated and non-regulated utility assets that offer stable earnings and significant long-term growth potential. Apart from focusing on transmission and distribution infrastructure, the company’s initiative to expand its renewable assets also buoys optimism. However, stringent environmental regulations and commodity price volatility may be a setback for the stock.”

A number of other equities research analysts also recently weighed in on PEG. Wolfe Research upgraded shares of Public Service Enterprise Group from an underperform rating to a market perform rating in a research report on Monday, July 17th. Mizuho began coverage on shares of Public Service Enterprise Group in a research report on Wednesday, April 19th. They issued a neutral rating and a $44.50 price target for the company. BidaskClub upgraded shares of Public Service Enterprise Group from a strong sell rating to a sell rating in a research report on Monday, July 24th. Barclays PLC lifted their price target on shares of Public Service Enterprise Group from $43.00 to $45.00 and gave the company an equal weight rating in a research report on Tuesday, April 25th. Finally, Deutsche Bank AG dropped their price target on shares of Public Service Enterprise Group from $49.00 to $48.00 and set a buy rating for the company in a research report on Tuesday, April 11th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $48.21.

Public Service Enterprise Group (NYSE:PEG) opened at 46.68 on Tuesday. The stock has a 50 day moving average price of $44.33 and a 200 day moving average price of $44.29. The firm has a market cap of $23.61 billion, a price-to-earnings ratio of 52.45 and a beta of 0.38. Public Service Enterprise Group has a 12 month low of $39.28 and a 12 month high of $46.95.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.05. Public Service Enterprise Group had a return on equity of 11.46% and a net margin of 4.88%. The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, equities analysts expect that Public Service Enterprise Group will post $2.92 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be issued a dividend of $0.43 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.72 annualized dividend and a dividend yield of 3.68%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 193.26%.

In other news, Chairman Ralph Izzo sold 30,000 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $42.83, for a total transaction of $1,284,900.00. Following the completion of the transaction, the chairman now directly owns 748,121 shares in the company, valued at $32,042,022.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.61% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Public Service Enterprise Group by 19.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,314 shares of the utilities provider’s stock valued at $103,000 after buying an additional 381 shares in the last quarter. Hudock Capital Group LLC boosted its stake in shares of Public Service Enterprise Group by 38.8% in the second quarter. Hudock Capital Group LLC now owns 2,629 shares of the utilities provider’s stock valued at $113,000 after buying an additional 735 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Public Service Enterprise Group by 0.8% in the first quarter. Parallel Advisors LLC now owns 2,615 shares of the utilities provider’s stock valued at $114,000 after buying an additional 20 shares in the last quarter. Vantage Investment Advisors LLC boosted its stake in shares of Public Service Enterprise Group by 35.3% in the second quarter. Vantage Investment Advisors LLC now owns 2,685 shares of the utilities provider’s stock valued at $115,000 after buying an additional 700 shares in the last quarter. Finally, Kistler Tiffany Companies LLC boosted its stake in shares of Public Service Enterprise Group by 3.8% in the first quarter. Kistler Tiffany Companies LLC now owns 2,684 shares of the utilities provider’s stock valued at $119,000 after buying an additional 99 shares in the last quarter. 66.32% of the stock is currently owned by institutional investors.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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