Public Service Enterprise Group Incorporated (NYSE:PEG) is Covalis Capital LLP’s 2nd Largest Position

Covalis Capital LLP boosted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 105.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 689,278 shares of the utilities provider’s stock after acquiring an additional 354,204 shares during the period. Public Service Enterprise Group makes up approximately 8.5% of Covalis Capital LLP’s portfolio, making the stock its 2nd largest position. Covalis Capital LLP’s holdings in Public Service Enterprise Group were worth $58,237,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Pine Valley Investments Ltd Liability Co lifted its stake in shares of Public Service Enterprise Group by 8.5% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 8,527 shares of the utilities provider’s stock valued at $761,000 after purchasing an additional 670 shares in the last quarter. World Investment Advisors LLC acquired a new stake in Public Service Enterprise Group in the third quarter valued at $4,403,000. Arvest Bank Trust Division bought a new stake in Public Service Enterprise Group in the third quarter valued at about $2,860,000. Wilmington Savings Fund Society FSB boosted its holdings in Public Service Enterprise Group by 30.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 10,189 shares of the utilities provider’s stock worth $909,000 after purchasing an additional 2,384 shares during the period. Finally, Tidal Investments LLC lifted its stake in Public Service Enterprise Group by 26.9% in the third quarter. Tidal Investments LLC now owns 16,306 shares of the utilities provider’s stock valued at $1,455,000 after buying an additional 3,461 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

PEG has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price for the company. in a research report on Wednesday, March 19th. Morgan Stanley increased their target price on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Wells Fargo & Company cut their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. StockNews.com upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Bank of America reduced their price objective on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $89.35.

Public Service Enterprise Group Price Performance

PEG opened at $83.33 on Friday. Public Service Enterprise Group Incorporated has a 52-week low of $65.26 and a 52-week high of $95.22. The company’s 50-day simple moving average is $81.89 and its two-hundred day simple moving average is $85.55. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The stock has a market capitalization of $41.55 billion, a P/E ratio of 20.47, a P/E/G ratio of 2.78 and a beta of 0.52.

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

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a dividend of $0.63 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.02%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total transaction of $114,208.64. Following the transaction, the chief executive officer now directly owns 221,670 shares in the company, valued at approximately $18,372,009.60. This trade represents a 0.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.

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.