Public Service Enterprise Group (NYSE:PEG) Price Target Raised to $86.00 at BMO Capital Markets

Public Service Enterprise Group (NYSE:PEG) had its target price raised by BMO Capital Markets from $85.00 to $86.00 in a research report report published on Wednesday morning,Benzinga reports. BMO Capital Markets currently has a market perform rating on the utilities provider’s stock.

Several other analysts have also recently weighed in on PEG. Scotiabank lifted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. UBS Group lifted their price target on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Barclays cut shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $88.00 to $84.00 in a report on Monday, January 27th. Finally, Wells Fargo & Company cut their price target on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $89.50.

Public Service Enterprise Group Stock Down 0.4 %

Shares of Public Service Enterprise Group stock opened at $82.92 on Wednesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group has a 52-week low of $59.67 and a 52-week high of $95.22. The stock has a market capitalization of $41.31 billion, a price-to-earnings ratio of 20.37, a P/E/G ratio of 2.78 and a beta of 0.64. The company’s 50 day moving average price is $84.90 and its 200-day moving average price is $86.03.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the business earned $0.54 earnings per share. The business’s revenue was down 5.4% on a year-over-year basis. Equities research analysts forecast that Public Service Enterprise Group will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Monday, March 10th. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s payout ratio is 71.19%.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $84.91, for a total value of $117,005.98. Following the completion of the transaction, the chief executive officer now owns 144,212 shares of the company’s stock, valued at $12,245,040.92. The trade was a 0.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Public Service Enterprise Group

Large investors have recently modified their holdings of the stock. Foundations Investment Advisors LLC raised its position in shares of Public Service Enterprise Group by 27.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock worth $7,403,000 after purchasing an additional 18,627 shares during the last quarter. DRW Securities LLC purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter worth about $8,244,000. Cullen Investment Group LTD. raised its position in shares of Public Service Enterprise Group by 65.3% in the 4th quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after purchasing an additional 10,610 shares during the last quarter. Arvest Bank Trust Division purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter worth about $2,860,000. Finally, Parsons Capital Management Inc. RI purchased a new position in shares of Public Service Enterprise Group in the 4th quarter worth about $2,565,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

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.