Public Service Enterprise Group (NYSE:PEG) Stock Rating Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Public Service Enterprise Group (NYSE: PEG) from Hold to Sell. Despite the downgrade, the broader analyst consensus remains Hold, with an average price target of $79.32.
• Several brokerages recently reduced their price targets, including RBC to $76 and Barclays to $76; Bank of America maintained a Buy rating with an $85 target.
• PSEG missed quarterly expectations, reporting EPS of $1.15 versus $1.19 expected and revenue of $3.02 billion versus $3.19 billion expected. Revenue fell 6.4% year over year.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages also recently issued reports on PEG. Royal Bank Of Canada lowered their price target on Public Service Enterprise Group from $81.00 to $76.00 in a report on Monday, October 26th. Bank of America dropped their price objective on Public Service Enterprise Group from $87.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday, October 27th. Citigroup cut their price target on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a "neutral" rating for the company in a report on Wednesday, August 5th. Truist Financial cut their price target on shares of Public Service Enterprise Group from $84.00 to $78.00 and set a "hold" rating on the stock in a report on Thursday, October 15th. Finally, Barclays dropped their price objective on shares of Public Service Enterprise Group from $83.00 to $76.00 and set an "equal weight" rating on the stock in a research note on Monday, October 12th. Seven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $79.32.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $72.52 on Friday. The stock has a market cap of $36.14 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 2.55 and a beta of 0.48. The stock has a 50-day moving average of $71.18 and a 200-day moving average of $77.90. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.88 and a quick ratio of 0.67. Public Service Enterprise Group has a one year low of $66.15 and a one year high of $87.63.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The utilities provider reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.04). The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.19 billion. Public Service Enterprise Group had a return on equity of 12.43% and a net margin of 14.31%. Public Service Enterprise Group's revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.13 EPS. As a group, sell-side analysts expect that Public Service Enterprise Group will post 4.36 earnings per share for the current year.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph LaRossa sold 2,083 shares of the firm's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the transaction, the chief executive officer directly owned 276,487 shares of the company's stock, valued at approximately $20,349,443.20. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard Thigpen sold 8,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the completion of the transaction, the senior vice president owned 20,970 shares of the company's stock, valued at approximately $1,563,523.20. This trade represents a 27.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,166 shares of company stock valued at $890,350 in the last quarter. Company insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Public Service Enterprise Group

Large investors have recently made changes to their positions in the stock. Community Financial Services Group LLC purchased a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at approximately $25,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at $26,000. James T. Borello RIA acquired a new position in Public Service Enterprise Group in the 3rd quarter worth approximately $27,000. Elevation Wealth Partners LLC lifted its stake in Public Service Enterprise Group by 240.6% in the second quarter. Elevation Wealth Partners LLC now owns 344 shares of the utilities provider's stock valued at $28,000 after acquiring an additional 243 shares during the last quarter. Finally, Aberdeen Wealth Management LLC acquired a new stake in shares of Public Service Enterprise Group in the second quarter worth $32,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

About Public Service Enterprise Group

Public Service Enterprise Group (PSEG) is an energy company headquartered in New Jersey. Its principal subsidiary, Public Service Electric and Gas Company (PSE&G), provides regulated electric and natural gas service to residential, commercial and industrial customers across much of the state.

PSE&G operates electric and gas transmission and distribution systems and offers energy-efficiency programs. Through its generation business, PSEG also operates nuclear power plants in New Jersey, producing electricity for the regional power market.

The company traces its roots to the Public Service Corporation of New Jersey, established in 1903, and serves customers primarily in New Jersey.

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