Decade Renewable Partners LP Makes New Investment in Public Service Enterprise Group Incorporated $PEG

Key Points

• Decade Renewable Partners LP has invested approximately $6.25 million in Public Service Enterprise Group, acquiring 75,960 shares in the first quarter, which now represents about 4.8% of their portfolio.
• Public Service Enterprise Group reported a 15.8% increase in revenue year-over-year, achieving $2.81 billion, and earning $0.77 per share in its recent quarterly earnings, exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.63 per share with a 3.1% dividend yield, set for payment on September 30th, 2023.

Decade Renewable Partners LP acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,960 shares of the utilities provider's stock, valued at approximately $6,252,000. Public Service Enterprise Group accounts for about 4.8% of Decade Renewable Partners LP's holdings, making the stock its 8th biggest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Chapman Financial Group LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter worth approximately $25,000. REAP Financial Group LLC grew its holdings in Public Service Enterprise Group by 105.9% during the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 162 shares during the period. Headlands Technologies LLC bought a new position in shares of Public Service Enterprise Group during the 1st quarter valued at about $32,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at about $33,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Public Service Enterprise Group in the first quarter worth $50,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. BMO Capital Markets increased their price objective on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. Barclays decreased their price target on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a research note on Thursday, July 10th. Morgan Stanley lowered their target price on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, June 18th. Finally, UBS Group increased their target price on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $90.95.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the transaction, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Trading Down 0.6%

NYSE PEG traded down $0.46 during trading on Wednesday, hitting $81.35. The company had a trading volume of 1,589,082 shares, compared to its average volume of 2,650,084. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22. The company has a market cap of $40.60 billion, a price-to-earnings ratio of 20.54, a price-to-earnings-growth ratio of 2.86 and a beta of 0.50. The company's fifty day moving average is $84.66 and its 200-day moving average is $82.24. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The firm had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.49 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The business's revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 earnings per share. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is presently 63.64%.

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.