Patton Fund Management Inc. Has $2.04 Million Stake in Public Service Enterprise Group Incorporated $PEG

Key Points

• Patton Fund Management Inc. reduced its stake in Public Service Enterprise Group by 41.4%, now holding 24,251 shares valued at approximately $2.04 million.
• The company reported $2.81 billion in revenue for the latest quarter, surpassing consensus estimates, with earnings per share (EPS) of $0.77.
• Public Service Enterprise Group declared a quarterly dividend of $0.63 per share, representing an annual yield of 3.1%, with an upcoming payment date on September 30th.

Patton Fund Management Inc. decreased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 41.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,251 shares of the utilities provider's stock after selling 17,108 shares during the quarter. Patton Fund Management Inc.'s holdings in Public Service Enterprise Group were worth $2,041,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in Public Service Enterprise Group in the first quarter valued at about $32,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Public Service Enterprise Group during the first quarter worth about $33,000. Marshall & Sullivan Inc. WA acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth about $33,000. Zions Bancorporation National Association UT acquired a new stake in shares of Public Service Enterprise Group during the first quarter worth about $50,000. Finally, Sound Income Strategies LLC raised its position in shares of Public Service Enterprise Group by 105.9% during the first quarter. Sound Income Strategies LLC now owns 702 shares of the utilities provider's stock worth $58,000 after purchasing an additional 361 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Stock Up 1.8%

PEG stock opened at $82.30 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. The business has a 50 day moving average price of $84.30 and a two-hundred day moving average price of $82.18. The company has a market cap of $41.07 billion, a price-to-earnings ratio of 20.78, a P/E/G ratio of 2.81 and a beta of 0.50. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same period in the previous year, the company posted $0.63 EPS. The firm's revenue for the quarter was up 15.8% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

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

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Morgan Stanley dropped their price target on Public Service Enterprise Group from $105.00 to $103.00 and set an "overweight" rating on the stock in a research report on Thursday. BMO Capital Markets raised their price target 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. Barclays dropped their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. Wall Street Zen raised Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. Finally, UBS Group lifted their target price on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $91.85.

Public Service Enterprise Group Company 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.

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