Zimmer Partners LP Takes Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• Zimmer Partners LP has acquired a new position in Public Service Enterprise Group, purchasing 370,000 shares valued at approximately $30.45 million.
• Wall Street analysts have varying views on the stock, with a consensus rating of "Moderate Buy" and an average target price of $90.95.
• Public Service Enterprise Group announced a quarterly dividend of $0.63, yielding 3.1%, with the ex-dividend date on September 9th.

Zimmer Partners LP bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 370,000 shares of the utilities provider's stock, valued at approximately $30,451,000. Zimmer Partners LP owned approximately 0.07% of Public Service Enterprise Group at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PEG. REAP Financial Group LLC boosted its holdings in shares of Public Service Enterprise Group by 105.9% in the 4th 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 in the last quarter. Headlands Technologies LLC bought a new stake in shares of Public Service Enterprise Group during the 1st quarter worth $32,000. Wealth Preservation Advisors LLC acquired a new stake in Public Service Enterprise Group in the first quarter valued at about $33,000. Zions Bancorporation National Association UT bought a new position in Public Service Enterprise Group in the first quarter valued at about $50,000. Finally, Sound Income Strategies LLC raised its stake in 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 acquiring an additional 361 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Trading Up 0.9%

Shares of NYSE:PEG traded up $0.71 during mid-day trading on Friday, reaching $82.74. 1,703,010 shares of the company's stock were exchanged, compared to its average volume of 2,547,135. The firm has a market capitalization of $41.29 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 2.88 and a beta of 0.50. The business's fifty day moving average price is $84.45 and its 200-day moving average price is $82.10. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00. 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 posted its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.Public Service Enterprise Group's quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 earnings per share. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed 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. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's payout ratio is currently 63.64%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the sale, the chief executive officer owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This represents a 0.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on PEG. UBS Group raised their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Morgan Stanley cut their target price on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. BMO Capital Markets upped their price target on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a 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 for the company in a research note on Thursday, July 10th. Finally, Wall Street Zen upgraded Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $91.55.

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.