Scotiabank Trims Public Service Enterprise Group (NYSE:PEG) Target Price to $62.00

Public Service Enterprise Group (NYSE:PEG - Get Free Report) had its price target reduced by equities researchers at Scotiabank from $64.00 to $62.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a "sector perform" rating on the utilities provider's stock. Scotiabank's price target would suggest a potential downside of 7.06% from the stock's current price.

A number of other brokerages have also recently commented on PEG. Wells Fargo & Company raised their price objective on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an "overweight" rating in a research note on Tuesday, March 19th. TheStreet raised Public Service Enterprise Group from a "c+" rating to a "b-" rating in a research report on Wednesday, March 6th. Morgan Stanley reaffirmed an "overweight" rating and set a $70.00 target price (up previously from $61.00) on shares of Public Service Enterprise Group in a research report on Monday, March 25th. Evercore ISI lifted their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, April 4th. Finally, Bank of America lifted their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a "buy" rating in a research report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $67.15.

Public Service Enterprise Group Stock Up 1.5 %

Public Service Enterprise Group stock traded up $0.97 during mid-day trading on Monday, reaching $66.71. The stock had a trading volume of 2,645,221 shares, compared to its average volume of 2,846,534. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67. Public Service Enterprise Group has a fifty-two week low of $53.71 and a fifty-two week high of $67.51. The stock's 50-day simple moving average is $63.84 and its 200-day simple moving average is $62.01. The firm has a market capitalization of $33.26 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 2.88 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The firm had revenue of $2.61 billion during the quarter, compared to analysts' expectations of $2.45 billion. During the same quarter last year, the firm posted $0.64 earnings per share. The company's revenue for the quarter was down 17.0% compared to the same quarter last year. On average, sell-side analysts forecast that Public Service Enterprise Group will post 3.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the business's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares of the company's stock, valued at $1,997,409.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the business's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the sale, the chief executive officer now directly owns 152,347 shares in the company, valued at $10,111,270.39. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the business's stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the sale, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,748 shares of company stock valued at $498,658. Insiders own 0.18% of the company's stock.

Institutional Trading of Public Service Enterprise Group

Several hedge funds have recently made changes to their positions in the company. Modera Wealth Management LLC boosted its holdings in Public Service Enterprise Group by 2.6% during the 3rd quarter. Modera Wealth Management LLC now owns 6,647 shares of the utilities provider's stock valued at $378,000 after acquiring an additional 170 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Public Service Enterprise Group by 0.3% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 62,686 shares of the utilities provider's stock valued at $3,567,000 after acquiring an additional 177 shares during the period. Strategic Investment Advisors MI boosted its holdings in Public Service Enterprise Group by 1.0% during the 4th quarter. Strategic Investment Advisors MI now owns 17,511 shares of the utilities provider's stock valued at $1,071,000 after acquiring an additional 179 shares during the period. Lido Advisors LLC boosted its holdings in Public Service Enterprise Group by 4.1% during the 3rd quarter. Lido Advisors LLC now owns 4,622 shares of the utilities provider's stock valued at $263,000 after acquiring an additional 183 shares during the period. Finally, First Trust Direct Indexing L.P. boosted its holdings in Public Service Enterprise Group by 1.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 17,483 shares of the utilities provider's stock valued at $1,167,000 after acquiring an additional 183 shares during the period. 73.34% of the stock is currently owned by institutional investors.

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.