BMO Capital Markets Forecasts Strong Price Appreciation for Public Service Enterprise Group (NYSE:PEG) Stock

Key Points

• BMO Capital Markets has raised the price target for Public Service Enterprise Group (PEG) from $84.00 to $89.00, indicating a potential upside of 2.02% from the previous close.
• Other analysts have set varying price targets, with Guggenheim lowering theirs to $94.00 and UBS raising it to $103.00, highlighting mixed opinions on the stock's performance.
• The company reported strong quarterly earnings of $0.77 per share, exceeding expectations, alongside a 15.8% increase in revenue year-over-year, totaling $2.81 billion.

Public Service Enterprise Group (NYSE:PEG - Free Report) had its target price raised by BMO Capital Markets from $84.00 to $89.00 in a report released on Wednesday morning,Benzinga reports. They currently have a market perform rating on the utilities provider's stock.

PEG has been the subject of several other research reports. Barclays reduced 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 report on Thursday, July 10th. Evercore ISI cut their price objective on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. UBS Group raised their price target on 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. Finally, Morgan Stanley reduced their target price on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $90.95.

Public Service Enterprise Group Trading Up 0.3%

Shares of NYSE PEG traded up $0.23 during mid-day trading on Wednesday, hitting $87.70. The stock had a trading volume of 2,400,788 shares, compared to its average volume of 2,647,230. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.65 and a current ratio of 1.00. Public Service Enterprise Group has a 1 year low of $74.67 and a 1 year high of $95.22. The business has a 50 day moving average price of $83.63 and a two-hundred day moving average price of $82.24. The firm has a market cap of $43.77 billion, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 3.05 and a beta of 0.45.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The company's quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 EPS. On average, equities analysts anticipate that Public Service Enterprise Group will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 63.64%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. MTM Investment Management LLC acquired a new position in Public Service Enterprise Group in the second quarter valued at approximately $79,000. Rockefeller Capital Management L.P. increased its position in shares of Public Service Enterprise Group by 8.1% during the second quarter. Rockefeller Capital Management L.P. now owns 234,812 shares of the utilities provider's stock worth $19,767,000 after purchasing an additional 17,693 shares in the last quarter. Itau Unibanco Holding S.A. grew its holdings in Public Service Enterprise Group by 3.8% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 24,166 shares of the utilities provider's stock valued at $2,034,000 after buying an additional 875 shares in the last quarter. Citizens Financial Group Inc. RI grew its holdings in Public Service Enterprise Group by 250.0% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 11,832 shares of the utilities provider's stock valued at $996,000 after buying an additional 8,451 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its holdings in shares of Public Service Enterprise Group by 2.6% during the 2nd quarter. Avantax Advisory Services Inc. now owns 94,720 shares of the utilities provider's stock worth $7,974,000 after purchasing an additional 2,426 shares during the period. 73.34% of the stock is currently owned by institutional investors and hedge funds.

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.