Wells Fargo & Company Boosts Public Service Enterprise Group (NYSE:PEG) Price Target to $100.00

Public Service Enterprise Group (NYSE:PEG) had its target price boosted by Wells Fargo & Company from $85.00 to $100.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

A number of other brokerages have also commented on PEG. Jefferies Financial Group began coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 price objective for the company. Bank of America raised their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Scotiabank increased their price target on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Finally, BMO Capital Markets boosted their target price on Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.92.

Public Service Enterprise Group Trading Up 2.3 %

Shares of PEG opened at $90.21 on Wednesday. The stock has a 50 day simple moving average of $84.32 and a 200-day simple moving average of $76.70. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The stock has a market cap of $44.93 billion, a PE ratio of 24.99, a PEG ratio of 2.72 and a beta of 0.61. Public Service Enterprise Group has a 1 year low of $56.85 and a 1 year high of $92.20.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the business earned $0.70 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, sell-side analysts predict that Public Service Enterprise Group will post 3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the transaction, the executive vice president now directly owns 48,397 shares in the company, valued at approximately $4,385,252.17. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Tamara Louise Linde sold 9,564 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total transaction of $866,594.04. Following the completion of the transaction, the executive vice president now directly owns 48,397 shares in the company, valued at $4,385,252.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total value of $124,295.60. Following the completion of the sale, the chief executive officer now owns 147,514 shares in the company, valued at $13,305,762.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,010 shares of company stock valued at $3,397,855. 0.57% of the stock is currently owned by insiders.

Institutional Trading of Public Service Enterprise Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PEG. Family Firm Inc. bought a new stake in shares of Public Service Enterprise Group during the second quarter worth about $33,000. OFI Invest Asset Management bought a new stake in Public Service Enterprise Group during the second quarter worth $35,000. Northwest Investment Counselors LLC purchased a new position in Public Service Enterprise Group in the first quarter worth $36,000. Salomon & Ludwin LLC increased its position in shares of Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 560 shares during the last quarter. Finally, Scarborough Advisors LLC bought a new position in Public Service Enterprise Group during the fourth quarter valued at about $41,000. 73.34% of the stock is 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.