Public Service Enterprise Group Incorporated (NYSE:PEG) Sees Significant Decline in Short Interest

Public Service Enterprise Group Incorporated (NYSE:PEG) saw a large decline in short interest in October. As of October 15th, there was short interest totalling 5,380,000 shares, a decline of 17.7% from the September 30th total of 6,540,000 shares. Currently, 1.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,740,000 shares, the days-to-cover ratio is currently 2.0 days.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. UBS Group boosted their target price on shares of Public Service Enterprise Group from $87.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, September 24th. Royal Bank of Canada boosted their target price on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Wells Fargo & Company boosted their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Bank of America boosted their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.15.

Insider Activity at Public Service Enterprise Group

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

Hedge Funds Weigh In On Public Service Enterprise Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. grew its stake in Public Service Enterprise Group by 17.2% in the 3rd quarter. Pinnacle Associates Ltd. now owns 45,184 shares of the utilities provider’s stock worth $4,031,000 after acquiring an additional 6,629 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in shares of Public Service Enterprise Group by 18.9% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 23,565 shares of the utilities provider’s stock worth $2,102,000 after purchasing an additional 3,752 shares during the period. Edge Financial Advisors LLC purchased a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth approximately $279,000. Fidelis Capital Partners LLC purchased a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth approximately $208,000. Finally, Integrated Advisors Network LLC lifted its position in shares of Public Service Enterprise Group by 4.0% in the 3rd quarter. Integrated Advisors Network LLC now owns 7,407 shares of the utilities provider’s stock worth $661,000 after purchasing an additional 283 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Stock Performance

Shares of NYSE:PEG opened at $90.01 on Monday. 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 company has a market capitalization of $44.83 billion, a price-to-earnings ratio of 24.83, a PEG ratio of 2.71 and a beta of 0.61. The firm’s 50-day moving average is $85.69 and its 200 day moving average is $77.92. Public Service Enterprise Group has a 12 month low of $56.85 and a 12 month high of $92.20.

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

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.