Wells Fargo & Company Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $95.00

Public Service Enterprise Group (NYSE:PEG) had its target price lowered by Wells Fargo & Company from $100.00 to $95.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 14.05% from the stock’s previous close.

Other research analysts have also issued reports about the company. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $88.00 to $84.00 in a report on Monday, January 27th. Scotiabank boosted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research note on Thursday, December 12th. Finally, UBS Group raised their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $88.42.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $83.30 on Wednesday. Public Service Enterprise Group has a 1-year low of $59.29 and a 1-year high of $95.22. The stock has a market cap of $41.50 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. The firm has a 50 day simple moving average of $84.91 and a 200-day simple moving average of $86.05. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the business earned $0.54 earnings per share. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts expect that Public Service Enterprise Group will post 3.67 EPS for the current year.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the sale, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at $10,536,332.10. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Public Service Enterprise Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PEG. Transce3nd LLC purchased a new position in shares of Public Service Enterprise Group during the 4th quarter worth approximately $25,000. Chapman Financial Group LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in Public Service Enterprise Group during the third quarter worth $35,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Public Service Enterprise Group in the fourth quarter worth $35,000. Finally, OFI Invest Asset Management purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at $39,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

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.