JPMorgan Chase & Co. Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $88.00

Public Service Enterprise Group (NYSE:PEG) had its price target reduced by JPMorgan Chase & Co. from $96.00 to $88.00 in a research report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the utilities provider’s stock.

PEG has been the subject of a number of other research reports. BTIG Research started coverage on Public Service Enterprise Group in a report on Wednesday, October 22nd. They issued a “buy” rating and a $98.00 price target for the company. TD Cowen increased their target price on Public Service Enterprise Group from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. BMO Capital Markets decreased their price target on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. Morgan Stanley dropped their price target on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating for the company in a research note on Thursday, September 25th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Monday, December 8th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.35.

Public Service Enterprise Group Price Performance

PEG opened at $78.80 on Friday. Public Service Enterprise Group has a twelve month low of $74.67 and a twelve month high of $91.25. The firm has a market cap of $39.33 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 2.41 and a beta of 0.59. The company has a current ratio of 0.93, a quick ratio of 0.69 and a debt-to-equity ratio of 1.27. The company has a fifty day simple moving average of $81.85 and a 200 day simple moving average of $82.73.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 3rd. The utilities provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.11. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The firm’s revenue was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Equities research analysts expect 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 Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 60.58%.

Insider Buying and Selling at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 4,920 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $82.33, for a total transaction of $405,063.60. Following the completion of the sale, the senior vice president owned 26,134 shares of the company’s stock, valued at $2,151,612.22. This represents a 15.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

Several institutional investors have recently made changes to their positions in PEG. Vanguard Group Inc. boosted its position in Public Service Enterprise Group by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 65,308,870 shares of the utilities provider’s stock valued at $5,450,678,000 after purchasing an additional 347,823 shares during the period. State Street Corp increased its position in Public Service Enterprise Group by 1.0% in the third quarter. State Street Corp now owns 27,598,607 shares of the utilities provider’s stock worth $2,303,380,000 after buying an additional 267,871 shares during the period. Bank of America Corp DE lifted its stake in Public Service Enterprise Group by 1.4% in the third quarter. Bank of America Corp DE now owns 17,773,378 shares of the utilities provider’s stock valued at $1,483,366,000 after buying an additional 236,794 shares during the last quarter. Geode Capital Management LLC lifted its stake in Public Service Enterprise Group by 0.9% in the second quarter. Geode Capital Management LLC now owns 12,526,776 shares of the utilities provider’s stock valued at $1,049,973,000 after buying an additional 110,087 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Public Service Enterprise Group by 8.1% during the third quarter. Ameriprise Financial Inc. now owns 8,657,207 shares of the utilities provider’s stock valued at $722,546,000 after acquiring an additional 648,140 shares during the period. 73.34% of the stock is owned by institutional investors.

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.