Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 4,450,000 shares, a decline of 17.9% from the February 28th total of 5,420,000 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average trading volume of 2,380,000 shares, the days-to-cover ratio is presently 1.9 days.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the stock. Guggenheim cut their price objective on shares of Public Service Enterprise Group from $71.00 to $68.00 and set a “buy” rating for the company in a research note on Wednesday, February 22nd. BMO Capital Markets lowered their price target on shares of Public Service Enterprise Group from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, March 13th. StockNews.com initiated coverage on shares of Public Service Enterprise Group in a report on Thursday, March 16th. They set a “hold” rating for the company. Morgan Stanley lowered their price target on shares of Public Service Enterprise Group from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Tuesday, March 21st. Finally, Mizuho lowered their price target on shares of Public Service Enterprise Group from $66.00 to $60.00 and set a “buy” rating for the company in a report on Monday, March 13th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus target price of $66.56.
Insider Activity at Public Service Enterprise Group
In other Public Service Enterprise Group news, COO Eric Carr sold 7,105 shares of Public Service Enterprise Group stock in a transaction on Monday, March 13th. The shares were sold at an average price of $57.63, for a total value of $409,461.15. Following the sale, the chief operating officer now directly owns 6,482 shares in the company, valued at approximately $373,557.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.57% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the business. D.A. Davidson & CO. grew its position in Public Service Enterprise Group by 7.5% during the 1st quarter. D.A. Davidson & CO. now owns 3,657 shares of the utilities provider’s stock valued at $256,000 after purchasing an additional 256 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Public Service Enterprise Group by 6.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,318,721 shares of the utilities provider’s stock valued at $92,310,000 after purchasing an additional 83,174 shares during the last quarter. Prudential PLC purchased a new stake in Public Service Enterprise Group during the 1st quarter valued at about $798,000. Cetera Investment Advisers grew its position in Public Service Enterprise Group by 1.3% during the 1st quarter. Cetera Investment Advisers now owns 25,619 shares of the utilities provider’s stock valued at $1,793,000 after purchasing an additional 332 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in Public Service Enterprise Group during the 1st quarter valued at about $214,000. 70.67% of the stock is currently owned by institutional investors.
Public Service Enterprise Group Stock Up 0.9 %
Shares of Public Service Enterprise Group stock traded up $0.58 during trading on Friday, hitting $62.45. The company’s stock had a trading volume of 3,081,313 shares, compared to its average volume of 2,487,731. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.64. The company has a fifty day simple moving average of $60.17 and a two-hundred day simple moving average of $59.74. The company has a market capitalization of $31.15 billion, a PE ratio of 30.32, a P/E/G ratio of 4.04 and a beta of 0.55. Public Service Enterprise Group has a 52 week low of $52.51 and a 52 week high of $75.61.
Public Service Enterprise Group (NYSE:PEG – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $2.54 billion. Public Service Enterprise Group had a net margin of 10.52% and a return on equity of 12.88%. Public Service Enterprise Group’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business earned $0.69 EPS. Equities research analysts predict that Public Service Enterprise Group will post 3.43 earnings per share for the current year.
Public Service Enterprise Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 10th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.65%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, March 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 110.68%.
Public Service Enterprise Group Company Profile
Public Service Enterprise Group, Inc is an energy company, which engages in the business of regulated electric and gas utility, and nuclear generation. Its products and services include energy, capacity, ancillary services, and emissions allowances and congestion credits. The firm operates through the Public Service Electric and Gas Company (PSE&G) and PSEG Power segments.
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