Public Service Enterprise Group (PEG) has analysts at BMO Capital Markets doing a double take with their impressive earnings report on February 21st, beating the consensus estimate by $0.02 with an EPS of $0.64 for the quarter. The New Jersey-based energy company operates through two segments: Public Service Electric and Gas Company (PSE&G) as well as PSEG Power segment.
With revenue expected to reach $3.43 EPS for this fiscal year and a return on equity of 12.88%, PEG shows no signs of slowing down amidst the constantly growing competition in the energy market. As such, BMO Capital Markets have increased their price objective from $60 to $66, suggesting a potential upside of 3.97% from the stock’s previous close.
Moreover, PEG’s products and services include energy, capacity, ancillary services, emissions allowances, and congestion credits that cater to clients engaging in regulated electric and gas utility and nuclear generation businesses.
This sophistication is attributed to their team of hardworking professionals who strive to provide value and consistently deliver outstanding customer service to clients demanding quality beyond measure.
In conclusion, Public Service Enterprise Group’s towering performance in the energy sector rightly puts it up there as one of the leading companies catering to fiercely-contested fields like electric utility and power industries. Its proven track record guarantees potential investors surefire dividends and unmatched returns- truly an excellent opportunity worth considering come April 15th, 2023 when everything is set in stone!
Public Service Enterprise Group Receives Mixed Ratings and Price Targets from Financial Institutions
Public Service Enterprise Group (PEG), an energy company primarily engaged in regulated electric and gas utility, has received several research reports from various financial institutions. Morgan Stanley lowered their target price for PEG from $68.00 to $64.00 but maintained an “overweight” rating for the company on March 21, 2023. Similarly, Guggenheim cut their target price on February 22nd to $68.00 from $71.00 while giving a “buy” rating for the stock.
On March 16th, StockNews.com published a research note initiating coverage of PEG with a “hold” rating. LADENBURG THALM/SH SH also began coverage, providing a “neutral” rating and setting the target price at $60.50 on April 3rd.
Finally, Mizuho reduced their price target on PEG from $66.00 to $60.00 while maintaining a “buy” rating in their research report released on March 13th.
Based on data from Bloomberg.com, PEG’s average rating is currently “Hold,” with six analysts giving it this recommendation and five giving it a “buy.” Meanwhile, the consensus price target for PEG is at $66.55.
NYSE:PEG opened at $63.48 as of April 14, 2023. The firm’s one-year low was set at $52.51 while its one-year high was at $75.61 before the opening of trading that day.
PEG operates through two segments namely Public Service Electric and Gas Company (PSE&G) and PSEG Power segments which offer energy-related products and services such as capacity and ancillary services among others.
A recent SEC filing disclosed that COO Eric Carr sold more than seven thousand shares of his company’s stock on March 13th generating more than four hundred thousand dollars in earnings for him personally.
Institutional investors have also recently bought and sold shares in PEG. Kentucky Retirement Systems bought 171 more shares of PEG’s stock in the fourth quarter increasing their position to 39,221 shares worth $2,403,000. Meanwhile, Schechter Investment Advisors LLC increased their position by 1% in the third quarter by buying an additional 188 shares, making their total share count 18,359.
Pinnacle Wealth Management Advisory Group LLC had a 3% increase in ownership of PEG when they purchased another 193 shares worth $374,000 during the same period while Desjardins Global Asset Management Inc. raised their shares by 5.2%, buying an additional 195 shares bringing their holdings to just under four thousand equities valued at over $242,000 after the purchase.
Meanwhile, Trust Co. of Vermont purchased another 198 shares worth $528,000 that brought their total holdings to over eight thousand six hundred equities representing a meager increase of only about two percent during the last quarter.
Hedge funds and other institutional investors own most of PEG’s outstanding stock with around seventy percent (70.67%) currently under their control according to public records available as of April 14th.
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