Wells Fargo Lowers Price Target for Public Service Enterprise Group Stock

Wells Fargo & Company has adjusted its price target for shares of Public Service Enterprise Group (NYSE: PEG) from $100.00 to $95.00 according to a recent research note released on Wednesday. The financial services firm maintains an "overweight" rating for the company, suggesting a favorable outlook for the utilities provider's stock. With the new price target, analysts indicate a potential upside of approximately 14.05% from the stock's current trading level.

In addition to Wells Fargo’s revision, other research firms have also weighed in on Public Service Enterprise Group's stock. Guggenheim confirmed a "buy" rating on December 11th, while Scotiabank raised its price target from $73.00 to $86.00 and assigned a "sector perform" rating on December 12th. UBS Group increased its price target from $94.00 to $98.00 with a "neutral" rating on October 30th. On the other hand, Barclays lowered its rating from "overweight" to "equal weight" and reduced its target from $88.00 to $84.00 as of January 27th. Currently, five analysts have rated Public Service Enterprise Group with a hold recommendation, seven have issued buy recommendations, and one has assigned a strong buy rating. The consensus rating remains at "Moderate Buy" with an average target price of $88.42.

Current Trading Performance

As of Wednesday, shares of Public Service Enterprise Group were trading at $83.30. The stock has fluctuated over the past year, achieving a low of $59.29 and a high of $95.22. The company’s fifty-day simple moving average stands at $84.91, while its two-hundred day simple moving average is $86.05. Key financial ratios include a current ratio of 0.68, quick ratio of 0.48, and a debt-to-equity ratio of 1.18, contributing to a market capitalization of $41.50 billion. The stock has recorded a price-to-earnings (P/E) ratio of 20.34 and a P/E to growth (P/E/G) ratio of 2.78, alongside a beta of 0.64, indicating low volatility compared to the market.

Recent Earnings Report

Public Service Enterprise Group recently announced its earnings on February 25th. The company reported earnings per share (EPS) of $0.84 for the quarter, slightly exceeding analysts' expectations of $0.83. The company’s return on equity stood at 10.70% and net margin at 19.48%. Revenue for this period totaled $2.47 billion, surpassing expectations of $2.03 billion, although it was a 5.4% decrease compared to the previous year. Analysts predict an EPS of 3.67 for the current year.

Insider Activity

In insider news, CEO Ralph A. Larossa sold 1,378 shares of the company on February 3rd at an average price of $83.10, amounting to $114,511.80 for the transaction. This sale represents a 1.08% reduction in his holdings, leaving him with 126,791 shares valued at approximately $10.54 million. Such transactions are documented and can be accessed through Securities & Exchange Commission filings, showing that corporate insiders own 0.57% of Public Service Enterprise Group's stock.

Institutional Ownership Trends

Recent market activities also highlight movements among institutional investors. Vanguard Group has increased its stake in Public Service Enterprise Group by 0.8%, owning 60,775,030 shares worth about $5.13 billion. Geode Capital Management raised its holdings by 3.1%, now owning 12,195,300 shares valued at $1.03 billion. Invesco Ltd. increased its stake by 10.2% for a current total of 6,525,305 shares worth $551.32 million. Northern Trust Corp and FMR LLC also boosted their holdings in the fourth quarter. Overall, institutional investors hold approximately 73.34% of the stock.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated operates in the energy sector, providing electric and gas utility services in the United States. The company operates through its subsidiaries, PSE&G and PSEG Power, focusing on the transmission and distribution of electricity, natural gas services, and investments in renewable energy projects.

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