Merewether Investment Management LP Raises Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Merewether Investment Management LP lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 862,300 shares of the utilities provider’s stock after purchasing an additional 60,800 shares during the period. Public Service Enterprise Group accounts for approximately 3.2% of Merewether Investment Management LP’s holdings, making the stock its 15th largest position. Merewether Investment Management LP’s holdings in Public Service Enterprise Group were worth $63,552,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PEG. Family Firm Inc. purchased a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at about $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group in the 2nd quarter worth $35,000. Northwest Investment Counselors LLC purchased a new stake in Public Service Enterprise Group in the 1st quarter worth $36,000. Salomon & Ludwin LLC raised its holdings in Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 560 shares during the period. Finally, Scarborough Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the fourth quarter valued at about $41,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PEG. Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 target price on the stock. Royal Bank of Canada lifted their price objective on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Guggenheim raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Monday, June 17th. UBS Group boosted their price target on shares of Public Service Enterprise Group from $87.00 to $94.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Barclays raised their price objective on Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus target price of $81.46.

Public Service Enterprise Group Trading Down 0.2 %

PEG opened at $87.73 on Wednesday. The stock has a fifty day moving average price of $80.23 and a 200-day moving average price of $73.99. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $88.86. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The firm has a market cap of $43.70 billion, a price-to-earnings ratio of 24.30, a PEG ratio of 3.20 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. As a group, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Tamara Louise Linde sold 9,563 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the sale, the executive vice president now directly owns 57,961 shares in the company, valued at $4,610,217.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,068 shares of company stock valued at $2,406,965. 0.57% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Company Profile

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.