Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.4% in the third quarter, Holdings Channel reports. The fund owned 29,000 shares of the utilities provider’s stock after buying an additional 2,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Public Service Enterprise Group were worth $2,587,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PEG. Eastern Bank bought a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at approximately $426,000. Signaturefd LLC lifted its position in shares of Public Service Enterprise Group by 3.9% in the 3rd quarter. Signaturefd LLC now owns 7,292 shares of the utilities provider’s stock worth $650,000 after buying an additional 273 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Public Service Enterprise Group by 3.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,846 shares of the utilities provider’s stock valued at $1,770,000 after buying an additional 575 shares during the last quarter. Traphagen Investment Advisors LLC raised its stake in Public Service Enterprise Group by 2.8% during the third quarter. Traphagen Investment Advisors LLC now owns 57,990 shares of the utilities provider’s stock worth $5,173,000 after acquiring an additional 1,601 shares during the period. Finally, Foundations Investment Advisors LLC lifted its holdings in Public Service Enterprise Group by 14.5% in the third quarter. Foundations Investment Advisors LLC now owns 68,994 shares of the utilities provider’s stock worth $6,155,000 after acquiring an additional 8,745 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PEG shares. Wells Fargo & Company increased their price target on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Bank of America lifted their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Barclays boosted their price objective on Public Service Enterprise Group from $80.00 to $98.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Jefferies Financial Group began coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and an average target price of $87.15.

Public Service Enterprise Group Stock Performance

PEG traded down $0.31 on Tuesday, hitting $89.86. The company had a trading volume of 674,647 shares, compared to its average volume of 2,794,353. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. The company’s fifty day moving average price is $84.91 and its 200 day moving average price is $77.26. The stock has a market cap of $44.76 billion, a price-to-earnings ratio of 24.90, a price-to-earnings-growth ratio of 2.69 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 1-year low of $56.85 and a 1-year high of $92.20.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data 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 business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. Equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares in the company, valued at $5,419,476.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total transaction of $124,295.60. Following the completion of the transaction, the chief executive officer now owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,010 shares of company stock valued at $3,397,855. 0.57% of the stock is owned by company 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.