AXQ Capital LP Invests $528,000 in Public Service Enterprise Group Incorporated (NYSE:PEG)

AXQ Capital LP bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,246 shares of the utilities provider’s stock, valued at approximately $528,000.

Several other hedge funds have also bought and sold shares of the stock. Wingate Wealth Advisors Inc. purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at $35,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at about $39,000. Stonebridge Financial Group LLC bought a new stake in Public Service Enterprise Group during the fourth quarter worth about $54,000. Financial Life Planners purchased a new position in shares of Public Service Enterprise Group in the 4th quarter worth about $56,000. Finally, Millstone Evans Group LLC bought a new position in shares of Public Service Enterprise Group during the 4th quarter valued at about $56,000. 73.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. StockNews.com raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Friday, March 14th. Bank of America cut their price objective on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Scotiabank lifted their target price on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. Guggenheim restated a “buy” rating and set a $98.00 price target on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Finally, Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.65.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock opened at $83.00 on Friday. The business has a 50 day moving average of $83.50 and a 200 day moving average of $86.06. Public Service Enterprise Group Incorporated has a 52 week low of $64.03 and a 52 week high of $95.22. The company has a market cap of $41.38 billion, a PE ratio of 20.39, a P/E/G ratio of 2.78 and a beta of 0.60. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS. As a group, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.04%. Public Service Enterprise Group’s dividend payout ratio is 71.19%.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the transaction, the chief executive officer now owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.57% of the company’s stock.

About Public Service Enterprise Group

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.