KLP Kapitalforvaltning AS Increases Holdings in Public Service Enterprise Group Incorporated $PEG

KLP Kapitalforvaltning AS lifted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 339,909 shares of the utilities provider’s stock after purchasing an additional 25,700 shares during the quarter. KLP Kapitalforvaltning AS owned 0.07% of Public Service Enterprise Group worth $28,369,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PEG. JARISLOWSKY FRASER Ltd raised its position in Public Service Enterprise Group by 107.1% during the third quarter. JARISLOWSKY FRASER Ltd now owns 1,025,305 shares of the utilities provider’s stock valued at $85,572,000 after purchasing an additional 530,248 shares in the last quarter. Railway Pension Investments Ltd boosted its holdings in shares of Public Service Enterprise Group by 97.5% in the 3rd quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock worth $158,390,000 after purchasing an additional 937,100 shares in the last quarter. Voya Investment Management LLC increased its position in shares of Public Service Enterprise Group by 18.2% during the 3rd quarter. Voya Investment Management LLC now owns 1,645,407 shares of the utilities provider’s stock valued at $137,155,000 after purchasing an additional 253,810 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Public Service Enterprise Group by 22.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,542 shares of the utilities provider’s stock valued at $6,192,000 after buying an additional 13,540 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at about $564,238,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

PEG has been the subject of several research reports. Jefferies Financial Group raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and upped their target price for the stock from $89.00 to $90.00 in a research note on Thursday, November 6th. UBS Group cut their price objective on shares of Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating for the company in a research note on Wednesday, December 17th. Morgan Stanley reduced their target price on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating on the stock in a report on Thursday, September 25th. Weiss Ratings reissued a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. reduced their price objective on Public Service Enterprise Group from $96.00 to $88.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.35.

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,920 shares of Public Service Enterprise Group stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $82.33, for a total value of $405,063.60. Following the sale, the senior vice president directly owned 26,134 shares in the company, valued at approximately $2,151,612.22. This trade represents a 15.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Trading Down 1.2%

Shares of PEG opened at $77.63 on Thursday. The stock has a market capitalization of $38.75 billion, a P/E ratio of 18.66, a PEG ratio of 2.21 and a beta of 0.60. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $91.25. The company has a quick ratio of 0.69, a current ratio of 0.93 and a debt-to-equity ratio of 1.27. The firm has a fifty day simple moving average of $80.98 and a two-hundred day simple moving average of $82.62.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, November 3rd. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.11. The firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 earnings per share. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th were issued a $0.63 dividend. The ex-dividend date was Wednesday, December 10th. This represents a $2.52 annualized dividend and a yield of 3.2%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.58%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.