Magellan Asset Management Ltd Increases Holdings in Public Service Enterprise Group Incorporated $PEG

Magellan Asset Management Ltd boosted its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 12.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 396,876 shares of the utilities provider’s stock after purchasing an additional 42,689 shares during the period. Magellan Asset Management Ltd’s holdings in Public Service Enterprise Group were worth $33,123,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PEG. Colonial Trust Co SC boosted its position in Public Service Enterprise Group by 26.8% during the third quarter. Colonial Trust Co SC now owns 573 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 121 shares in the last quarter. Greenland Capital Management LP raised its stake in shares of Public Service Enterprise Group by 238.9% during the 3rd quarter. Greenland Capital Management LP now owns 69,734 shares of the utilities provider’s stock worth $5,820,000 after buying an additional 49,157 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Public Service Enterprise Group during the 3rd quarter worth $307,000. Mufg Securities Americas Inc. boosted its position in shares of Public Service Enterprise Group by 21.7% in the 3rd quarter. Mufg Securities Americas Inc. now owns 13,458 shares of the utilities provider’s stock worth $1,123,000 after buying an additional 2,399 shares in the last quarter. Finally, Compound Planning Inc. grew its stake in Public Service Enterprise Group by 7.5% in the 3rd quarter. Compound Planning Inc. now owns 2,820 shares of the utilities provider’s stock valued at $235,000 after acquiring an additional 197 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Barclays cut their target price on shares of Public Service Enterprise Group from $87.00 to $81.00 and set an “equal weight” rating for the company in a research report on Thursday, January 22nd. UBS Group dropped 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. Wells Fargo & Company upgraded Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $88.00 to $92.00 in a research report on Tuesday, January 20th. TD Cowen increased their target price on Public Service Enterprise Group from $93.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, BMO Capital Markets dropped their price target on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $90.96.

Public Service Enterprise Group Stock Up 0.0%

Shares of NYSE PEG opened at $86.32 on Wednesday. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $91.25. The firm’s 50 day moving average price is $81.15 and its 200 day moving average price is $81.85. The firm has a market cap of $43.09 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 2.79 and a beta of 0.59. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.69 and a current ratio of 0.93.

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.