Public Service Enterprise Group (PEG) is Downgraded by BofA/Merrill to Underperform

Public Service Enterprise Group (PEG) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on Jun 7, 2016.

Many Wall Street Analysts have commented on Public Service Enterprise Group. Company shares were Reiterated by Barclays on Mar 14, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 47 from a previous price target of $45 .

On the company’s financial health, Public Service Enterprise Group reported $0.91 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 29, 2016. Analyst had a consensus of $0.88.Analysts expectations of $ 2692.87.During the same quarter in the previous year, the company posted $1.04 EPS.

Public Service Enterprise Group opened for trading at $45.16 and hit $45.665 on the upside on Friday, eventually ending the session at $45.36, with a gain of 1.14% or 0.51 points. The heightened volatility saw the trading volume jump to 30,57,094 shares. Company has a market cap of $22,949 M.

In a different news, on Jun 3, 2016, Ralph Izzo (Chairman, President and CEO) sold 43,903 shares at $44.92 per share price. According to the SEC, on May 26, 2016, Stuart J Black (VP & Controller) sold 2,500 shares at $46.65 per share price. On May 4, 2016, Derek M Dirisio (Vice President and Controller) sold 20,000 shares at $46.43 per share price, according to the Form-4 filing with the securities and exchange commission.

Public Service Enterprise Group Incorporated (PSEG) is an energy holding company engaged in the transmission of electricity and distribution of electricity and natural gas. Its operations are located in the Northeastern and Mid- Atlantic United States. It conducts its business through two direct wholly owned subsidiaries: PSEG Power LLC (Power) and Public Service Electric and Gas Company (PSE&G). The Company’s other direct wholly owned subsidiaries are PSEG Energy Holdings L.L.C. which owns and manages a portfolio of lease investments; PSEG Long Island LLC which operates the Long Island Power Authority’s (LIPA) transmission and distribution system under a contractual agreement and PSEG Services Corporation which provides certain management administrative and general services to PSEG and its subsidiaries.

Public Service Enterprise Group

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